Central Garden & Pet Raises Fiscal Year Guidance Despite Declining Sales
On August 5, Central Garden & Pet (NASDAQ:CENT) reported its fiscal third-quarter results for the period ended June 27, revealing a mixed performance. While net sales declined by 8% to $882 million, the company raised its full-year profit outlook due to improved margins and strategic business changes. The drop in revenue was largely attributed to the exit of its lower-margin pet distribution segment earlier this year. Excluding that divestiture, organic net sales rose 2%. The Garden segment drove growth with a 3% increase in sales, supported by strong demand for bird feed, fertilizer, and grass seed. Central also announced plans to acquire an 80% stake in TRIXIE, a European pet supplies company. This acquisition is expected to expand its international presence but will not close until fiscal 2027.
Tickers: $CENT