Central Garden & Pet posts strong Q4
Central Garden & Pet Company reported fourth quarter 2020 net sales increased 25% to $676.0 million compared to $540.7 million in the fourth quarter a year ago.
The Walnut Creek, Calif.-based pet and lawn and garden products supplier said that sales for the quarter were driven by organic growth.
Fourth quarter net sales for the company’s pet segment increased 22% from the same period a year ago to $434.1 million. The most significant contributions to the segment's strong growth came from dog treats and chews, distribution, as well as small animal consumables and supplies.
Net sales for the garden segment increased 30.9% from the same period a year ago to $241.9 million. The segment's strong growth came from distribution, controls and fertilizers, wild bird feed, and live plants supported by highly favorable weather conditions
For the full year, net sales grew 13.1% to $2.7 billion compared to sales of $2.4 billion a year ago. Central Garden & Pet said that growth was fueled by organic strength in both the garden and pet segments as well as the inorganic contribution of the company's Arden and C&S acquisitions.
The supplier reported a net income of $13.6 million for the fourth quarter, rising sharply from a net income of $2.4 million for the same period a year ago.
Profits surged for 2020 as well with the company posting a net income of $120.7 million, an increase of 30.1% compared to $92.8 million in fiscal 2019.
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The Bottom Line: Profits at Central Garden & Pet jump nearly 500% to $13.6 million as full year profits rise 30.1% to $120.7 million.
What the CEO said: "Central delivered another record quarter and completed a truly extraordinary year in the company's history thanks to the hard work and dedication of our employees and our relentless focus on meeting the needs of our customers and consumers. I could not be more proud of what our team has accomplished in my first full year at the helm of this great company," said Tim Cofer, CEO of Central Garden & Pet.
Company info: The full fourth quarter and fiscal 2020 report from Central Garden & Pet is available here.