PetMed Express, Inc. (PETS) has reported 38.48 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $7.50 million, or $0.37 a share in the quarter, compared with $5.42 million, or $0.27 a share for the same period last year.

Revenue during the quarter grew 13.79 percent to $63.03 million from $55.39 million in the previous year period. Gross margin for the quarter expanded 326 basis points over the previous year period to 35.15 percent. Total expenses were 81.44 percent of quarterly revenues, down from 84.50 percent for the same period last year. This has led to an improvement of 306 basis points in operating margin to 18.56 percent.

Operating income for the quarter was $11.70 million, compared with $8.58 million in the previous year period.

Menderes Akdag, President and chief executive officer, commented: "We were encouraged with increases in both new order and reorder sales during the quarter, along with an accelerated increase to net income. This increase to net income can be attributed to increased gross profit margins in the March quarter."

The company has spent $10.60 million cash to meet investing activities during the year as against cash outgo of $4.48 million in the last year.

The company has spent $15.51 million cash to carry out financing activities during the year as against cash outgo of $14.54 million in the last year period.

Cash and cash equivalents stood at $58.73 million as on Mar. 31, 2017, up 56.03 percent or $21.09 million from $37.64 million on Mar. 31, 2016.

Working capital increases marginally
PetMed Express, Inc. has recorded an increase in the working capital over the last year. It stood at $63.43 million as at Mar. 31, 2017, up 4.77 percent or $2.89 million from $60.54 million on Mar. 31, 2016. Current ratio was at 4.46 as on Mar. 31, 2017, down from 9.55 on Mar. 31, 2016.