Business
Central Garden & Pet Announces Q2 Fiscal 2024 Financial Results
Fiscal 2024 Q2 net sales of $900 million compared to $909 million a year ago Fiscal 2024 Q2 GAAP EPS of $0.93 vs. $0.72 a year ago, Non-GAAP EPS of $0.99
About this update from Central Garden & Pet Company
[{"type":"text","content":"\nFiscal 2024 Q2 net sales of $900 million compared to $909 million a year ago\n\n\nFiscal 2024 Q2 GAAP EPS of $0.93 vs. $0.72 a year ago, Non-GAAP EPS of $0.99\n\n\nMaintains outlook for fiscal 2024 non-GAAP EPS of $2.00 or better ($2.50 or better before the February 2024 stock dividend)\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 second quarter ended March 30, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240508389740/en/\n“We delivered a solid second quarter with earnings per share well ahead of prior year. We are particularly pleased with the progress on our Cost and Simplicity program,” said Beth Springer, Interim CEO of Central Garden & Pet. “With a large part of the garden season still in front of us and some continuing external challenges, we are maintaining our outlook for the fiscal year. Importantly, our teams remain focused on executing our long-term strategy.”\n\n\nFiscal 2024 Second Quarter Financial Results\n\n\nNet sales were $900 million compared to $909 million a year ago, a decrease of 1%. Organic net sales also decreased 1%.\n\n\nGross profit was $279 million compared to $260 million in the prior year. Non-GAAP gross profit was $281 million. Gross margin increased 240 basis points to 31.0% compared to 28.6%. Non-GAAP gross margin was 31.3%. Both segments benefited from prior year projects made under Central's Cost and Simplicity program including the sale of the independent garden channel distribution business and exit of some private label pet bed product lines, as well as moderating inflation.\n\n\nOperating income was $93 million compared to $78 million a year ago, an increase of 20%. On a non-GAAP basis, operating income was $99 million. Operating margin increased 180 basis points to 10.4% compared to 8.6%. On a non-GAAP basis, operating margin was 11.0%. The increase was driven by improved gross margin.\n\n\nNet interest expense was $11 million compared to $15 million a year ago driven by higher interest income from higher cash balances and higher interest rates.\n\n\nNet income was $62 million compared to $48 million a year ago, an increase of 29%. On a no...