PetMed Express posts steep drop in net income for fourth quarter

Pompano Beach, Fla.

-- PetMed Express saw a decrease in net income for the fourth quarter, the company reported today.

In fact, net income for the company fell to $4.1 million vs. $6.1 million a year earlier, which is a 31.7 percent decline. Revenue rose 1.2 percent to 50.9 percent year-over year, according to the report. The company missed Wall Street analyst expectations, according to reports, and shares of the company (PETS) tumbled about 10.73 percent today.

In comments from Menderes Akdag, president and CEO, the company's financial performance was attributed to increased costs, decreased new order sales and increased competition.