Q1 2024 Petmed Express Inc Earnings Call Transcript
Key Points
- New leadership team with experienced executives from top-tier retail backgrounds.
- Operational efficiency improved with a 20% improvement in inventory turns and an 11% reduction in ending inventory.
- Strategic partnerships and new product launches, including 350 SKUs of Hill's and Royal Canin Rx food.
- Strong balance sheet with $53 million in cash and no debt.
- Positive early indicators such as increased order values, reduced call wait times, and improved margins.
- Q1 financial results were below expectations with a 13% decline in sales compared to last year.
- Gross profit margin decreased by 230 basis points due to higher promotional activity.
- Adjusted EBITDA reflected a loss of $1.5 million compared to a gain of $3.1 million in the same period last year.
- Technology disruptions impacted customer experience, including order tracking and delivery delays.
- Lower prescription medication sales and fewer new customers compared to the same period last year.
Greetings and welcome to patent JetExpress first quarter financial results conference call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded, and it is now my pleasure to introduce your host, Reed Anderson with ICR. You may begin.
Thank you, operator. And I'd like to welcome everybody here today to the PetMeds Express Fiscal First Quarter 2025 earnings conference call. Certain information that will be included during this call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the Securities Exchange Act 1934 as amended. That may involve a number of risks and uncertainties. These statements are based on our beliefs as well as assumptions we have used based upon information currently available to us. Because these statements reflect our current views concerning future events. These statements involve risks, uncertainties and
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