PetMed Express reports a deeper fiscal Q4 loss amid revenue decline and dismisses acquisition offers including a $4.25 per share proposal.
PetMed Express (PETS) reported a wider fiscal fourth-quarter loss as revenue fell by double digits. The company attributed the decline to lower sales volumes and operational challenges, though specific figures were not disclosed in the release.
The loss follows a period of mixed performance, with prior quarters showing modest profitability. Analysts had anticipated a narrower loss, but the company’s revenue contraction outpaced expectations. PetMed also disclosed it rejected all takeover offers, including a $4.25 per share bid.
Shares of PETS slid in pre-market trading, reflecting investor disappointment over the earnings miss and the decision to spurn acquisition proposals.