PetMed Express (PETS) 10-K 23 May 23 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	May 23, 2023	Sep. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--03-31
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	000-28827
Entity Registrant Name	PETMED EXPRESS, INC.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0680967
Entity Address, Address Line One	420 South Congress Avenue
Entity Address, City or Town	Delray Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33445
City Area Code	561
Local Phone Number	526-4444
Title of 12(b) Security	Common Stock, PETS $.001 Par value per share
Trading Symbol	PETS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 396.4
Entity Common Stock, Shares Outstanding		21,170,977
Documents Incorporated by Reference	Information to be set forth in our Proxy Statement relating to our 2023 Annual Meeting of Shareholders to be held on August 3, 2023, is incorporated by reference in Items 10, 11, 12, 13, and 14 of Part III of this report.
Entity Central Index Key	0001040130
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Mar. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	Fort Lauderdale, Florida

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 104,086	$ 111,080
Accounts receivable, less allowance for doubtful accounts of $35 and $39, respectively	1,740	1,913
Inventories - finished goods	19,023	32,455
Prepaid expenses and other current assets	4,719	4,866
Prepaid income taxes	1,883	681
Total current assets	131,451	150,995
Noncurrent assets:
Property and equipment, net	26,178	24,464
Intangible and other assets	5,860	860
Deferred tax assets	628	0
Total noncurrent assets	32,666	25,324
Total assets	164,117	176,319
Current liabilities:
Accounts payable	25,208	27,500
Accrued expenses and other current liabilities	11,289	5,697
Total current liabilities	36,497	33,197
Deferred tax liabilities	0	936
Other long-term liabilities	3,825	0
Total liabilities	40,322	34,133
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; 21,084 and 20,979 shares issued and outstanding, respectively	21	21
Additional paid-in capital	18,277	11,660
Retained earnings	105,488	130,496
Total shareholders' equity	123,795	142,186
Total liabilities and shareholders' equity	$ 164,117	$ 176,319

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 35	$ 39
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	3,000	3,000
Preferred stock, shares outstanding (in shares)	3,000	3,000
Preferred stock, liquidation preference (in dollars per share)	$ 4	$ 4
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	21,084,000	20,979,000
Common stock, shares outstanding (in shares)	21,084,000	20,979,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Sales	$ 256,858	$ 273,417	$ 309,215
Cost of sales	185,844	195,341	219,267
Gross profit	71,014	78,076	89,948
Operating expenses:
General and administrative	49,474	30,829	28,293
Advertising	19,424	18,799	21,641
Depreciation	3,546	2,738	2,427
Total operating expenses	72,444	52,366	52,361
(Loss) income from operations	(1,430)	25,710	37,587
Other income:
Interest income, net	2,070	335	314
Other, net	944	1,026	1,315
Total other income	3,014	1,361	1,629
Income before provision for income taxes	1,584	27,071	39,216
Provision for income taxes	1,351	5,971	8,613
Net income	$ 233	$ 21,100	$ 30,603
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 0.01	$ 1.05	$ 1.53
Diluted (in dollars per share)	$ 0.01	$ 1.04	$ 1.52
Weighted average number of common shares outstanding:
Basic (in shares)	20,275	20,176	20,060
Diluted (in shares)	20,339	20,358	20,119
Cash dividends declared per common share (in dollars per share)	$ 1.20	$ 1.20	$ 1.12

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings
Balance (in shares) at Mar. 31, 2020		3	20,166
Balance at Mar. 31, 2020	$ 130,010	$ 9	$ 20	$ 3,804	$ 126,177
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net (in shares)			103
Share based compensation	3,307			3,307
Dividends declared	(22,639)				(22,639)
Net income	30,603				30,603
Balance (in shares) at Mar. 31, 2021		3	20,269
Balance at Mar. 31, 2021	141,281	$ 9	$ 20	7,111	134,141
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net (in shares)			710
Issuance of restricted stock, net	1		$ 1
Share based compensation	4,549			4,549
Dividends declared	(24,745)				(24,745)
Net income	21,100				21,100
Balance (in shares) at Mar. 31, 2022		3	20,979
Balance at Mar. 31, 2022	142,186	$ 9	$ 21	11,660	130,496
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock, net (in shares)			105
Share based compensation	6,617			6,617
Dividends declared	(25,241)				(25,241)
Net income	233				233
Balance (in shares) at Mar. 31, 2023		3	21,084
Balance at Mar. 31, 2023	$ 123,795	$ 9	$ 21	$ 18,277	$ 105,488

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 233	$ 21,100	$ 30,603
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,546	2,738	2,427
Share based compensation	6,617	4,549	3,307
Deferred income taxes	(1,564)	(345)	311
Bad debt expense	214	165	130
(Increase) decrease in operating assets and increase (decrease) in liabilities:
Accounts receivable	(41)	509	1,126
Inventories - finished goods	13,432	1,965	(16,536)
Prepaid income taxes	(1,202)	278	(959)
Prepaid expenses and other current assets	147	(363)	(974)
Accounts payable	(2,292)	(12,048)	19,890
Accrued expenses and other current liabilities	8,713	(50)	1,221
Income taxes payable	0	0	(471)
Net cash provided by operating activities	27,803	18,498	40,075
Cash flows from investing activities:
Purchase of minority interest investment in Vetster	(5,000)	0	0
Purchases of property and equipment	(5,260)	(1,752)	(2,432)
Net cash used in investing activities	(10,260)	(1,752)	(2,432)
Cash flows from financing activities:
Dividends paid	(24,537)	(24,384)	(22,687)
Net cash used in financing activities	(24,537)	(24,384)	(22,687)
Net (decrease) increase in cash and cash equivalents	(6,994)	(7,638)	14,956
Cash and cash equivalents, at beginning of year	111,080	118,718	103,762
Cash and cash equivalents, at end of year	104,086	111,080	118,718
Supplemental disclosure of cash flow information:
Cash paid for income taxes	4,312	6,085	10,018
Dividends payable in accrued expenses	$ 1,262	$ 558	$ 198

