PetMed Express, Inc. - PETS STOCK NEWS

PetMed Express (NASDAQ: PETS) reported its financial results for the fourth quarter and fiscal year ending March 31, 2024. Quarterly net sales rose 6.6% to $66.5 million, driven by the PetCareRx acquisition, but offset by a decline in legacy sales. However, the company posted a net loss of $5.0 million, or $0.25 per diluted share, primarily due to increased G&A and marketing expenses. Adjusted EBITDA fell to $0.5 million from $3.6 million in the prior year.

For the full fiscal year, net sales increased 9.5% to $281.1 million. The company recorded a net loss of $7.5 million, compared to a net income of $5.1 million the previous year, again due to higher G&A and marketing expenses. Annual Adjusted EBITDA declined to $8.2 million from $19.8 million. CEO Sandra Campos noted challenges in the macro environment and industry dynamics but emphasized efforts to improve systems and processes for better customer experience. Looking ahead, the company aims to drive growth, improve profitability, and enhance customer satisfaction.

PetMed Express, parent company of PetCareRx, announced several executive leadership changes to enhance growth and profitability. Caroline Conegliano joins as Chief Operating Officer (COO), leveraging two decades of experience in strategic transformation. Her role aims to optimize operations and customer satisfaction. Umesh Sripad is appointed Chief Digital and Technology Officer, focusing on digital-first strategies to boost customer experience and operational efficiency. Christine Chambers, CFO, will transition out by August 2024. The company is searching for a new CFO while Chambers assists with fiscal year-end reporting.

PetMed Express, parent company of PetCareRx, has appointed Carla Dodds as Chief Marketing Officer. Dodds brings extensive experience from major global companies like Walmart, MasterCard, and Penske Media. She will lead PetMeds’ integrated marketing strategy, encompassing brand and content, digital marketing, customer acquisition and retention, and market research. CEO Sandra Campos praised Dodds for her expertise in consumer behavior and innovative marketing campaigns. Dodds aims to leverage PetMeds’ unique platform to drive growth and enhance customer experience.

PetMed Express (Nasdaq: PETS) announced its upcoming earnings call to discuss the financial results for the fourth quarter and full fiscal year ended March 31, 2024. The call is scheduled for June 11, 2024, at 4:30 PM Eastern time. The financial results will be released in a press release prior to the call. PETS management will lead the conference, followed by a Q&A session. A telephonic replay will be available after the call until June 25, 2024.

PetMed Express, parent company of PetMeds and PetCareRx, has appointed Justin Mennen to its Board of Directors, effective June 3, 2024. Mennen brings over 25 years of technology experience, including roles at Rite Aid, CompuCom, Estée Lauder Companies, and Dell Technologies. His expertise encompasses digital commerce, enterprise technology, and cybersecurity. Chairman Leslie C. G. Campbell highlighted Mennen's vision for advancing digital initiatives, while CEO Sandra Campos emphasized his customer-centric philosophy and strategic acumen. Mennen expressed excitement about contributing to the company's growth during a transformative period.

PetMed Express, Inc. has appointed Sandra Campos as the new Chief Executive Officer and President. Campos, a retail E-commerce veteran, brings over 25 years of leadership experience to the role. The company aims to enhance shareholder value through a focus on customer experience, operational excellence, and digital marketing transformation.

PetMed Express, Inc. (PETS) announced its fiscal 2024 third quarter financial results, reporting a revenue of $65.3 million, an 11% increase from the previous year. The company highlighted the growth in AutoShip & Save and PetPlus Membership, accounting for 52% of total revenue. PetMeds also emphasized its strong balance sheet with $49.4 million in cash. The completion of a financial restatement was mentioned, with the company now current in all SEC filings. The restatement corrected accounting treatment for prior period sales taxes, resulting in adjustments to financial statements for fiscal years 2023, 2022, and 2021, as well as interim financial statements for 2023 and 2022.

PetMed Express, Inc. (NASDAQ: PETS) partners with Hill’s Pet Nutrition to offer Science Diet products through petmeds.com. The company is giving away a year’s worth of Hill’s Science Diet to three winners along with a $1,000 credit to a pet shelter of their choice. The promotion runs from February 16 to March 15, 2024, with no purchase necessary. PetMeds® aims to support responsible pet ownership and help animal shelters facing capacity crises.

PetMed Express, Inc. (PETS) received a notice from Nasdaq due to a delayed filing of Form 10-Q, leading to non-compliance with Nasdaq Listing Rule 5250(c)(1). The company must submit a plan to regain compliance within 60 days. The delay was caused by a financial statement restatement, detailed in a recent Form 8-K filing. PetMeds® is actively working to complete the restatement and file the Form 10-Q promptly.