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Central Garden & Pet Company Reports Operating Results (10-Q)

February 02, 2012 | About:
10qk

10qk

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Central Garden & Pet Company (CENT) filed Quarterly Report for the period ended 2011-12-24.

Central Garden & Pet Company has a market cap of $438.2 million; its shares were traded at around $9.03 with a P/E ratio of 18.8 and P/S ratio of 0.3.

Highlight of Business Operations:

Net sales for the three months ended December 24, 2011 increased $20.4 million, or 7.2%, to $302.1 million from $281.7 million for the three months ended December 25, 2010. Our branded product sales increased $16.1 million and sales of other manufacturers products increased $4.3 million.

Pet Products net sales increased $12.5 million, or 6.7%, to $199.3 million for the three months ended December 24, 2011 from $186.8 million in the comparable fiscal 2010 period. Pet branded product sales increased $6.0 million and sales of other manufacturers products increased $6.5 million. The sales increase in our pet branded products was due primarily to a $6.1 million increase in our dog and cat category and a $3.8 million increase in aquatic and reptile products both due primarily to increased volume, partially offset by decreased sales of our equine product category.

Garden Products net sales increased $7.9 million, or 8.3%, to $102.8 million for the three months ended December 24, 2011 from $94.9 million in the comparable fiscal 2010 period. Garden branded product sales increased $10.1 million, partially offset by a $2.2 million decrease in sales of other manufacturers products. The sales increase in our garden branded products was due primarily to a $6.0 million increase in bird feed and a $2.6 million increase in garden chemicals and control products. The increase in bird feed was due to both price and volume increases and the increase in garden chemicals and control products was due primarily to sales of fertilizer.

Gross profit for the three months ended December 24, 2011 decreased $2.4 million, or 2.8%, to $80.7 million from $83.1 million for the three months ended December 25, 2010. Gross margin declined from 29.5% for the three months ended December 25, 2010 to 26.7% for the three months ended December 24, 2011. Gross margin decreased in both segments.

Selling, general and administrative expenses increased $2.5 million, or 2.8%, to $92.0 million for the three months ended December 24, 2011 from $89.5 million for the three months ended December 25, 2010. As a percentage of net sales, selling, general and administrative expenses decreased to 30.5% for the three months ended December 24, 2011, compared to 31.8% in the comparable prior year quarter due to the increase in net sales. The increase in selling, general and administrative expenses, discussed further below, was due primarily to increased selling and delivery expenses.

Read the The complete Report

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