UPDATE: PetMed Express Reports 33% Drop In FQ1 Earnings

PetMed Express Inc PETS reported a 33% decline in its fiscal first-quarter earnings. PetMed Express reported its quarterly profit at $4.8 million, or $0.22 per share, down from $7.2 million, or $0.32 per share, in the year-earlier period. Its revenue dropped 1.1% to $74 million, while online sales climbed 3.4%. Analysts were expecting earnings of $0.24 per share on revenue of $74 million. PETS shares closed at $11.58 on Friday.