Strong Q4 and fiscal 2017 for Central Garden & Pet
Central Garden & Pet Company, the lawn and garden and pet products supplier, reported fourth quarter 2017 net sales rose 18.6% to $490.5 million compared to $413.4 million in the fourth quarter a year ago.
The Walnut Creek, Calif.-based company also reported a net income of $4.3 million for period compared to a net loss of $5.6 million in the fourth quarter a year ago.
Central Garden & Pet Company, the lawn and garden and pet products supplier, reported fourth quarter 2017 net sales rose 18.6% to $490.5 million compared to $413.4 million in the fourth quarter a year ago.
The Walnut Creek, Calif.-based company also reported a net income of $4.3 million for period compared to a net loss of $5.6 million in the fourth quarter a year ago.
Central Garden & Pet said it benefited from acquisitions, an extra week compared to the prior year period, and strength in the company's dog-and-cat-related business. Branded product sales increased nearly 19.4% to $393.5 million during the fourth quarter while sales of other manufacturers’ products increased nearly 15.9% to $97 million. Organic sales growth, excluding the extra week, increased 3.6%.
For fiscal 2017, net sales increased 12.3% to $2.05 billion from $1.83 billion a year ago. Branded product sales of $1.65 billion increased 14.1% and sales of other manufacturers’ products increased 5.7% to $408.9 million. Fiscal 2017 contained an additional week compared to fiscal 2016. Organic sales growth, adjusting for businesses purchased or exited that impacted the year and excluding the extra week, rose 4.8%, the company reported.
For the full year, Central Garden & Pet reported a net income of $78.8 million: a 77.1% increase compared to $44.5 million in fiscal 2016.
"We are very pleased with the record revenue and earnings that Central realized in 2017," said George Roeth, president and CEO of Central Garden & Pet. "Even more gratifying is the success we achieved in significantly advancing our strategy to support long-term sustainable growth in the future."
Net sales for the garden segment, all organic, increased 12% compared to the fourth quarter a year ago to $160.0 million. The Garden segment’s branded product sales were $126.1 million in the quarter, up 9.4% compared to the fourth quarter a year ago. Sales of other manufacturers’ products grew 23.3% to $33.9 million. Organic sales, excluding the extra week, were up 4.1% on strength in the segment's controls & fertilizer category and an increase in sales of other manufacturers' products.