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization PetMed Express, Inc. and subsidiaries, d/b/a PetMeds® (collectively, the "Company"), is a leading nationwide direct-to-consumer pet pharmacy and online provider of prescription and non-prescription medications, food, supplements, supplies and vet services for dogs, cats, and horses. The Company markets and sells directly to consumers through its websites, toll-free numbers, and mobile applications. The Company offers consumers an attractive alternative for obtaining pet medications, foods, and supplies in terms of convenience, price, speed of delivery, and valued customer service. Founded in 1996, the Company's executive headquarters offices are currently located in Delray Beach, Florida. The Company has a March 31 fiscal year and references herein to fiscal 2023, 2022, or 2021 refer to the Company's fiscal years ended March 31, 2023, 2022, and 2021, respectively. Principles of Consolidation The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include PetMed Express, Inc. and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Revenue Recognition The Company generates revenue by selling pet medication products and pet supplies. Certain pet supplies offered on the Company’s website are drop shipped to customers. The Company considers itself the principal in the arrangement because the Company controls the specified good before it is transferred to the customer. Revenue contracts contain one performance obligation, which is delivery of the product. Customer care and support is deemed not to be a material right to the contract. The transaction price is adjusted at the date of sale for any applicable sales discounts and an estimate of product returns, which are estimated based on historical patterns; however, this is not considered a key judgment. Revenue is recognized when control transfers to the customer at the point in time in which shipment of the product occurs. This key judgment is determined as the shipping point represents the point in time in which the Company has a present right to payment, title has transferred to the customer, and the customer has assumed the risks and rewards of ownership. Outbound shipping and handling fees are an accounting policy election and are included in sales as the Company considers itself the principal in the arrangement given responsibility for supplier selection and discretion over pricing. Shipping costs associated with outbound freight after control over a product has transferred to a customer are an accounting policy election and are accounted for as fulfillment costs and are included in cost of sales. The Company disaggregates sales in the following two categories: (1) reorder sales vs new order sales, and (2) internet sales vs call center sales. The following table illustrates sales by various classifications: Year Ended March 31, Sales (In thousands) 2023 % 2022 % $ Variance % Variance Reorder sales $ 232,633 90.6 % $ 244,505 89.4 % $ (11,872) (4.9) % New order sales $ 24,225 9.4 % $ 28,912 10.6 % $ (4,687) (16.2) % Total net sales $ 256,858 100.0 % $ 273,417 100.0 % $ (16,559) (6.1) % Internet sales $ 221,894 86.4 % $ 230,263 84.2 % $ (8,369) (3.6) % Call center sales $ 34,964 13.6 % $ 43,154 15.8 % $ (8,190) (19.0) % Total net sales $ 256,858 100.0 % $ 273,417 100.0 % $ (16,559) (6.1) % Year Ended March 31, Sales (In thousands) 2022 % 2021 % $ Variance % Variance Reorder sales $ 244,505 89.4 % $ 263,152 85.1 % $ (18,647) (7.1) % New order sales $ 28,912 10.6 % $ 46,063 14.9 % $ (17,151) (37.2) % Total net sales $ 273,417 100.0 % $ 309,215 100.0 % $ (35,798) (11.6) % Internet sales $ 230,263 84.2 % $ 259,404 83.9 % $ (29,141) (11.2) % Call center sales $ 43,154 15.8 % $ 49,811 16.1 % $ (6,657) (13.4) % Total net sales $ 273,417 100.0 % $ 309,215 100.0 % $ (35,798) (11.6) % The Company changed the definition of a new customer on April 1, 2022, to include anyone who has not ordered over the past thirty-six months. The reorder and new order sales amounts for the years ended March 31, 2022 and March 31, 2021, respectively, reflect this new customer definition change. Under the previous definition of a new customer, reorder and new order sales were $250.4 million and $23.0 million, respectively, for the year ended March 31, 2022. Under the previous definition of a new customer, reorder and new order sales were $272.6 million and $36.6 million, respectively, for the year ended March 31, 2021. Virtually all of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two to three banking days. Credit card sales minimize accounts receivable balances relative to sales. The Company had no material contract asset or liability balances as of March 31, 2023 and 2022. The Company maintains an allowance for doubtful accounts for losses that the Company estimates will arise from customers’ inability to make required payments, arising from either credit card chargebacks or insufficient funds checks. The Company determines its estimates of the uncollectability of accounts receivable by analyzing historical bad debts and current economic trends in compliance with the provisions of Accounting Standards Codification ("ASC") Topic 326 (" Financial Instruments - Credit Losses"). . The allowance for doubtful accounts was approximately $35 thousand and $39 thousand at March 31, 2023 and March 31, 2022, respectively. Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at March 31, 2023 and 2022 consisted of the Company’s cash accounts and money market accounts with a maturity of three months or less. The carrying amount of cash equivalents approximates fair value. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Use of Estimates The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Inventories Inventories consist of prescription and non-prescription pet medications and pet supplies that are available for sale and are priced at the lower of cost or net realizable value using a weighted average cost method. The Company writes down its inventory for estimated obsolescence. The inventory reserve was approximately $48 thousand and $81 thousand at March 31, 2023 and 2022, respectively. Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Our building is being depreciated over a period of thirty years. The furniture, fixtures, equipment, and computer software are being depreciated over periods ranging from three Long-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the asset to the undiscounted cash flows expected to be generated from the asset. Intangible Assets The intangible assets consist of a toll-free telephone number and internet domain names. In accordance with the ASC Topic 350 (“ Goodwill and Other Intangible Assets ”) the intangible assets are not being amortized and are subject to an annual review for impairment. Other Assets Other assets consist of the initial minority interest investment in Vetster. Details can be found in Note 12 below. Fair Value of Financial Instruments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments. Advertising The Company's advertising expense consists primarily of Internet marketing, direct mail/print, and television advertising. Internet costs are expensed in the month incurred and direct mail/print advertising costs are expensed when the related catalogs, brochures, and postcards are produced, distributed, or superseded. Television advertising costs are expensed as the advertisements are televised. Operating Leases Approximately 48% of our Delray Beach property, or approximately 88,000 square feet was leased to two tenants. At March 31, 2023, the leases with these two tenants had a remaining weighted average lease term of 2.0 years. The Company recorded approximately $710 thousand and $689 thousand in rental revenue in fiscal 2023 and 2022, respectively, which was included in other income. The Company expects to receive the following future lease payments, under the current lease agreements, over the next five years: $731 thousand in fiscal 2024; $566 thousand in fiscal 2025, $110 thousand in fiscal 2026, and $0 thousand in fiscal 2027 and 2028. Comprehensive Income The Company applies ASC Topic 220 (“ Reporting Comprehensive Income ”) which requires that all items that are recognized under accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. The items of other comprehensive income that are typically required to be displayed are foreign currency items, minimum pension liability adjustments, and unrealized gains and losses on certain investments in debt and equity securities. For the fiscal years ended March 31, 2023, 2022 and 2021, the Company had no components of comprehensive income and therefore does not report comprehensive income or Consolidated Statements of Comprehensive Income. Income Taxes The Company accounts for income taxes under the provisions of ASC Topic 740 (“ Accounting for Income Taxes ”) which generally requires the recognition of deferred tax assets and liabilities for the expected future tax benefits or consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting carrying values and the tax bases of assets and liabilities and are measured by applying enacted tax rates and laws for the taxable years in which those differences are expected to reverse. As required by “Accounting for Uncertainty in Income Taxes” guidance, which clarifies ASC Topic 740, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the Consolidated Financial Statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies “Accounting for Uncertainty in Income Taxes” guidance to all tax positions for which the statute of limitations remains open. The Company had no liabilities for uncertain tax positions for both fiscal 2023 and fiscal 2022. The Company files tax returns in the U.S. federal jurisdiction and Florida, Arizona, California, Connecticut, Idaho, Maryland, Michigan, Oklahoma, South Carolina, Virginia, Wisconsin, New Jersey, Georgia, Indiana, New York and the District of Columbia. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ending March 31, 2019, or earlier. Any interest and penalties related to income taxes will be recorded to other income (expenses). Business Concentrations The Company purchases its products from a variety of sources, including certain manufacturers, domestic distributors, and wholesalers. We have multiple suppliers for each of our product lines to obtain the lowest cost. There were six suppliers from which we purchased approximately 69% and 77% of all products in fiscal 2023 and 2022, respectively. Accounting for Share Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“ Share Based Payment ”). The compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of general and administrative expenses. Recent Accounting Pronouncements The Company does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Major classifications of property and equipment consist of the following (in thousands): March 31, 2023 2022 Building $ 14,997 $ 14,997 Land 3,700 3,700 Building Improvements 3,917 2,834 Computer Software 9,391 5,512 Furniture, fixtures and equipment 9,404 9,106 41,409 36,149 Less: accumulated depreciation (15,231) (11,685) Property and equipment, net $ 26,178 $ 24,464

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Major classifications of accrued expenses and other current liabilities consist of the following (in thousands): March 31, 2023 2022 Accrued sales tax $ 5,098 $ 1,106 Accrued credit card fees 401 428 Accrued salaries and benefits 1,564 1,134 Accrued merchandise credits / reward program 1,660 1,623 Accrued professional expenses 559 459 Accrued sales return allowance 221 190 Accrued dividends payable 1,262 558 Accrued real estate taxes 118 111 Other accrued liabilities 406 88 Accrued expenses and other current liabilities $ 11,289 $ 5,697

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesDeferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows (in thousands): March 31, 2023 2022 Deferred tax assets: Accrued expenses $ 1,529 $ 364 Deferred stock compensation 1,605 662 Bad debt and inventory reserves 21 27 Total deferred tax assets 3,155 1,053 Deferred tax liabilities: Property and equipment (2,527) (1,989) Total net deferred tax assets (liabilities) $ 628 $ (936) At March 31, 2023, the Company had no federal or state net operating loss carryforwards. The components of the income tax provision consist of the following (in thousands): Year Ended March 31, 2023 2022 2021 Current taxes Federal $ 1,831 $ 5,801 $ 7,446 State 1,084 515 856 Total current taxes 2,915 6,316 8,302 Deferred taxes Federal (982) (317) 279 State (582) (28) 32 Total deferred taxes (1,564) (345) 311 Total provision for income taxes $ 1,351 $ 5,971 $ 8,613 The reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands): Year Ended March 31, 2023 2022 2021 Income taxes at U.S. statutory rates $ 333 $ 5,685 $ 8,235 State income taxes, net of federal tax benefit 275 379 708 Permanent differences 396 59 198 Restricted stock shortfall (windfall) adjustment 208 33 (135) Other 139 (185) (393) Total provision for income taxes $ 1,351 $ 5,971 $ 8,613 In fiscal 2023, the Company recognized a stock compensation shortfall charge of approximately $208 thousand and recognized a one-time charge of approximately $382 thousand related to a return to provision true up of the fiscal 2022 income tax provision. In fiscal 2022, the Company recognized a stock compensation shortfall charge of approximately $33 thousand, and recognized a one-time benefit of approximately $29 thousand, related to a return to provision true up of the fiscal 2021 income tax provision. In fiscal 2021 the Company recognized a stock compensation windfall benefit of approximately $135 thousand, and recognized a one-time benefit of approximately $194 thousand, related to a return to provision true up of the fiscal 2020 income tax provision. The differences between the effective income tax rate and the statutory U.S. federal income tax rate are as follows: Year Ended March 31, 2023 2022 2021 Federal rate on income before taxes 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 17.4 % 1.4 % 1.8 % Permanent differences 25.0 % 0.2 % 0.5 % Restricted stock shortfall (windfall) adjustments 13.1 % 0.1 % (0.3) % Other 8.8 % (0.6) % (1.0) % Total Effective Tax Rate 85.3 % 22.1 % 22.0 %

