Business
Central Garden & Pet Announces Q4 and Fiscal 2022 Financial Results
Fiscal 2022 net sales increased 1% to $3.3 billion Fiscal 2022 diluted EPS increased 2% to $2.80 Initial outlook for fiscal 2023 EPS in the range of $2.60 to
About this update from Central Garden & Pet Company
[{"type":"text","content":"\nFiscal 2022 net sales increased 1% to $3.3 billion\n\nFiscal 2022 diluted EPS increased 2% to $2.80\n\nInitial outlook for fiscal 2023 EPS in the range of $2.60 to $2.80\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 results for its fourth quarter and fiscal year 2022 ended September 24, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221121005727/en/Central Garden & Pet delivers solid FY 2022 results in a challenging macroeconomic environment (Graphic: Business Wire)\n\"Central delivered solid fiscal 2022 results in a challenging environment characterized by poor weather during the peak garden season, high inflation, evolving consumer behavior and unfavorable retailer inventory dynamics. Despite these headwinds, we grew net sales, gross margin, operating income, and EPS versus prior year, and we exceeded the guidance we provided in June,\" said Tim Cofer, CEO of Central Garden & Pet. \"While the near-term economic outlook remains volatile and likely unfavorable, we remain confident in the fundamental trends that support growth in the Garden and Pet industries, the competitive strength of Central and our Central to Home strategy.\"\n\nFiscal 2022 Results\n\nNet sales were $3.3 billion, an increase of 1% compared to the prior year, driven by the Company's recent acquisitions. Net sales grew at a 12% three-year CAGR from $2.4 billion in fiscal 2019. Organic net sales decreased 3%.\n\nNet sales for the Pet segment were $1.9 billion, a decrease of 1% compared to a year ago, unfavorably impacted by SKU rationalization and the purposeful decision to exit low-profit private label product lines. Net sales for the Pet segment grew at a 9% three-year CAGR compared to $1.5 billion in fiscal 2019. Net sales for the Garden segment increased 4% to $1.5 billion compared to $1.4 billion in the prior year and at a 17% three-year CAGR compared to $923 million in fiscal 2019.\n\nDespite significant inflationary headwinds across commodities, freight and labor, gross margin increased 30 basis points to 29.7% compared to 29.4% a year ago. The Company was able to offset these headwinds through a combination of pricing actions, favorable product m...