PetMed Express Q1 net income $3.8M on $8.7M stock comp reversal; sales down 13%

PETMED EXPRESS INC

2025-Q1 EPS reported $0.18 vs consensus -$0.05 ▲ beat (+492.2%)

Net sales $68M, down 13% YoY; net income $3.8M ($0.18 diluted) vs loss of $(1.1M) ($(0.06)) prior year.
Net income increase driven by $8.7M reversal of stock compensation expense from former CEO departure.
Adjusted EBITDA $(1.5M), $4.9M lower than prior year, due to lower sales and gross profit.
New CEO Sandra Campos, plus CMO, COO, CDTO appointed; cost reduction and operational streamlining underway.
Management sees Q1 as transition quarter; early positive indicators from customer growth strategies.

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