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Shareholders' Equity	(5) Shareholders ’ Equity Preferred Stock In April 1998, the Company issued 250,000 shares of its $.001 par value preferred stock at a price of $4.00 per share, less issuance costs of $112 thousand. Each share of the preferred stock is convertible into approximately 4.05 shares of common stock at the election of the shareholder. The shares have a liquidation value of $4.00 per share and may pay dividends at the sole discretion of the Company. The Company does not anticipate paying dividends to the preferred shareholders in the foreseeable future. Each share of preferred stock is entitled to one vote on all matters submitted to a vote of shareholders of the Company. At March 31, 2023 and 2022, 2,500 shares of the convertible preferred stock remained unconverted and outstanding. Share Repurchase Program Company has $110.0 million of shares authorized under previously approved share repurchase programs. The share repurchase program does not have an expiration date and is intended to be implemented through purchases made from time to time in either the open market or through private transactions at the Company's discretion, subject to market conditions and other factors, in accordance with Securities and Exchange Commission requirements. There can be no assurances as to the timing and number of shares that will be repurchased under the share repurchase program, and the Company may modify or discontinue the share repurchase program at any time subject to compliance with applicable regulatory requirements. Shares purchased pursuant to the share repurchase program will either be cancelled or held in the Company's treasury. During fiscal 2023 and 2022 the Company had no share repurchases. At March 31, 2023 the Company had approximately $28.7 million remaining under the Company’s share repurchase program. Dividends 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. During fiscal 2023, our Board of Directors declared the following dividends: Declaration Date Per Share Record Date Total Amount Payment Date May 9, 2022 $0.30 May 20, 2022 $6,297 May 27, 2022 July 25, 2022 $0.30 August 12, 2022 $6,323 August 19, 2022 November 7, 2022 $0.30 November 18, 2022 $6,323 November 30, 2022 February 6, 2023 $0.30 February 20, 2023 $6,325 February 27, 2023

Restricted Stock

Restricted Stock	12 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Restricted Stock	Restricted Stock In July 2015, the Company’s 2015 Outside Director Equity Compensation Restricted Stock Plan (“2015 Director Plan”) became effective upon the approval of the plan by the Company’s Shareholders. The 2015 Director Plan authorized 400,000 shares of the Company's common stock available for issuance under the plan and provides for an automatic increase every year in the amount of shares available for issuance under the plan of 10% of the shares authorized under the plan. In July 2016, the Company’s 2016 Employee Equity Compensation Restricted Stock Plan (“2016 Employee Plan”) became effective upon the approval of the plan by the Company’s Shareholders. The 2016 Employee Plan authorized 1,000,000 shares of the Company's Common stock available for issuance under the plan. In July 2022, the Company’s 2022 Employee Equity Compensation Restricted Stock Plan (“2022 Employee Plan”) became effective upon the approval of the plan by the Company’s shareholders. The 2022 Employee Plan authorized 1,000,000 shares of the Company's common stock available for issuance.The value of the restricted stock is determined based on the market value of the stock at the issuance date. The restriction period or forfeiture period is determined by the Company’s Compensation Committee and is to be no less than 1 year and no more than ten years unless otherwise specified by the Compensation Committee. The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“ Share Based Payment ”) (ASU 2016-09). At March 31, 2023, the Company had 960,007 restricted common shares issued under the 2016 Employee Plan and 240,755 restricted common shares issued under the 2015 Director Plan. No shares had been issued under the 2022 Employee Plan as of March 31, 2023. All shares in the 2016 Employee Plan and 2015 Director Plan were issued subject to a restriction or forfeiture period that lapses ratably on the first, second, and third anniversaries of the date of grant, and the fair value of which is being amortized over a one In August 2021, the Company issued 90,000 restricted shares and 510,000 performance restricted shares to the Company’s CEO, in accordance with the CEO’s employment agreement, under the 2016 Employee Plan. The performance restricted shares are based on achieving absolute stock hurdles within the three-year period from the grant date. If the shares meet the absolute stock price hurdle, they will only vest on the third anniversary of the date of grant. As of March 31, 2023, none of the performance stock hurdles were met. In August 2022, the Company issued 13,000 restricted shares and 3,000 performance restricted shares to the Company's new CFO, in accordance with the CFO's employment agreement, under the 2016 Employee Plan. The performance restricted shares are based on the attainment of performance criteria equally weighted between adjusted EBITDA and revenue. The shares for each grant will be released from restriction equally over a three year period on the anniversary of the grant date, and in the case of the performance restricted shares, subject to the attainment of performance criteria. For the fiscal years ended March 31, 2023, 2022, and 2021, the Company recognized compensation expense related to the 2016 Employee Plan and the 2015 Director Plan of $6.6 million, $4.5 million, and $3.3 million, respectively. All stock-based compensation expense is recognized as a payroll-related expense and it is included within the general and administrative expenses line item within the Company’s Consolidated Statements of Income, and the offset is included in the additional paid-in capital line item of the Company’s Consolidated Balance Sheets. On February 3, 2023, we issued 6,000 shares of our common stock to a consultant pursuant to a consulting agreement in exchange for consulting services. The securities were issued in reliance upon the exemption from the registration requirements of the Securities Act, as set forth in Section 4(a)(2) under the Securities Act as a transaction by an issuer not involving any public offering and the standard Securities Act restrictive legend and stop transfer instructions were noted on the stock certificate. A summary of the Company’s non-vested restricted stock at March 31, 2023 is as follows (in thousands): Employee Director Both Plans Non-vested restricted stock outstanding at March 31, 2022 702 69 771 Restricted stock granted 88 39 127 Restricted stock vested (88) (30) (118) Restricted stock forfeited or expired (18) (9) (27) Non-vested restricted stock outstanding at March 31, 2023 684 69 753 At March 31, 2023 and 2022, there were 752,829 and 770,652, non-vested restricted shares subject to restriction and forfeiture outstanding, respectively. During the fiscal years ended March 31, 2023 and 2022, the Company issued, net of forfeitures, 99,390 and 709,599 restricted shares, respectively. The weighted-average grant date fair value of restricted shares was $21.57 and $30.47 for fiscal years 2023 and 2022, respectively. The total fair value of restricted shares vested was $2.4 million and $3.0 million for fiscal years 2023 and 2022, respectively. At March 31, 2023 and 2022, there were $9.1 million and $13.4 million of unrecognized compensation costs related to the restricted stock subject to restriction and forfeiture awards, respectively, which

