PetMed Express Inc. shares fell about 10% Tuesday, after the company posted weaker-than-expected earnings for its fiscal third quarter. Delray Beach, Fla.-based PetMed said it had net income of $7.8 million or 38 cents a share, in the quarter, down from 49.1 million, or 44 cents a share, in the year-earlier period. Sales were flat at $60.1 million. The FactSet consensus was for EPS of 48 cents and sales of $64.3 million. "The market was much more competitive during the quarter, and as a result we gave additional discounts to our customers to stimulate sales, which had a negative effect on our gross margins," Chief Executive Menderes Akdag said in a statement. "We will continue to be aggressive with pricing and promotions, and increase advertising to address this more competitive online market." On a call with analysts, Akdag said the company will promote its experience in dispensing prescription medicines, which are much more difficult that over-the-counter medicine. The company will increase advertising offline, he said, mostly television and some mail or print advertising. Shares have fallen 56% in the last 12 months, while the S&P 500 has fallen 6.9%.
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