hares of PetMed Express fell after the company posted a wider loss for the fourth quarter, with results affected by a challenging macro environment and a shift to a new ordering system.
The stock was down 12% to $4.14 in after-hours trading Tuesday, erasing a 12% gain in the regular trading session, where it closed at $4.71. Shares are down about 38% for the year as of Tuesday’s close.
The Delray Beach, Fla.-based online pet pharmacy reported a loss of $5 million, or 25 cents a share, for the quarter ended March 31, compared with a loss of $200,000, or 1 cents a share, in the same quarter a year earlier.
Revenue rose 6.6% to $66.5 million, helped by the acquisition of PetCareRX, while sales fell at PetMeds.
Chief Executive Sandra Campos said results were hit by challenges in the macro environment and industry dynamics. The implementation of a new order management system and autoship platforms also cause a slowdown in call-center response times.
Campos said the company’s priorities for the current year include improving customer-satisfaction metrics. It is consolidating business operations to simplify its structure and reduce costs. It also plans a comprehensive marketing plan with a sharper message.