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

February 08, 2013 | About:
10qk

10qk

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Central Garden & Pet Company (CENT) filed Quarterly Report for the period ended 2012-12-29.

Central Garden & Pet Company has a market cap of $450.86 million; its shares were traded at around $9.21 with a P/E ratio of 23.4742 and P/S ratio of 0.2636.

Highlight of Business Operations:

In fiscal 2012, our consolidated net sales were $1.7 billion, of which our Pet segment, or Pet, accounted for approximately $931 million and our lawn and Garden segment, or Garden, accounted for approximately $769 million. In fiscal 2012, our income from operations was $74 million, of which the Pet segment accounted for $88 million and the Garden segment accounted for $40 million, before corporate expenses and eliminations of $54 million. Fiscal 2013 will include one less week as compared to fiscal 2012. See Note 10 to our consolidated financial statements for financial information about our two operating segments.

Net sales for the three months ended December 29, 2012 decreased $9.6 million, or 3.2%, to $292.5 million from $302.1 million for the three months ended December 24, 2011. Our branded product sales decreased $7.0 million and sales of other manufacturers products decreased $2.6 million.

Pet segment net sales decreased $4.1 million, or 2.1%, to $195.2 million for the three months ended December 29, 2012 from $199.3 million for the three months ended December 24, 2011. Pet branded product sales decreased $2.4 million, due primarily to a sales decrease in our dog and cat category, and sales of other manufacturers products decreased $1.7 million. These decreases were primarily volume driven.

Garden segment net sales decreased $5.5 million, or 5.4%, to $97.3 million for the three months ended December 29, 2012 from $102.8 million for the three months ended December 24, 2011. Garden branded product sales decreased $4.6 million and sales of other manufacturers products decreased $0.9 million. The sales decrease in our garden branded products was due primarily to a $4.4 million decrease in revenues, primarily winter seasonal products, and increased sales returns, of other garden supply products.

Selling, general and administrative expenses decreased $1.9 million, or 2.1%, to $90.1 million for the three months ended December 29, 2012 from $92.0 million for the three months ended December 24, 2011. As a percentage of net sales, selling, general and administrative expenses increased to 30.8% for the three months ended December 29, 2012, compared to 30.5% in the comparable prior year quarter. Selling and delivery expense decreased $1.0 million, or 2.1%, to $47.3 million for the three months ended December 29, 2012 from $48.3 million for the three months ended December 24, 2011. The decrease was due primarily to decreased advertising and marketing program expense related to timing, which we expect to incur during the second quarter of fiscal 2013. Warehouse and administrative expense decreased $0.9 million, or 2.1%, to $42.8 million for the quarter ended December 29, 2012 from $43.7 million in the quarter ended December 24, 2011 due primarily to a decrease in payroll related costs within our operating segments, partially offset by increased payroll related and insurance program costs at corporate.

Read the The complete Report

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