Exhibit 99.1

PETMED EXPRESS, INC. D/B/A 1-800-PETMEDS ANNOUNCES ITS FINANCIAL RESULTS

FOR FISCAL 2017 AND ITS QUARTERLY DIVIDEND RAISED TO $0.20 PER SHARE

Fourth Quarter Net Income Increased 38%

Fourth Quarter New Order Sales Increased 17%

Fourth Quarter Net Sales Increased 14%

Delray Beach, Florida, May 8, 2017 - PetMed Express, Inc. (NASDAQ: PETS) today announced its financial results for the fiscal year ended March 31, 2017.  Net sales for the quarter ended March 31, 2017 were $63.0 million, compared to $55.4 million for the quarter ended March 31, 2016, an increase of 14%.  For the fiscal year ended March 31, 2017 net sales were $249.2 million, compared to $234.7 million for the fiscal year ended March 31, 2016, an increase of 6.2%.  The increase in sales for the quarter ended March 31, 2017 can be attributed to a 17% increase in new order sales, and a 13% increase in reorder sales.  Net income for the quarter ended March 31, 2017 was $7.5 million, or $0.37 diluted per share, compared to net income of $5.4 million, or $0.27 diluted per share, for the same quarter the prior year, an increase to net income of 38%.  Net income for the fiscal year ended March 31, 2017 was $23.8 million, or $1.17 diluted per share, compared to net income of $20.6 million, or $1.02 diluted per share, for the fiscal year ended March 31, 2016, an increase to net income of 16%.  The Company’s online sales for the quarter ended March 31, 2017 were approximately 83% of all sales, compared to 82% for the same quarter the prior year.

Menderes Akdag, President and CEO, commented: “We were encouraged with increases in both new order and reorder sales during the quarter, along with an accelerated increase to net income.  This increase to net income can be attributed to increased gross profit margins in the March quarter.  Gross profit as a percentage of sales increased to 35.1% for the quarter ended March 31, 2017, compared to 31.9% for the quarter ended March 31, 2016.  The increase to gross profit margin can be attributed to a product mix shift to higher margin items.  During the March quarter we acquired approximately 126,000 new customers, compared to 116,000 new customers acquired in the same quarter the prior year.  Average order value was $86 for the March quarter compared to $83 for the same quarter the prior year.  Cash flow from operations was $47.2 million for the fiscal year ended March 31, 2017, compared to $21.1 million for the fiscal year ended March 31, 2016, with the majority of the increase due to an increase in accounts payable balance and a reduction in inventory, in addition to an increase in net income.  In fiscal 2018, we will look to build on past successes by focusing on continuing to increase sales and improve our service levels.”

The Board of Directors declared an increased quarterly dividend of $0.20 per share on its common stock.  The dividend will be payable on May 26, 2017, to shareholders of record at the close of business on May 19, 2017.  The Company intends to continue to pay regular quarterly dividends; however the declaration and payment of future dividends is discretionary and will be subject to a determination by the Board of Directors each quarter following its review of the Company’s financial performance.

This morning at 8:30 A.M. Eastern Time, Mr. Akdag will host a conference call to review the year-end financial results.  To access the call which is open to the public, dial (888) 455-1758 (toll free) or (203) 827-7025.  Callers will be required to supply PETMEDS as the passcode.  For those unable to participate in the live event, the call will be available for replay from 10:00 A.M. Eastern Time on May 8, 2017 until May 22, 2017 at 11:59 P.M.  To access the replay, call (800) 793-2386 (toll free) or (402) 280-1611 and enter passcode 5500.

Founded in 1996, PetMed Express is America’s Largest Pet Pharmacy, delivering prescription and non-prescription pet medications and other health products for dogs and cats at competitive prices direct to the consumer through its 1-800-PetMeds toll free number and on the Internet through its website at www.1800petmeds.com.  This press release may contain “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission, that involve a number of risks and uncertainties, including the Company’s ability to meet the objectives included in its business plan.  Important factors that could cause results to differ materially from those indicated by such “forward-looking” statements are set forth in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the PetMed Express Annual Report on Form 10-K for the year ended March 31, 2016.  The Company’s future results may also be impacted by other risk factors listed from time to time in its SEC filings, including, but not limited to, the Company's Form 10-Q and its Annual Report on Form 10-K.  

For investment relations contact PetMed Express, Inc., Bruce S. Rosenbloom, CFO, 561-526-4444.

