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PETS

PetMed Express

$16.26

-0.015 (-0.09%)

08:03
07/22/19
07/22
08:03
07/22/19
08:03

PetMed Express reports Q1 EPS 26c, consensus 46c

Reports Q1 revenue $79.99M, consensus $85.92M. Menderes Akdag, president and CEO, commented: "Our sales and gross margins were negatively impacted by increased online competition and aggressive pricing in the market that forced us to reduce our prices. Our average order value declined from $90 in the quarter ended June 30, 2018 to $86 in the June 30, 2019 quarter. During the quarter we bought back approximately 613,000 shares of our common stock for $11.5 million, with an average price of $18.73 per share. Cash from operations for the quarter was negatively impacted by an $8.8 million increase in inventory, the result of cost-advantaged inventory buys that we made during the quarter. We intend to return to normal inventory levels in future quarters. One of our long-term strategic initiatives and primary goals has always been to have direct purchasing relationships with the major manufacturers. We made further progress on this initiative in the current quarter, which may help improve our gross margins in the future. In fiscal 2020, we will continue to be price competitive and will focus on optimizing our marketing in this more competitive environment and being more efficient with our advertising spending. In addition, we will be investing in our e-commerce platform to better service our customers. This platform will enable us to improve upon our already strong net promoter score of 83%. We believe this customer satisfaction measure reflects the strong bond we have with our customers and will assist the Company with future customer retention."

  • 22

    Jul

  • 26

    Jul

PETS PetMed Express
$16.26

-0.015 (-0.09%)

07/23/18
CHLM
07/23/18
NO CHANGE
CHLM
PetMed Express price target lowered to $29 from $32 at Craig-Hallum
Craig-Hallum analyst Kevin Ellich kept a Sell rating on PetMed Express and lowered his price target on shares to $29 from $32. Ellich said gross margin was "adversely impacted" by greater pricing discounts due to competition from smaller online retailers. The analyst also noted that Q1 results were mixed, with an EPS miss and "new customer additions were somewhat underwhelming."
10/22/18
CHLM
10/22/18
NO CHANGE
CHLM
Sell
PetMed Express new competition negatively impacts, says Craig-Hallum
Craig-Hallum analyst Kevin Ellich reiterated his Sell rating on PetMed Express and lowered his price target to $25 from $29 following the Q2 report. Ellich said PetMed beat, but increased competition negatively impact new customer sales and increased customer acquisition costs.
01/23/19
CHLM
01/23/19
NO CHANGE
Target $18
CHLM
Sell
PetMed Express price target lowered to $18 from $25 at Craig-Hallum
Craig-Hallum analyst Kevin Ellich lowered his price target for PetMed Express to $18 from $25 after Q3 results missed estimates across the board due to increased competition that continues to affect the company as new customer acquisition costs were higher than expected while new customers added were the lowest since the analyst began tracking the metric in FY10. Ellich reiterates a Sell rating on the stock.
07/15/19
CHLM
07/15/19
NO CHANGE
CHLM
Sell
PetMed CEO amendment hints at exploration of alternatives, says Craig-Hallum
Craig-Hallum analyst Kevin Ellich noted that PetMed Express (PETS) filed an 8K after the close on Friday to disclose that it amended CEO Mendo Akdag's employment agreement to add the language "for Good Reason" to the "Change in Control" section. He reads this change as a hint that an exploration of strategic alternatives could be upcoming, though he doesn't think there is anything imminent in the works. The analyst, who suspects there is further downside to Street estimates for PetMed given increased competition from Chewy (CHWY), Walmart (WMT), Petco and other online retailers, keeps a Sell rating on PetMed shares.

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