Business
Central Garden & Pet Announces Fourth Quarter and Fiscal Year 2024 Financial Results
Fiscal 2024 net sales of $3.2 billion vs. $3.3 billion in the prior year Fiscal 2024 GAAP EPS of $1.62 vs. $1.88 a year ago, non-GAAP EPS of $2.13 vs. $2.07
About this update from Central Garden & Pet Company
[{"type":"text","content":"\nFiscal 2024 net sales of $3.2 billion vs. $3.3 billion in the prior year\n\n\nFiscal 2024 GAAP EPS of $1.62 vs. $1.88 a year ago, non-GAAP EPS of $2.13 vs. $2.07 a year ago\n\n\nExpects fiscal 2025 non-GAAP EPS to be $2.20 or better\n\n\n WALNUT CREEK, Calif.--(BUSINESS WIRE)--\nCentral Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) (\"Central\"), a market leader in the pet and garden industries, today announced results for its fourth quarter and fiscal year ended September 28, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241125974807/en/\n\"We have a lot to be proud of this year. We increased non-GAAP EPS, continued margin expansion, made significant progress on our Cost and Simplicity program, and achieved strong profits in our Pet segment and record cash flow for the company. We accomplished this despite continued soft demand across our Pet segment, in particular in durable pet products, and a difficult garden season,\" said Niko Lahanas, Central Garden & Pet's new CEO. \"While we expect the external environment to remain challenging, I am confident we have the right strategy and people in place to deliver profitable growth in fiscal 2025 and for the long term.\"\n\n\nFiscal 2024 Results\n\n\nNet sales were $3.2 billion compared to $3.3 billion in the prior year, a decrease of 3%. Fiscal 2023 benefited from an additional week in the fourth quarter. Organic net sales decreased 4% excluding the impact of the acquisition of TDBBS in fiscal 2024 and the sale of the independent garden channel distribution business in fiscal 2023.\n\n\nNet sales for the Pet segment were $1.83 billion compared to $1.88 billion a year ago, a decrease of 2%. Pet organic net sales decreased 6%. Net sales for the Garden segment were $1.37 billion compared to $1.43 billion in the prior year, a decrease of 5%. Garden organic net sales decreased 1%.\n\n\nGross margin expanded by 90 basis points to 29.5% from 28.6% in the prior year. On a non-GAAP basis, gross margin expanded by 110 basis points to 30.0% from 28.9% a year ago driven by productivity efforts and moderating inflation.\n\n\nOperating income was $185 million compared to $211 million in the prior year, a decrease of 12%. On a non-GAAP basis, operating income was $223 million compared to $227 million a year ago. Operat...