PetMed Express Q1 net sales down 19.9% to $41.0M; net loss narrows to $6.1M

PETMED EXPRESS INC

Net sales $41.0M vs $51.2M prior year, down 19.9% on lower prescription sales and reduced promotional usage.
Net loss $6.1M ($0.28/share) vs $34.2M ($1.65/share) loss prior year; improvement from no goodwill/trade name impairment.
Adjusted EBITDA $(3.4)M vs $(2.7)M prior year.
Acquired 70,000 new customers; cost per new customer down 15% YoY; G&A down ~14%.
Completed SAP ERP rollout; sale-leaseback transaction to strengthen balance sheet.

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