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company carries cash and cash equivalents and investments at fair value in the Consolidated Balance Sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. ASC Topic 820 ( “Fair Value Measurements” ) establishes a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 - Include other inputs that are directly or indirectly observable in the marketplace. Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. At March 31, 2023 and 2022 the Company had invested the majority of its $104.1 million and $111.1 million cash and cash equivalents balance in money market funds which are classified within Level 1.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share In accordance with the provisions of ASC Topic 260 (“ Earnings Per Share ”) basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share includes the dilutive effect of potential restricted stock and the effects of the potential conversion of preferred shares, calculated using the treasury stock method. Unvested restricted stock, and convertible preferred shares issued by the Company represent the only dilutive effect reflected in diluted weighted average shares outstanding. The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented (in thousands, except for per share amounts): Year Ended March 31, 2023 2022 2021 Net income (numerator): Net income $ 233 $ 21,100 $ 30,603 Shares (denominator) Weighted average number of common shares outstanding used in basic computation 20,275 20,176 20,060 Common shares issuable upon the vesting of restricted stock 54 172 49 Common shares issuable upon conversion of preferred shares 10 10 10 Shares used in diluted computation 20,339 20,358 20,119 Net income per common share: Basic $ 0.01 $ 1.05 $ 1.53 Diluted $ 0.01 $ 1.04 $ 1.52 At March 31, 2023, 2022, and 2021 , 745,854, 220,727, and 20,952 shares of common restricted stock, respectively, were excluded from the computations of diluted net income per common share, as their inclusion would have had an anti-dilutive effect on diluted net income per common share.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters and Routine Proceedings The Company has settled complaints that had been filed with various states’ pharmacy boards in the past. There can be no assurances made that other states will not attempt to take similar actions against the Company in the future. The Company also intends to vigorously defend its trade or service marks. There can be no assurance that the Company will be successful in protecting its trade or service marks. Legal costs related to the above matters are expensed as incurred. From time to time, the Company may be involved in and subject to disputes and legal proceedings, as well as demands, claims and threatened litigation that arise in the ordinary course of its business. These proceedings may include allegations involving business practices, infringement of intellectual property, employment or other matters. The ultimate outcome of any legal proceeding is often uncertain, there can be no assurance that the Company will be successful in any legal proceeding, and unfavorable outcomes could have a negative impact on our results of operations and financial condition. In accordance with ASC Topic 450-20 (" Loss Contingencies "), the Company records a liability in its financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews the status of each significant matter each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the financial statements not misleading. If the loss is not probable and cannot be reasonably estimated, a liability is not recorded in the Company’s financial statements. Gain contingencies are not recorded until they are realized. Legal costs related to any legal matters are expensed as incurred. Sales Tax On June 21, 2018, the United States Supreme Court rendered a decision in South Dakota v. Wayfair, Inc., holding that a state may require a remote seller with no physical presence in the state to collect and remit sales tax on goods and services provided to purchasers in the state, overturning certain existing court precedent. The Company has evaluated its state tax filings with respect to the Wayfair decision and currently collects and remits applicable sales taxes in all jurisdictions in which it has a physical presence or it believes Nexus exists. During the year ended March 31, 2023, the Company received an assessment for sales tax; based upon this, the Company evaluated the various jurisdictions for additional exposure and recorded an increase of $7.8 million for potential sales tax exposure. The Company included $4.0 million in the "Accrued expenses and other current liabilities" line item and $3.8 million in the "Other long-term liabilities" line item in the Consolidated Balance Sheets as of March 31, 2023 with the offsetting expense recognized in the "General and administrative" line item within the Consolidated Statements of Income for the year ended March 31, 2023. Employment Agreements On May 28, 2021, the Board of Directors notified Menderes Akdag (“Mr. Akdag”), former CEO & President and Director, that the Company would not extend Mr. Akdag’s employment agreement with the Company, and the employment agreement would therefore end on July 30, 2021, in accordance with the scheduled end date of the agreement. Effective July 31, 2021, the Board of Directors appointed Bruce S. Rosenbloom (“Mr. Rosenbloom”), the Company’s former Chief Financial Officer, as Interim Chief Executive Officer and President of the Company, until a permanent successor chief executive officer was appointed. Mr. Rosenbloom received an additional cash stipend of $10 thousand for the additional responsibilities while serving as Interim Chief Executive Officer and President, which ended on August 30, 2021. On June 11, 2021, the Company and Mr. Akdag, entered into a CEO Separation Agreement and General Release setting forth certain matters relating to the expiration of Mr. Akdag’s employment with the Company (the “Separation Agreement”). The Separation Agreement provided that Mr. Akdag’s employment with the Company, and service as an officer and director of the Company, would terminate as of July 30, 2021. The Separation Agreement also documented Mr. Akdag’s agreement that, during his remaining period of employment through July 30, 2021, he would continue to provide his fulltime attention to the business affairs of the Company and cooperate with the Company’s Board of Directors on the transition to a new chief executive officer. The Separation Agreement provided that Mr. Akdag would be paid two lump-sum severance payments of $325 thousand each, with the first such payment to be paid, and was paid, on August 10, 2021, and the second to be paid, and was paid, on December 31, 2021, subject to his compliance with the terms and conditions of his then existing employment agreement, and the Separation Agreement. In exchange for the Company’s agreement to make the severance payments, Mr. Akdag granted the Company a full release of any and all claims that he may have against the Company and its affiliates and related parties. In addition, as a part of the Separation Agreement, the Company confirmed that the 37,800 restricted shares held by Mr. Akdag would be, and were, released from restriction and forfeiture on July 31, 2021, and that the Company would, and did, cover the tax withholding obligations in connection with such release of shares from restriction and forfeiture. Under the Separation Agreement, Mr. Akdag agreed that he would continue to comply with his existing confidentiality, non-solicitation, and non-compete obligations, and he further agreed that until July 31, 2022, he would comply with certain “standstill” covenants relating to the Company. On August 25, 2021, the Board of Directors appointed Mathew N. Hulett ("Mr. Hulett”) as Chief Executive Officer and President of the Company and as a member of the Board of Directors. These appointments and the employment agreement were effective as of August 30, 2021 . The employment agreement is for an initial term of three (3) years commencing on August 30, 2021 and will automatically renew for successive one (1) year terms, or for longer periods as mutually agreed upon by the parties, unless the employment agreement is expressly cancelled by either Mr. Hulett or the Company sixty (60) days prior to the end of the then current term, or is otherwise terminated as provided in the agreement. The employment agreement provides that Mr. Hulett will receive an annual base salary of $500 thousand, subject to periodic review for increases with the approval of the Board of Directors, and will be eligible to participate in the standard employee benefit plans generally available to executives and employees of the Company, including health insurance, life and disability insurance, restricted stock under the Company’s equity compensation plan(s), 401(k) plan, and paid time off and paid holidays. The employment agreement also provides that the Company will reimburse Mr. Hulett for his documented business expenses incurred in connection with his employment pursuant to the Company's standard reimbursement expense policy and practices. The employment agreement contains certain rights of Mr. Hulett and the Company to terminate Mr. Hulett’s employment, including termination by the Company for “Cause” as defined in the employment agreement, and termination by Mr. Hulett for “Good Reason” as defined in the employment agreement within twelve (12) months of a Change in Control as defined in the employment agreement. Mr. Hulett is also entitled to severance pay equal to twelve (12) months of Mr. Hulett’s current base salary and eighteen (18) months of health insurance benefits in the event of his termination by the Company without Cause, or termination by Mr. Hulett for Good Reason within twelve (12) months of a Change in Control. The foregoing severance benefits are conditioned upon Mr. Hulett’s execution of a release of claims and compliance with certain restrictive covenants. The employment agreement contains customary non-disclosure and non-solicitation provisions as well as a one (1) year non-compete following the termination of the agreement. On August 30, 2021, Mr. Hulett also received an award of 90,000 shares of restricted stock under the Company’s 2016 Employee Plan, which stock restrictions will lapse pro rata on each of August 30, 2022, August 30, 2023, and August 30, 2024, which are subject to forfeiture in the event of termination of employment (except as provided in the restricted stock agreement). Mr. Hulett also received an award of 510,000 shares of performance restricted stock under the 2016 Employee Plan, which stock restrictions will lapse on the third anniversary of the date of grant based on (i) achieving absolute stock price hurdles within the three-year period from the date of grant, and (ii) continued employment through the performance period of three years from the date of grant, in accordance with the following schedule: 85,000 shares at the stock hurdle price of $40 per share, 107,000 shares at the stock hurdle price of $45 per share, 106,000 shares at the stock hurdle price of $50, 106,000 shares at the stock hurdle price of $55, and 106,000 shares at the stock hurdle price of $60. Should none of the absolute stock price hurdles be met during the three-year period from the date of grant, no shares would vest (as defined in the performance restricted stock agreement). Once the absolute stock price hurdle is achieved, it will be considered to have met the absolute stock price hurdle, regardless of the stock price on the third anniversary of the date of grant. The absolute stock price hurdle would be considered to have been met if the average closing stock price of the Company is at or above the absolute stock price hurdle for a period of ninety (90) consecutive trading days. If the shares would be considered to have met the absolute stock price hurdle, they will only vest on the third anniversary of date of grant, subject to Mr. Hulett’s continued employment through the performance period of three years from the date of grant (except as provided in the performance restricted stock agreement). As of March 31, 2023, none of the performance restricted stock vested, as no performance stock price hurdles were met. On July 14, 2022, the Board of Directors appointed Christine Chambers ("Ms. Chambers") to serve as the Company’s Chief Financial Officer and to assume the duties of principal financial officer and principal accounting officer effective August 3, 2022 (“Effective Date”). The Company entered into an offer letter with Ms. Chambers to set the terms and conditions of Ms. Chambers’ employment as Chief Financial Officer of the Company. Ms. Chambers will receive an annual base salary of $375 thousand and received a one-time sign-on bonus in the amount of $50 thousand, subject to pro rata repayment if Ms. Chambers terminates employment with the Company within the first twelve months of employment. Ms. Chambers received an initial equity award under the 2016 Employee Plan consisting of (i) an award of 13,000 restricted shares, and (ii) 3,000 performance restricted shares, which performance restricted shares will be based on the attainment of performance criteria equally weighted between adjusted EBITDA and revenue as of the fiscal year ended March 31, 2023. The shares for each grant will be released from restriction equally over a three (3) year period on the anniversary of the grant date, subject to the attainment of performance criteria in the case of the performance restricted shares. In connection with Mr. Rosenbloom’s transition services and subsequent separation from employment with the Company, on August 2, 2022 the Company and Mr. Rosenbloom entered into a CFO Transition and Separation Agreement (the "Separation Agreement”) pursuant to which Mr. Rosenbloom remained in his current position as CFO of the Company through and including August 2, 2022, and following the termination of his status as CFO, Mr. Rosenbloom continued to serve as an employee of the Company to provide transition services to the Company through his date of termination. His employment ended on December 31, 2022 ("Separation Date”). While Mr. Rosenbloom served as an employee of the Company, he continued to receive his current base salary and benefits as was in effect. The Separation Agreement provided that Mr. Rosenbloom would be paid two lump-sum severance payments of $182 thousand each, with the first such payment to be paid on the Company’s next payroll date following the Separation Date, and was paid January 13, 2023, and the second to be paid on the Company’s next payroll date six-months following the Separation Date, subject to his compliance with the terms and conditions of his then existing employment agreement, and the Separation Agreement. In exchange for the Company’s agreement to make the severance payments, Mr. Rosenbloom granted the Company a full release of any and all claims that he may have against the Company and its affiliates and related parties. In addition, as a part of the Separation Agreement, the Company confirmed that the 13,275 restricted shares held by Mr. Rosenbloom under the 2016 Employee Plan were released from restriction and forfeiture on December 31, 2022, Under the Separation Agreement, Mr. Rosenbloom’s existing non-compete obligation was reduced to a period of twelve (12) months.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company maintains a 401(k) Savings Plan for eligible employees. The plan is a defined contribution plan that is administered by the Company. All regular, full-time employees are eligible for voluntary participation upon completing one year of service and having attained the age of 21. The plan provides for growth in savings through contributions and income from investments. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 , as amended. Plan participants are allowed to contribute a specified percentage of their base salary. The Company matches 100% of the first 4% of the employees contribution. The matching contribution is funded subsequent to the calendar year. During the fiscal years ended March 31, 2023, 2022, and 2021, the Company recorded $289 thousand, $238 thousand, and $245 thousand, respectively, of 401(k) matching contribution and administration expense to general and administrative expenses.

