PetMed Express Inc. (PETS) reported that its fourth-quarter net income increased to $4.60 million or $0.23 per share, from $3.99 million or $0.20 per share last year. The company said it was able to increase gross margins and decrease operational expenses to improve bottom line results for the quarter. Gross profit increased 175 basis points, which the company attributed to a change in product mix to higher margin items, including generics.
Sales decreased to $51.12 million from $55.92 million last year. Sales were negatively impacted during the quarter due to the colder than normal weather, the company said. Total operating expenses decreased to $10.97 million from $12.69 million mainly due to a reduction in advertising spending.
On average, seven analysts polled by Thomson Reuters expected the company to report profit of $0.21 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $55.26 million for the quarter.
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