Why Petmed Express (PETS) Shares Are Plunging Today - PetMed Express (NASDAQ:PETS)

Petmed Express Inc PETS reported a first-quarter FY22 sales decline of 11.5% year-on-year, to $70.20 million, missing the analyst consensus estimate of $78.25 million.
The gross profit for the quarter declined 8.4% Y/Y to $19.9 million, and the gross margin contracted 90 basis points to 28.4%.
The operating margin was 5%, and operating income for the quarter fell 35.6% to $3.4 million.
The company held $105.4 million in cash and equivalents as of June 30, 2022. Cash provided by operating activities for the quarter totaled $6.4 million.
Adjusted EBITDA decreased 10% Y/Y to $6.3 million.
Adjusted EPS of $0.14 missed the analyst consensus of $0.25.
"We knew early in the quarter that the colder temperatures, particularly in April, would have a material impact on sales due to the delay in our seasonally sensitive flea and tick business," said CEO Matt Hulett.
The Board of Directors declared a quarterly dividend of $0.30 per share, payable on August 19, 2022, to shareholders of record at the close of business on August 12, 2022.
Price action: PETS shares are trading lower by 10.60% at $18.51 in premarket on the last check Tuesday.

Petmed Express Shares Plunge On Q1 Earnings Miss