Minority Interest Investment in

Minority Interest Investment in Vetster	12 Months Ended
	Mar. 31, 2023
Noncontrolling Interest [Abstract]
Minority Interest Investment in Vetster	Minority Interest Investment in Vetster On April 19, 2022, the Company engaged in a three-year partnership agreement with Vetster Inc. (“Vetster”), a veterinary telehealth Canadian company. The Company also purchased a 5% minority interest in Vetster in the amount of $5.0 million and received warrants for additional equity in Vetster, which are tied to future performance milestones. Under the terms of the agreement, the Company became the exclusive e-commerce provider for Vetster, and Vetster became the exclusive provider of telehealth and telemedicine services to the Company. The minority interest investment is being valued on the cost basis. At March 31, 2023, we evaluated the investment in accordance with ASC Topic 321 ( Accounting for Equity Interests

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn January 13, 2023, the Company entered into an Agreement and Plan of Merger to acquire PetCareRx, Inc. ("PetCareRx"), a leading supplier of pet medications, food, and supplies, for an aggregate consideration of approximately $36.0 million in cash, subject to adjustment. The closing of the transaction was subject to customary closing conditions and certain state pharmacy license and permit filings related to the change of control of PetCareRx. The transaction was approved by the Board of Directors of both the Company and PetCareRx, and the stockholders of PetCareRx, and closed on April 3, 2023. Upon completion of the acquisition, PetCareRx became a wholly-owned subsidiary of the Company. Subsequent to March 31, 2023, the Board of Directors approved and issued 42,142 restricted shares to employees of PetCareRx under the 2022 Employee Plan as part of a retention initiative, which shares were issued subject to a restriction or forfeiture period that lapses on the first anniversary of the date of grant. Subsequent to March 31, 2023, the Board of Directors approved and issued 11,910 restricted shares, net of forfeitures, to employees under the 2016 Employee Plan and 31,000 restricted shares to employees under the 2022 Employee Plan, which shares were issued subject to a restriction or forfeiture period that lapses ratably on the first, second, and third anniversaries of the date of grant. The Board also approved the issuance of a pro-rata portion of a non-employee director annual restricted stock grant in the amount of 1,623 restricted shares to Sandra Campos, a newly appointed director on the Board of Directors, under the 2015 Director Plan, which shares were issued subject to a restriction or forfeiture period that lapses ratably on the first, second, and third anniversaries of the date of grant. On May 22, 2023, the Company’s Board of Directors declared a quarterly dividend of $0.30 per share on its common stock. The $6.3 million dividend will be payable on June 12, 2023, to shareholders of record at the close of business on June 6, 2023.

Related Party Transaction

Related Party Transaction	12 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transaction	Related Party Transaction The Company’s Board of Directors Chairman, Gian Fulgoni, serves on the board of directors of Prophet, a brand and marketing consulting company, which PetMed Express, Inc. engaged with in March 2021 for $292 thousand. The Company expensed $32 thousand in fiscal 2021, with the remaining $260 thousand expensed in fiscal 2022 . This transaction was approved by the Company’s Board of Directors with terms that are comparable to those with an unrelated third party.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include PetMed Express, Inc. and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation.
Revenue Recognition	Revenue Recognition The Company generates revenue by selling pet medication products and pet supplies. Certain pet supplies offered on the Company’s website are drop shipped to customers. The Company considers itself the principal in the arrangement because the Company controls the specified good before it is transferred to the customer. Revenue contracts contain one performance obligation, which is delivery of the product. Customer care and support is deemed not to be a material right to the contract. The transaction price is adjusted at the date of sale for any applicable sales discounts and an estimate of product returns, which are estimated based on historical patterns; however, this is not considered a key judgment. Revenue is recognized when control transfers to the customer at the point in time in which shipment of the product occurs. This key judgment is determined as the shipping point represents the point in time in which the Company has a present right to payment, title has transferred to the customer, and the customer has assumed the risks and rewards of ownership. Outbound shipping and handling fees are an accounting policy election and are included in sales as the Company considers itself the principal in the arrangement given responsibility for supplier selection and discretion over pricing. Shipping costs associated with outbound freight after control over a product has transferred to a customer are an accounting policy election and are accounted for as fulfillment costs and are included in cost of sales. The Company disaggregates sales in the following two categories: (1) reorder sales vs new order sales, and (2) internet sales vs call center sales. The following table illustrates sales by various classifications: Year Ended March 31, Sales (In thousands) 2023 % 2022 % $ Variance % Variance Reorder sales $ 232,633 90.6 % $ 244,505 89.4 % $ (11,872) (4.9) % New order sales $ 24,225 9.4 % $ 28,912 10.6 % $ (4,687) (16.2) % Total net sales $ 256,858 100.0 % $ 273,417 100.0 % $ (16,559) (6.1) % Internet sales $ 221,894 86.4 % $ 230,263 84.2 % $ (8,369) (3.6) % Call center sales $ 34,964 13.6 % $ 43,154 15.8 % $ (8,190) (19.0) % Total net sales $ 256,858 100.0 % $ 273,417 100.0 % $ (16,559) (6.1) % Year Ended March 31, Sales (In thousands) 2022 % 2021 % $ Variance % Variance Reorder sales $ 244,505 89.4 % $ 263,152 85.1 % $ (18,647) (7.1) % New order sales $ 28,912 10.6 % $ 46,063 14.9 % $ (17,151) (37.2) % Total net sales $ 273,417 100.0 % $ 309,215 100.0 % $ (35,798) (11.6) % Internet sales $ 230,263 84.2 % $ 259,404 83.9 % $ (29,141) (11.2) % Call center sales $ 43,154 15.8 % $ 49,811 16.1 % $ (6,657) (13.4) % Total net sales $ 273,417 100.0 % $ 309,215 100.0 % $ (35,798) (11.6) % The Company changed the definition of a new customer on April 1, 2022, to include anyone who has not ordered over the past thirty-six months. The reorder and new order sales amounts for the years ended March 31, 2022 and March 31, 2021, respectively, reflect this new customer definition change. Under the previous definition of a new customer, reorder and new order sales were $250.4 million and $23.0 million, respectively, for the year ended March 31, 2022. Under the previous definition of a new customer, reorder and new order sales were $272.6 million and $36.6 million, respectively, for the year ended March 31, 2021. Virtually all of the Company’s sales are paid by credit cards and the Company usually receives the cash settlement in two to three banking days. Credit card sales minimize accounts receivable balances relative to sales. The Company had no material contract asset or liability balances as of March 31, 2023 and 2022. The Company maintains an allowance for doubtful accounts for losses that the Company estimates will arise from customers’ inability to make required payments, arising from either credit card chargebacks or insufficient funds checks. The Company determines its estimates of the uncollectability of accounts receivable by analyzing historical bad debts and current economic trends in compliance with the provisions of Accounting Standards Codification ("ASC") Topic 326 (" Financial Instruments - Credit Losses"). . The allowance for doubtful accounts was approximately $35 thousand and $39 thousand at March 31, 2023 and March 31, 2022, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at March 31, 2023 and 2022 consisted of the Company’s cash accounts and money market accounts with a maturity of three months or less. The carrying amount of cash equivalents approximates fair value. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts.
Use of Estimates	Use of Estimates The preparation of Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Inventories	InventoriesInventories consist of prescription and non-prescription pet medications and pet supplies that are available for sale and are priced at the lower of cost or net realizable value using a weighted average cost method. The Company writes down its inventory for estimated obsolescence.
Property and Equipment	Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Our building is being depreciated over a period of thirty years. The furniture, fixtures, equipment, and computer software are being depreciated over periods ranging from three
Long-lived Assets	Long-lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the asset to the undiscounted cash flows expected to be generated from the asset.
Intangible Assets	Intangible Assets The intangible assets consist of a toll-free telephone number and internet domain names. In accordance with the ASC Topic 350 (“ Goodwill and Other Intangible Assets ”) the intangible assets are not being amortized and are subject to an annual review for impairment.
Other Assets	Other AssetsOther assets consist of the initial minority interest investment in Vetster.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of the Company's cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the short-term nature of these instruments.
Advertising	Advertising The Company's advertising expense consists primarily of Internet marketing, direct mail/print, and television advertising. Internet costs are expensed in the month incurred and direct mail/print advertising costs are expensed
Comprehensive Income	Comprehensive Income The Company applies ASC Topic 220 (“ Reporting Comprehensive Income
Income Taxes	Income Taxes The Company accounts for income taxes under the provisions of ASC Topic 740 (“ Accounting for Income Taxes ”) which generally requires the recognition of deferred tax assets and liabilities for the expected future tax benefits or consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting carrying values and the tax bases of assets and liabilities and are measured by applying enacted tax rates and laws for the taxable years in which those differences are expected to reverse. As required by “Accounting for Uncertainty in Income Taxes” guidance, which clarifies ASC Topic 740, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the Consolidated Financial Statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies “Accounting for Uncertainty in Income Taxes” guidance to all tax positions for which the statute of limitations remains open. The Company had no liabilities for uncertain tax positions for both fiscal 2023 and fiscal 2022. The Company files tax returns in the U.S. federal jurisdiction and Florida, Arizona, California, Connecticut, Idaho, Maryland, Michigan, Oklahoma, South Carolina, Virginia, Wisconsin, New Jersey, Georgia, Indiana, New York and the District of Columbia. With few exceptions, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for years ending March 31, 2019, or earlier. Any interest and penalties related to income taxes will be recorded to other income (expenses).
Business Concentrations	Business Concentrations The Company purchases its products from a variety of sources, including certain manufacturers, domestic distributors, and wholesalers. We have multiple suppliers for each of our product lines to obtain the lowest cost. There were six suppliers from which we purchased approximately 69% and 77% of all products in fiscal 2023 and 2022, respectively.
Accounting for Share Based Compensation	Accounting for Share Based Compensation The Company records compensation expense associated with restricted stock in accordance with ASC Topic 718 (“ Share Based Payment ”). The compensation expense related to all of the Company’s stock-based compensation arrangements is recorded as a component of general and administrative expenses.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, will have a material effect on the Company’s consolidated financial position, results of operations, or cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Disaggregation of Revenue	The following table illustrates sales by various classifications: Year Ended March 31, Sales (In thousands) 2023 % 2022 % $ Variance % Variance Reorder sales $ 232,633 90.6 % $ 244,505 89.4 % $ (11,872) (4.9) % New order sales $ 24,225 9.4 % $ 28,912 10.6 % $ (4,687) (16.2) % Total net sales $ 256,858 100.0 % $ 273,417 100.0 % $ (16,559) (6.1) % Internet sales $ 221,894 86.4 % $ 230,263 84.2 % $ (8,369) (3.6) % Call center sales $ 34,964 13.6 % $ 43,154 15.8 % $ (8,190) (19.0) % Total net sales $ 256,858 100.0 % $ 273,417 100.0 % $ (16,559) (6.1) % Year Ended March 31, Sales (In thousands) 2022 % 2021 % $ Variance % Variance Reorder sales $ 244,505 89.4 % $ 263,152 85.1 % $ (18,647) (7.1) % New order sales $ 28,912 10.6 % $ 46,063 14.9 % $ (17,151) (37.2) % Total net sales $ 273,417 100.0 % $ 309,215 100.0 % $ (35,798) (11.6) % Internet sales $ 230,263 84.2 % $ 259,404 83.9 % $ (29,141) (11.2) % Call center sales $ 43,154 15.8 % $ 49,811 16.1 % $ (6,657) (13.4) % Total net sales $ 273,417 100.0 % $ 309,215 100.0 % $ (35,798) (11.6) %

