Central Garden & Pet sales see big growth in Q1

Central Garden & Pet reported total net sales for the first quarter increased 22.7% to $592.2 million compared to $482.8 million in the first quarter a year ago.

Growth was driven by organic strength in both the garden and pet segments, the company said.

The Walnut Creek, Calif-based company's net income increased $10 million to $5.6 million from a net loss of $4.4 million in the first quarter a year ago. 

First quarter net sales for the garden segment increased 34.1% to $155.8 million, driven by strength across the portfolio, with particularly strong growth in distribution, wild bird feed, grass seed, controls and fertilizers and live plants.

Net sales during the first quarter for the pet segment increased 19% to $436.4 million from $366.6 million in the first quarter a year ago.

During the first quarter, Central Garden & Pet closed its acquisition of DoMyOwn, an online retailer of professional-grade control products. On Jan. 8, the company also closed its acquisition of Hopewell Nursery, a  provider of live plants.

The acquisition of Green Garden Products, a provider of vegetable, herb and flower seed packages and seed starters, is expected to close in the second quarter.

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The Bottom Line: First quarter sales rise nearly 23% as Central Garden & Pet swings to a profit in the first quarter.

What the CEO said: “We delivered another quarter of strong financial results reflecting solid execution, robust consumer demand in Pet and Garden and the unwavering dedication of our employees,” said Tim Cofer, CEO of Central Garden & Pet. “I’m pleased with the continued progress against our Central to Home strategy and remain excited about the road ahead. Recent examples of our strategy in action include three acquisitions, which will build scale in our Garden segment, expand into attractive adjacencies and advance our omnichannel and digital capabilities.”

Company info: The full first quarter 2021 financial report from Central Garden & Pet is available here.