PetMed Express, Inc.
Company Name | PetMed Express, Inc. |
Stock Symbol | PETS |
On October 30, 2023, PetMed released its financial results for the second quarter of 2023, reporting net sales of $71 million, missing estimates by $5 million. Additionally, the Company disclosed that it “made a decision to suspend the quarterly dividend” to “invest the company's cash flow in projects and initiatives that we believe will yield higher returns.”
On this news, PetMed's stock price fell $2.29, or 24.9%, to close at $6.89 per share on October 31, 2023, thereby injuring investors.
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