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Major classifications of property and equipment consist of the following (in thousands): March 31, 2023 2022 Building $ 14,997 $ 14,997 Land 3,700 3,700 Building Improvements 3,917 2,834 Computer Software 9,391 5,512 Furniture, fixtures and equipment 9,404 9,106 41,409 36,149 Less: accumulated depreciation (15,231) (11,685) Property and equipment, net $ 26,178 $ 24,464

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Major classifications of accrued expenses and other current liabilities consist of the following (in thousands): March 31, 2023 2022 Accrued sales tax $ 5,098 $ 1,106 Accrued credit card fees 401 428 Accrued salaries and benefits 1,564 1,134 Accrued merchandise credits / reward program 1,660 1,623 Accrued professional expenses 559 459 Accrued sales return allowance 221 190 Accrued dividends payable 1,262 558 Accrued real estate taxes 118 111 Other accrued liabilities 406 88 Accrued expenses and other current liabilities $ 11,289 $ 5,697

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows (in thousands): March 31, 2023 2022 Deferred tax assets: Accrued expenses $ 1,529 $ 364 Deferred stock compensation 1,605 662 Bad debt and inventory reserves 21 27 Total deferred tax assets 3,155 1,053 Deferred tax liabilities: Property and equipment (2,527) (1,989) Total net deferred tax assets (liabilities) $ 628 $ (936)
Schedule of Components of Income Tax Provision	The components of the income tax provision consist of the following (in thousands): Year Ended March 31, 2023 2022 2021 Current taxes Federal $ 1,831 $ 5,801 $ 7,446 State 1,084 515 856 Total current taxes 2,915 6,316 8,302 Deferred taxes Federal (982) (317) 279 State (582) (28) 32 Total deferred taxes (1,564) (345) 311 Total provision for income taxes $ 1,351 $ 5,971 $ 8,613
Schedule of Effective Income Tax Rate Reconciliation	The reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands): Year Ended March 31, 2023 2022 2021 Income taxes at U.S. statutory rates $ 333 $ 5,685 $ 8,235 State income taxes, net of federal tax benefit 275 379 708 Permanent differences 396 59 198 Restricted stock shortfall (windfall) adjustment 208 33 (135) Other 139 (185) (393) Total provision for income taxes $ 1,351 $ 5,971 $ 8,613 The differences between the effective income tax rate and the statutory U.S. federal income tax rate are as follows: Year Ended March 31, 2023 2022 2021 Federal rate on income before taxes 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 17.4 % 1.4 % 1.8 % Permanent differences 25.0 % 0.2 % 0.5 % Restricted stock shortfall (windfall) adjustments 13.1 % 0.1 % (0.3) % Other 8.8 % (0.6) % (1.0) % Total Effective Tax Rate 85.3 % 22.1 % 22.0 %

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Dividend Declaration	During fiscal 2023, our Board of Directors declared the following dividends: Declaration Date Per Share Record Date Total Amount Payment Date May 9, 2022 $0.30 May 20, 2022 $6,297 May 27, 2022 July 25, 2022 $0.30 August 12, 2022 $6,323 August 19, 2022 November 7, 2022 $0.30 November 18, 2022 $6,323 November 30, 2022 February 6, 2023 $0.30 February 20, 2023 $6,325 February 27, 2023

Restricted Stock (Tables)

Restricted Stock (Tables)	12 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Share Activity	A summary of the Company’s non-vested restricted stock at March 31, 2023 is as follows (in thousands): Employee Director Both Plans Non-vested restricted stock outstanding at March 31, 2022 702 69 771 Restricted stock granted 88 39 127 Restricted stock vested (88) (30) (118) Restricted stock forfeited or expired (18) (9) (27) Non-vested restricted stock outstanding at March 31, 2023 684 69 753

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Net Income Per Share	The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented (in thousands, except for per share amounts): Year Ended March 31, 2023 2022 2021 Net income (numerator): Net income $ 233 $ 21,100 $ 30,603 Shares (denominator) Weighted average number of common shares outstanding used in basic computation 20,275 20,176 20,060 Common shares issuable upon the vesting of restricted stock 54 172 49 Common shares issuable upon conversion of preferred shares 10 10 10 Shares used in diluted computation 20,339 20,358 20,119 Net income per common share: Basic $ 0.01 $ 1.05 $ 1.53 Diluted $ 0.01 $ 1.04 $ 1.52

