Last10K.com

Central Garden Pet Co (CENT) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, September 24, 2022

SEC Filings

CENT Annual Reports

Central Garden Pet Co

CIK: 887733 Ticker: CENT
Exhibit 99.1

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 $2.80

WALNUT CREEK, Calif.--(BUSINESS WIRE)--November 21, 2022--Central 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.

"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."

Fiscal 2022 Results

Net 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%.

Net 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.

Despite 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 mix and gross productivity efforts.

Operating income of $260 million increased 2% from $254 million in fiscal 2021. Operating margin increased 10 basis points to 7.8% compared to 7.7% a year ago, due to gross margin improvement.

Other expense was $3.6 million compared to $1.5 million in the prior year.

Net interest expense was $58 million, in line with the prior year.

Net income was $152 million, in line with a year ago. Diluted earnings per share grew $0.05 to $2.80 compared to $2.75 in the prior year.


The following information was filed by Central Garden Pet Co (CENT) on Tuesday, November 22, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Central Garden Pet Co's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Central Garden Pet Co.

Continue

Assess how Central Garden Pet Co's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Central Garden Pet Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Legal
M & A
Revenue
Other
Filter Subcategory:
All
Income
Cash Flow
Expense
Shares
Product
Earnings
Debt
Other
Inside Central Garden Pet Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Acquisitions And Investments In Joint Ventures
Acquisitions And Investments In Joint Ventures (Tables)
Acquisitions And Investments In Joint Ventures - D&Amp;D Commodities Limited - Additional Information (Details)
Acquisitions And Investments In Joint Ventures - Divestiture (Details)
Acquisitions And Investments In Joint Ventures - Domyown - Additional Information (Details)
Acquisitions And Investments In Joint Ventures - Fair Assets And Liabilities Acquired (Details)
Acquisitions And Investments In Joint Ventures - Fiscal 2020 (Details)
Acquisitions And Investments In Joint Ventures - Green Garden Products - Additional Information (Details)
Acquisitions And Investments In Joint Ventures - Green Garden Products - Pro Forma Information (Details)
Acquisitions And Investments In Joint Ventures - Hopewell Nursery - Additional Information (Details)
Acquisitions And Investments In Joint Ventures - Investments - Additional Information (Details)
Allowance For Credit Losses And Customer Allowances
Allowance For Doubtful Accounts (Details)
Allowance For Doubtful Accounts (Tables)
Business Segment Data
Business Segment Data (Tables)
Business Segment Data - Additional Information (Details)
Business Segment Data - Class Of Similar Products Which Represented Approximately 10% Or More Of Company's Consolidated Net Sales (Details)
Business Segment Data - Financial Information Relating To Company's Business Segments (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Concentration Of Credit Risk And Significant Customers And Suppliers
Concentration Of Credit Risk And Significant Customers And Suppliers (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Numerators And Denominators In Basic And Diluted Earnings (Loss) Per Share (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Summary Of Changes In Fair Value Of Level 3 Financial Instruments (Details)
Fair Value Measurements - Summary Of Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Goodwill
Goodwill (Tables)
Goodwill - Additional Information (Details)
Goodwill - Changes In Carrying Amount Of Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Activity Related To Company's Unrecognized Tax Benefits (Details)
Income Taxes - Additional Information (Details)
Income Taxes - Provision For Income Tax Expense (Benefit) (Details)
Income Taxes - Reconciliation Of The Statutory Federal Income Tax Rate To The Company's Effective Income Tax Rate (Details)
Income Taxes - Tax Effect Of Temporary Differences And Carryforwards Which Give Rise To Deferred Tax Assets And Liabilities (Details)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Leases
Leases (Tables)
Leases - Lease Maturity (Details)
Leases - Narrative (Details)
Leases - Schedule Of Supplemental Cash Flow And Other Information Related To Leases (Details)
Leases - Supplemental Balance Sheet (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Asset-Based Loan Facility Amendment, Additional Information (Details)
Long-Term Debt - Components Of Long-Term Debt (Details)
Long-Term Debt - Scheduled Principal Repayments On Long-Term Debt (Details)
Long-Term Debt - Senior Notes, Additional Information (Details)
Organization And Significant Accounting Policies
Organization And Significant Accounting Policies (Policies)
Organization And Significant Accounting Policies (Tables)
Organization And Significant Accounting Policies - 401(K) Plans, Additional Information (Details)
Organization And Significant Accounting Policies - Advertising Costs, Additional Information (Details)
Organization And Significant Accounting Policies - Cost Of Goods Sold, Additional Information (Details)
Organization And Significant Accounting Policies - Income Taxes, Additional Information (Details)
Organization And Significant Accounting Policies - Insurance, Additional Information (Details)
Organization And Significant Accounting Policies - Investments, Additional Information (Details)
Organization And Significant Accounting Policies - Land, Buildings, Improvements And Equipment, Additional Information (Details)
Organization And Significant Accounting Policies - Long-Lived Assets, Additional Information (Details)
Organization And Significant Accounting Policies - Noncontrolling Interest, Additional Information (Details)
Organization And Significant Accounting Policies - Reconciliation Of Cash, Cash Equivalents And Restricted Cash (Details)
Organization And Significant Accounting Policies - Revenue Recognition, Additional Information (Details)
Organization And Significant Accounting Policies - Stock-Based Compensation, Additional Information (Details)
Other Intangible Assets
Other Intangible Assets (Tables)
Other Intangible Assets - Additional Information (Details)
Other Intangible Assets - Components Of Gross And Net Acquired Intangible Assets (Details)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Additional Information (Details)
Property And Equipment, Net - Components Of Property And Equipment (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Restricted Stock Awards, Additional Information (Details)
Stock-Based Compensation - Stock Option Awards, Additional Information (Details)
Stock-Based Compensation - Summary Of Restricted Stock Award Activity (Details)
Stock-Based Compensation - Summary Of Stock Option Activity (Details)
Transactions With Related Parties
Transactions With Related Parties (Details)
Ticker: CENT
CIK: 887733
Form Type: 10-K Annual Report
Accession Number: 0000887733-22-000017
Submitted to the SEC: Tue Nov 22 2022 4:00:32 PM EST
Accepted by the SEC: Tue Nov 22 2022
Period: Saturday, September 24, 2022
Industry: Wholesale Miscellaneous Nondurable Goods

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/cent/0000887733-22-000017.htm