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PetMed Express, Inc.

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PetMed exhibited a better-than-expected fourth quarter and exited the fiscal 2017 on a good note. We are encouraged to note that the reorder sales and new order sales both increased significantly in the quarter. Over the last one month, PetMed was trading consistently above the broader Electronic Commerce industry. We expect this momentum to continue with an impressive fourth quarter performance by the company. The company is striving to implement several strategies to revitalize its top line. These include focusing on advertising efficiency to boost new order sales and shifting sales to higher margin items, while also expanding product offerings. However, we are apprehensive about the escalating expenses during the quarter despite the company’s cost-reduction initiatives.


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