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) ft² in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2016 ft² tenant	Mar. 31, 2023 USD ($) tenant	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Sales		$ 256,858	$ 273,417	$ 309,215
Allowance for doubtful accounts		35	39
Inventory reserve		48	81
Liabilities for uncertain tax positions		$ 0	0
Delray Beach Property
Disaggregation of Revenue [Line Items]
Percentage of property leased to tenants	48%
Area of real estate property (in square feet) | ft²	88
Number of tenants | tenant	2	2
Weighted average remaining lease term		2 years
Rental revenue		$ 710	689
Lessor, operating lease, payment to be received, 2024		731
Lessor, operating lease, payment to be received, 2025		566
Lessor, operating lease, payment to be received, 2026		110
Lessor, operating lease, payment to be received, 2027		0
Lessor, operating lease, payment to be received, 2028		0
Reorder Customer
Disaggregation of Revenue [Line Items]
Sales		232,633	244,505	263,152
Reorder Customer | Previously Reported
Disaggregation of Revenue [Line Items]
Sales			250,400	272,600
New Order Customer
Disaggregation of Revenue [Line Items]
Sales		$ 24,225	28,912	46,063
New Order Customer | Previously Reported
Disaggregation of Revenue [Line Items]
Sales			$ 23,000	$ 36,600
Supplier Concentration Risk | Cost of Goods and Service Benchmark | Six Suppliers
Disaggregation of Revenue [Line Items]
Percentage of all products purchased		69%	77%
Building
Disaggregation of Revenue [Line Items]
Property, plant and equipment useful life		30 years
Furniture, Fixtures, Equipment and Computer Software | Minimum
Disaggregation of Revenue [Line Items]
Property, plant and equipment useful life		3 years
Furniture, Fixtures, Equipment and Computer Software | Maximum
Disaggregation of Revenue [Line Items]
Property, plant and equipment useful life		10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Disaggregation of Revenue by Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Sales	$ 256,858	$ 273,417	$ 309,215
Revenues, percentage	100%	100%	100%
Revenues, variance	$ (16,559)	$ (35,798)
Revenues, variance, percentage	(6.10%)	(11.60%)
Internet
Disaggregation of Revenue [Line Items]
Sales	$ 221,894	$ 230,263	$ 259,404
Revenues, percentage	86.40%	84.20%	83.90%
Revenues, variance	$ (8,369)	$ (29,141)
Revenues, variance, percentage	(3.60%)	(11.20%)
Call center
Disaggregation of Revenue [Line Items]
Sales	$ 34,964	$ 43,154	$ 49,811
Revenues, percentage	13.60%	15.80%	16.10%
Revenues, variance	$ (8,190)	$ (6,657)
Revenues, variance, percentage	(19.00%)	(13.40%)
Reorder Customer
Disaggregation of Revenue [Line Items]
Sales	$ 232,633	$ 244,505	$ 263,152
Revenues, percentage	90.60%	89.40%	85.10%
Revenues, variance	$ (11,872)	$ (18,647)
Revenues, variance, percentage	(4.90%)	(7.10%)
New Order Customer
Disaggregation of Revenue [Line Items]
Sales	$ 24,225	$ 28,912	$ 46,063
Revenues, percentage	9.40%	10.60%	14.90%
Revenues, variance	$ (4,687)	$ (17,151)
Revenues, variance, percentage	(16.20%)	(37.20%)

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 41,409	$ 36,149
Less: accumulated depreciation	(15,231)	(11,685)
Property and equipment, net	26,178	24,464
Building
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,997	14,997
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,700	3,700
Building Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,917	2,834
Computer Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,391	5,512
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,404	$ 9,106

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued sales tax	$ 5,098	$ 1,106
Accrued credit card fees	401	428
Accrued salaries and benefits	1,564	1,134
Accrued merchandise credits / reward program	1,660	1,623
Accrued professional expenses	559	459
Accrued sales return allowance	221	190
Accrued dividends payable	1,262	558
Accrued real estate taxes	118	111
Other accrued liabilities	406	88
Accrued expenses and other current liabilities	$ 11,289	$ 5,697

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Deferred tax assets:
Accrued expenses	$ 1,529	$ 364
Deferred stock compensation	1,605	662
Bad debt and inventory reserves	21	27
Total deferred tax assets	3,155	1,053
Deferred tax liabilities:
Property and equipment	(2,527)	(1,989)
Total net deferred tax assets (liabilities)	$ 628
Total net deferred tax assets (liabilities)		$ (936)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Operating Loss Carryforwards [Line Items]
Restricted stock shortfall (windfall) adjustment	$ 208	$ 33	$ (135)
One time charge (benefit) for return to provision true up	382	$ (29)	$ (194)
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Federal net operating loss carryforwards	$ 0

Income Taxes - Components of In

Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Current taxes
Federal	$ 1,831	$ 5,801	$ 7,446
State	1,084	515	856
Total current taxes	2,915	6,316	8,302
Deferred taxes
Federal	(982)	(317)	279
State	(582)	(28)	32
Total deferred taxes	(1,564)	(345)	311
Total provision for income taxes	$ 1,351	$ 5,971	$ 8,613

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income taxes at U.S. statutory rates	$ 333	$ 5,685	$ 8,235
State income taxes, net of federal tax benefit	275	379	708
Permanent differences	396	59	198
Restricted stock shortfall (windfall) adjustment	208	33	(135)
Other	139	(185)	(393)
Total provision for income taxes	$ 1,351	$ 5,971	$ 8,613

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation of Total Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Federal rate on income before taxes (as a percent)	21%	21%	21%
State income taxes, net of federal tax benefit	17.40%	1.40%	1.80%
Permanent differences	25%	0.20%	0.50%
Restricted stock shortfall (windfall) adjustments	13.10%	0.10%	(0.30%)
Other	8.80%	(0.60%)	(1.00%)
Total Effective Tax Rate	85.30%	22.10%	22%

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 1998	Mar. 31, 2023	Mar. 31, 2022	Feb. 06, 2023	Nov. 07, 2022	Jul. 25, 2022	May 09, 2022
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	250,000	3,000	3,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued, price per share (in dollars per share)	$ 4
Stock issuance costs	$ 112
Convertible preferred stock, shares issued upon conversion (in shares)	4.05
Preferred stock, liquidation preference (in dollars per share)	$ 4	$ 4	$ 4
Preferred stock, shares outstanding (in shares)		3,000	3,000
Stock repurchase program, authorized amount		$ 110,000
Share repurchases (in shares)		0	0
Stock repurchase program, remaining authorized repurchase amount		$ 28,700
Per share dividend (in dollars per share)				$ 0.30	$ 0.30	$ 0.30	$ 0.30
Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		2,500	2,500

Shareholder's Equity - Declared

Shareholder's Equity - Declared Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 06, 2023	Nov. 07, 2022	Jul. 25, 2022	May 09, 2022
Equity [Abstract]
Per Share Dividend (in dollars per share)	$ 0.30	$ 0.30	$ 0.30	$ 0.30
Total Amount	$ 6,325	$ 6,323	$ 6,323	$ 6,297

Restricted Stock - Narrative (D

Restricted Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended				12 Months Ended
	Feb. 03, 2023	Aug. 03, 2022	Aug. 30, 2021	Aug. 31, 2022	Jul. 31, 2022	Aug. 31, 2021	Jul. 31, 2015	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Jul. 31, 2016
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock granted (in shares)								127,000
Share based compensation								$ 6,617	$ 4,549	$ 3,307
Non-vested restricted stock (in shares)								753,000	771,000
Common Stock | Share-Based Payment Arrangement, Nonemployee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock granted (in shares)	6,000
2015 Outside Director Equity Compensation Restricted Stock Plan [Member] | Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock authorized for issuance (in shares)							400,000
Common stock available for issuance, automatic annual increase, percent							10%
2016 Employee Equity Compensation Restricted Stock Plan | Chief Financial Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted shares, vesting period				3 years
2016 Employee Equity Compensation Restricted Stock Plan | Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock authorized for issuance (in shares)								960,007			1,000,000
2016 Employee Equity Compensation Restricted Stock Plan | Restricted Stock | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restriction period					1 year
2016 Employee Equity Compensation Restricted Stock Plan | Restricted Stock | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restriction period					10 years
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") | Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock authorized for issuance (in shares)								240,755
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") | Restricted Stock | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restriction period								1 year
2015 Outside Director Equity Compensation Restricted Stock Plan ("2015 Director Plan") | Restricted Stock | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restriction period								3 years
Employee and Director Equity Compensation Plan | Non-vested Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested restricted stock (in shares)								752,829	770,652
Issuance of restricted stock, net (in shares)								99,390	709,599
Weighted-average grant date fair value (in dollars per share)								$ 21.57	$ 30.47
Fair value of shares vested								$ 2,400	$ 3,000
Unrecognized compensation costs related to restricted stock								$ 9,100	$ 13,400
Weighted average restriction and forfeiture period								1 year 7 months 6 days	2 years 3 months 18 days
2022 Employee Equity Compensation Restricted Stock Plan | Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock authorized for issuance (in shares)					1,000,000			0
The 2016 Employee Equity Compensation Restricted Stock Plan | Restricted Stock | Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock granted (in shares)			90,000			90,000
The 2016 Employee Equity Compensation Restricted Stock Plan | Restricted Stock | Chief Financial Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock granted (in shares)		13,000		13,000

