Sales soar at Central Garden & Pet Co.
Central Garden & Pet Company reported its highest quarterly revenues in the company's history.
The Walnut Creek, California-based marketer and producer of lawn and garden and pet supplies reported second-quarter sales of $541.2 million, up 8.8% from $497.6 million in the same quarter last year.
Net income increased 40.7% to $32.7 million compared to $23.2 million in the second quarter a year ago.
The company also posted its highest quarterly earnings per share in ten years.
Central Garden & Pet Company reported its highest quarterly revenues in the company's history.
The Walnut Creek, California-based marketer and producer of lawn and garden and pet supplies reported second-quarter sales of $541.2 million, up 8.8% from $497.6 million in the same quarter last year.
Net income increased 40.7% to $32.7 million compared to $23.2 million in the second quarter a year ago.
The company also posted its highest quarterly earnings per share in ten years.
“These results reflect our success in increasing revenues, reducing costs, and positioning our portfolio of businesses for success," said John Ranelli, president and CEO, who is retiring later this year.
Branded product sales increased 6.8% to $432.7 million compared to $405.1 million in the second quarter a year ago. Sales of other manufacturers’ products increased 17.3% to $108.5 million from $92.5 million in the second quarter a year ago.
Second quarter net sales for the Pet segment increased 24.3% to $275.3 million. Acquisitions accounted for approximately two-thirds of the increase with the remaining one-third from organic growth.
Net sales for the Garden segment decreased 3.7% to $265.9 million, a decline of $10.2 million compared to a year ago.
The company also named George C. Roeth president and CEO, effective June 1. Roeth is a Director of the Company and a former Chief Operating Officer of The Clorox Company. He succeeds John R. Ranelli, who will retire from his positions as President and Chief Executive Officer, but will continue to serve as a Senior Advisor to the Company and will remain a member of the Company’s Board of Directors.