Business
Central Garden & Pet Announces Q1 Fiscal 2022 Results
Q1 fiscal 2022 net sales increased 12% to $661 million Q1 fiscal 2022 diluted GAAP EPS grew $0.06 to $0.16 Maintains outlook for fiscal 2022 diluted GAAP EPS
About this update from Central Garden & Pet Company
[{"type":"text","content":"\nQ1 fiscal 2022 net sales increased 12% to $661 million\n\nQ1 fiscal 2022 diluted GAAP EPS grew $0.06 to $0.16\n\nMaintains outlook for fiscal 2022 diluted GAAP EPS of $3.10 or better\n\n WALNUT CREEK, Calif.--(BUSINESS WIRE)--\nCentral Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) (“Central”), a market leader in the garden and pet industries, today announced financial results for its fiscal 2022 first quarter ended December 25, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220202005708/en/Central Garden & Pet Q1 2022 Financial Results (Graphic: Business Wire)\n“We delivered another solid quarter thanks to continued demand for our Pet and Garden brands and the perseverance of our employees,” said Tim Cofer, CEO of Central Garden & Pet. “Our recent acquisitions exceeded our expectations for the quarter, and we remain encouraged by the fundamentals of our organic business in light of the extraordinary growth in the prior year. We are confident in our team's ability to perform as we face the ongoing challenges associated with the pandemic.”\n\nFiscal 2022 First Quarter Financial Results\n\nNet sales increased 12% to $661 million compared to $592 million a year ago, driven by recent acquisitions, which contributed $70 million to the quarter. Organic sales were in line with the prior year quarter.\n\nGross margin was 30.0%, an increase of 210 basis points compared to a year ago, driven primarily by pricing and favorable product mix, partially offset by cost inflation in key commodities, freight and labor.\n\nOperating income decreased 3% to $26 million from $27 million a year ago. Operating margin was 4.0% compared to 4.6% in the prior year. The margin decline was largely due to continued inflation and heightened investment spending.\n\nNet interest expense was $14 million compared to $21 million a year ago primarily due to incremental interest expense related to recognizing the impacts of the call premium, unamortized debt issuance cost and double interest on the debt retired during the first quarter a year ago partially offset by higher debt outstanding.\n\n\nThe Company's net income increased 61% to $9 million from $6 million a year ago. Diluted GAAP earnings per share for the quarter was $0.16, an increase of $0.06 compared to the prior year quarter. Adj...