Restricted Stock - Non-vested R

Restricted Stock - Non-vested Restricted Stock (Details) shares in Thousands	12 Months Ended
	Mar. 31, 2023 shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested restricted stock at March 31, 2022 (in shares)	771
Restricted stock granted (in shares)	127
Restricted stock vested (in shares)	(118)
Restricted stock forfeited or expired (in shares)	(27)
Non-vested restricted stock outstanding at March 31, 2023 (in shares)	753
Employee Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested restricted stock at March 31, 2022 (in shares)	702
Restricted stock granted (in shares)	88
Restricted stock vested (in shares)	(88)
Restricted stock forfeited or expired (in shares)	(18)
Non-vested restricted stock outstanding at March 31, 2023 (in shares)	684
Director Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested restricted stock at March 31, 2022 (in shares)	69
Restricted stock granted (in shares)	39
Restricted stock vested (in shares)	(30)
Restricted stock forfeited or expired (in shares)	(9)
Non-vested restricted stock outstanding at March 31, 2023 (in shares)	69

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 104,086	$ 111,080

Net Income Per Share - Basic an

Net Income Per Share - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Net income (numerator):
Net income	$ 233	$ 21,100	$ 30,603
Shares (denominator)
Weighted average number of common shares outstanding used in basic computation (in shares)	20,275	20,176	20,060
Common shares issuable upon the vesting of restricted stock (in shares)	54	172	49
Common shares issuable upon conversion of preferred shares (in shares)	10	10	10
Shares used in diluted computation (in shares)	20,339	20,358	20,119
Net income per common share:
Basic (in dollars per share)	$ 0.01	$ 1.05	$ 1.53
Diluted (in dollars per share)	$ 0.01	$ 1.04	$ 1.52

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	745,854	220,727	20,952

Commitments and Contingencies (

Commitments and Contingencies (Details) $ / shares in Units, ft² in Thousands, $ in Thousands

1 Months Ended

12 Months Ended

Jan. 13, 2023 USD ($)

Dec. 31, 2022 shares

Aug. 03, 2022 USD ($) shares

Aug. 02, 2022 USD ($) payment

Dec. 31, 2021 USD ($)

Aug. 30, 2021 USD ($) $ / shares shares

Aug. 10, 2021 USD ($)

Jul. 31, 2021 shares

Aug. 31, 2022 shares

Aug. 31, 2021 shares

Aug. 30, 2021 USD ($) $ / shares

Jan. 31, 2016 ft² tenant

Mar. 31, 2023 USD ($) tenant shares

Jun. 11, 2021 payment

Other Commitments [Line Items]

Sales tax exposure

$ 7,800

Lump-sum severance payments

$ 325

Restricted stock granted (in shares) | shares

127,000

Accrued Expenses and Other Current Liabilities

Other Commitments [Line Items]

Accrued sales tax

$ 4,000

Other Noncurrent Liabilities

Other Commitments [Line Items]

Accrued sales tax

3,800

PetCareRx

Other Commitments [Line Items]

Aggregate consideration

$ 36,000

Chief Executive Officer

Other Commitments [Line Items]

Cash stipend

$ 10

Number of severance payments | payment

2

Lump-sum severance payments

$ 325

Restricted stock, released in period (in shares) | shares

37,800

Initial employment term

3 years

Successive renewal employment term

1 year

Employment term cancellation period

60 days

Annual base salary

$ 500

"Good Reason" termination period

12 months

Severance pay equal to based salary for number of periods

12 months

Severance pay health insurance benefits, without cause termination, period

18 months

Severance pay health insurance benefits, change in control, period

12 months

Non-compete term

1 year

Chief Executive Officer | The 2016 Employee Equity Compensation Restricted Stock Plan | Restricted Stock

Other Commitments [Line Items]

Restricted stock granted (in shares) | shares

90,000

90,000

Chief Executive Officer | The 2016 Employee Equity Compensation Restricted Stock Plan | Performance Restricted Stock

Other Commitments [Line Items]

Restricted stock granted (in shares) | shares

510,000

510,000

Absolute stock price hurdle period

3 years

3 years

Employment performance period

3 years

Achievement of absolute stock price hurdle period, consecutive days

90 days

Chief Executive Officer | The 2016 Employee Equity Compensation Restricted Stock Plan | Performance Restricted Stock Price Hurdle 1

Other Commitments [Line Items]

Restricted stock granted (in shares) | shares

85,000

Stock hurdle price (in dollars per share) | $ / shares

$ 40

$ 40

Chief Executive Officer | The 2016 Employee Equity Compensation Restricted Stock Plan | Performance Restricted Stock Price Hurdle 2

Other Commitments [Line Items]

Restricted stock granted (in shares) | shares

107,000

Stock hurdle price (in dollars per share) | $ / shares

$ 45

45

Chief Executive Officer | The 2016 Employee Equity Compensation Restricted Stock Plan | Performance Restricted Stock Price Hurdle 3

Other Commitments [Line Items]

Restricted stock granted (in shares) | shares

106,000

Stock hurdle price (in dollars per share) | $ / shares

$ 50

50

Chief Executive Officer | The 2016 Employee Equity Compensation Restricted Stock Plan | Performance Restricted Stock Price Hurdle 4

Other Commitments [Line Items]

Restricted stock granted (in shares) | shares

106,000

Stock hurdle price (in dollars per share) | $ / shares

$ 55

55

Chief Executive Officer | The 2016 Employee Equity Compensation Restricted Stock Plan | Performance Restricted Stock Price Hurdle 5

Other Commitments [Line Items]

Restricted stock granted (in shares) | shares

106,000

Stock hurdle price (in dollars per share) | $ / shares

$ 60

$ 60

Chief Financial Officer

Other Commitments [Line Items]

Number of severance payments | payment

2

Lump-sum severance payments

$ 182

Restricted stock, released in period (in shares) | shares

13,275

Annual base salary

$ 375

Non-compete term

12 months

Sign on bonus

$ 50

Contingent lump sum severance payment

$ 182

Accrued severance costs

$ 182

Chief Financial Officer | The 2016 Employee Equity Compensation Restricted Stock Plan | Restricted Stock

Other Commitments [Line Items]

Restricted stock granted (in shares) | shares

13,000

13,000

Chief Financial Officer | The 2016 Employee Equity Compensation Restricted Stock Plan | Performance Restricted Stock

Other Commitments [Line Items]

Restricted stock granted (in shares) | shares

3,000

3,000

Restricted shares, vesting period

3 years

Delray Beach Property

Other Commitments [Line Items]

Percentage of property leased to tenants

48%

Area of real estate property (in square feet) | ft²

88

Number of tenants | tenant

2

2

Weighted average remaining lease term

2 years

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Defined contribution plan, requisite service period	1 year
Defined contribution plan, requisite age	21 years
Employer match contribution percentage	100%
Percentage of employees gross compensation eligible for match	4%
Defined contribution plan, matching contribution	$ 289	$ 238	$ 245

Minority Interest Investment _2

Minority Interest Investment in Vetster (Details) - Partnership Agreement with Vetster $ in Millions	Apr. 19, 2022 USD ($)
Noncontrolling Interest [Line Items]
Term of agreement	3 years
Minority interest purchased, percent	5%
Minority interest purchased, amount	$ 5

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		2 Months Ended	12 Months Ended
	Jan. 13, 2023	May 23, 2023	Mar. 31, 2023	May 22, 2023	Feb. 06, 2023	Nov. 07, 2022	Jul. 25, 2022	May 09, 2022
Subsequent Event [Line Items]
Restricted stock granted (in shares)			127,000
Per share dividend (in dollars per share)					$ 0.30	$ 0.30	$ 0.30	$ 0.30
Dividend payable					$ 6,325	$ 6,323	$ 6,323	$ 6,297
Subsequent Event
Subsequent Event [Line Items]
Per share dividend (in dollars per share)				$ 0.30
Dividend payable				$ 6,300
Restricted Stock | 2016 Employee Equity Compensation Restricted Stock Plan | Subsequent Event | Director
Subsequent Event [Line Items]
Restricted stock granted (in shares)		1,623
Restricted Stock | Share-Based Payment Arrangement, Employee | 2016 Employee Equity Compensation Restricted Stock Plan | Subsequent Event
Subsequent Event [Line Items]
Restricted stock granted (in shares)		11,910
Restricted Stock | Share-Based Payment Arrangement, Employee | 2022 Employee Equity Compensation Restricted Stock Plan | Subsequent Event
Subsequent Event [Line Items]
Restricted stock granted (in shares)		31,000
PetCareRx
Subsequent Event [Line Items]
Aggregate consideration	$ 36,000
PetCareRx | Restricted Stock | Share-Based Payment Arrangement, Employee | 2022 Employee Equity Compensation Restricted Stock Plan | Subsequent Event
Subsequent Event [Line Items]
Restricted stock granted (in shares)		42,142

Related Party Transaction (Deta

Related Party Transaction (Details) - Prophet - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2023
Related party transaction amount	$ 292
Related party expenses		$ 32
Related party expenses			$ 260