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Exhibit 99.1 Page 1 of 4

March 31,

March 31,

2017

2016

ASSETS

Current assets:

Cash and cash equivalents

$

58,730

$

37,639

Accounts receivable, less allowance for doubtful accounts of $27 and $13, respectively

1,808

1,724

Inventories - finished goods

20,228

25,586

Prepaid expenses and other current assets

1,019

2,435

Prepaid income taxes

-

243

Total current assets

81,785

67,627

Noncurrent assets:

Property and equipment, net

30,164

20,929

Intangible assets

860

860

Deferred tax assets

-

863

Total noncurrent assets

31,024

22,652

Total assets

$

112,809

$

90,279

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

15,221

$

5,004

Accrued expenses and other current liabilities

2,475

2,080

Income taxes payable

659

-

Total current liabilities

18,355

7,084

Deferred tax liabilities

1,088

-

Total liabilities

19,443

7,084

Commitments and contingencies

Shareholders' equity:

Preferred stock, $.001 par value, 5,000 shares authorized; 3 convertible shares issued and outstanding with a liquidation preference of $4 per share

9

9

Common stock, $.001 par value, 40,000 shares authorized; 20,526 and 20,447 shares issued and outstanding, respectively

21

20

Additional paid-in capital

6,806

4,871

Retained earnings

86,530

78,295

Total shareholders' equity

93,366

83,195

Total liabilities and shareholders' equity

$

112,809

$

90,279

Three Months Ended

Year Ended

March 31,

March 31,

2017

2016

2017

2016

(UNAUDITED)

Sales

$

63,032

$

55,392

$

249,176

$

234,684

Cost of sales

40,877

37,729

169,862

158,388

Gross profit

22,155

17,663

79,314

76,296

Operating expenses:

General and administrative

5,593

5,137

22,799

21,301

Advertising

4,351

3,715

17,663

21,837

Depreciation

514

226

1,369

770

Total operating expenses

10,458

9,078

41,831

43,908

Income from operations

11,697

8,585

37,483

32,388

Other income (expense):

Interest income, net

45

30

141

190

Realized loss on sale of short term investments

-

(74

)

-

(74

)

Other, net

94

75

300

63

Total other income

139

31

441

179

Income before provision for income taxes

11,836

8,616

37,924

32,567

Provision for income taxes

4,333

3,198

14,105

12,000

Net income

$

7,503

$

5,418

23,819

$

20,567

Net change in unrealized gain on short and long term investments

-

87

-

54

Comprehensive income

$

7,503

$

5,505

$

23,819

$

20,621

Net income per common share:

Basic

$

0.37

$

0.27

$

1.18

$

1.02

Diluted

$

0.37

$

0.27

$

1.17

$

1.02

Weighted average number of common shares outstanding:

Basic

20,260

20,152

20,232

20,124

Diluted

20,392

20,322

20,378

20,254

Cash dividends declared per common share

$

0.19

$

0.18

$

0.76

$

0.72

Year Ended

March 31,

2017

2016

Cash flows from operating activities:

Net income

$

23,819

$

20,567

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

1,369

770

Share based compensation

1,935

1,612

Deferred income taxes

1,951

(23

)

Bad debt expense

421

260

(Increase) decrease in operating assets and increase (decrease) in liabilities:

Accounts receivable

(505

)

(53

)

Inventories - finished goods

5,358

(518

)

Prepaid income taxes

243

(243

)

Prepaid expenses and other current assets

1,416

(1,055

)

Accounts payable

10,217

(149

)

Accrued expenses and other current liabilities

321

(65

)

Income taxes payable

659

(50

)

Net cash provided by operating activities

47,204

21,053

Cash flows from investing activities:

Proceeds from the sale of short term investments

-

15,591

Net change in investments

-

54

Purchases of property and equipment

(10,604

)

(20,130

)

Net cash used in investing activities

(10,604

)

(4,485

)

Cash flows from financing activities:

Dividends paid

(15,509

)

(14,684

)

Excess tax benefit related to stock compensation

-

142

Net cash used in financing activities

(15,509

)

(14,542

)

Net increase in cash and cash equivalents

21,091

2,026

Cash and cash equivalents, at beginning of year

37,639

35,613

Cash and cash equivalents, at end of year

$

58,730

$

37,639

Supplemental disclosure of cash flow information:

Cash paid for income taxes

$

11,373

$

12,173

Dividends payable in accrued expenses

$

217

$

143