PetMed's Stock Surges After Profit And Sales Rise Above Expectations

By Tomi Kilgore Markets MarketWatch Pulse

Shares of PetMed Express Inc. surged 2.4% in premarket trade Monday, after the pet pharmacy company reported fiscal first-quarter profit and sales that rose above expectations. Net profit for the quarter to June 30 increased to $9.3 million, or 45 cents a share, from $6.6 million, or 32 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 38 cents. Revenue grew 10% to $79.7 million, above the FactSet consensus of $77.3 million, as new order sales jumped 14% and with online sales increasing 12%. The stock traded at $41.50 ahead of the open, above the July 7 record close of $41.29. The stock has rocketed 76% over the past three months, while the S&P 500 has gained 4.1%.

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