Business
Central Garden & Pet Announces Q1 Fiscal 2024 Financial Results
Fiscal 2024 Q1 net sales of $635 million Fiscal 2024 Q1 earnings per share of $0.01 Maintains outlook for fiscal 2024 non-GAAP EPS of $2.50 or better WALNUT
About this update from Central Garden & Pet Company
[{"type":"text","content":"\nFiscal 2024 Q1 net sales of $635 million\n\n\nFiscal 2024 Q1 earnings per share of $0.01\n\n\nMaintains outlook for fiscal 2024 non-GAAP EPS of $2.50 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 financial results for its fiscal 2024 first quarter ended December 30, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240207515647/en/\n“The fiscal year is off to a solid start as we successfully navigated the challenging external environment. We delivered earnings per share of $0.01 as a result of improved gross margin and early season shipments,” said Beth Springer, Interim CEO of Central Garden & Pet. “Our outlook for the fiscal year is unchanged, and we are focused on executing our long-term Central to Home strategy with excellence.”\n\n\nFiscal 2024 First Quarter Financial Results\n\n\nNet sales were $635 million compared to $628 million a year ago, an increase of 1%. Organic net sales increased 1%.\n\n\nGross profit was $179 million compared to $172 million in the prior year. Gross margin improved 80 basis points to 28.2% compared to 27.4% driven by cost management and moderating inflation.\n\n\nOperating income was $8 million compared to $0.4 million a year ago. Operating margin was 1.3% compared to 0.1%, an increase of 120 basis points driven by higher gross margin and cost management resulting in lower SG&A as a percentage of net sales.\n\n\nNet interest expense was $10 million compared to $14 million a year ago driven by higher cash balances and interest rates.\n\n\n\n\nNet income was $0.4 million compared to net loss of $8 million a year ago. Earnings per share were $0.01 compared to loss per share of $0.16, an increase of $0.17 cents. Adjusted EBITDA was $37 million compared to $29 million a year ago.\n\n\nThe effective tax rate was 287.7% compared to 24.2% in the prior year due to a benefit from a discrete item related to stock compensation in the current year quarter.\n\n\nPet Segment Fiscal 2024 First Quarter Results\n\n\nNet sales for the Pet segment were $409 million compared to $416 million in the prior year, a decrease of 2% due to lower sales of durable pet products. Organic net sales decreased 5% ...