There's growth in the garden for Central Garden & Pet
Central Garden & Pet Company had double-digit increases to report in the third quarter, with growth occurring across the board -- but especially in its Garden segment.
"Central's businesses continued to perform at a high level in our third quarter, driving meaningful organic growth and increased profitability," said George Roeth, president & CEO. "Our Garden segment's strong results were a key driver, with market share gains broadly across categories, driven by strong partnerships with customers, increased demand creation activities including new products, and a continued focus on reducing operating costs. Very simply, we had outstanding execution."
"Our Pet segment also performed well during the quarter. It delivered its eighth consecutive quarter of year-over-year organic growth and continued to increase market share, with point-of-sale-data tracking well above category averages." Roeth continued, "The company's strong earnings growth this quarter was achieved despite higher costs related to our continuing investments for future growth, as we brought new facilities on-line, increased our innovation spending and continued to successfully integrate our acquisitions."
Net sales for the quarter ended June 24, 2017 increased 11.7% to $574.6 million compared to $514.5 million in the third quarter a year ago. Total company organic sales growth, which excludes the Segrest and K&H businesses, rose 7.6%. Branded product sales of $462.1 million increased 14.5%, and sales of other manufacturers’ products rose 1.4%.
Pet sales were up 9.1% to $313.4 million, and Garden sales were up 14.9% to $261.2 million.
Net income of $32.2 million also rose 23.9% from $26.0 million in the third quarter a year ago.
The company is also raising its guidance to non-GAAP earnings per fully-diluted share of $1.44 or higher for fiscal 2017, an increase of 14.3% or more from the prior year.
"Central's businesses continued to perform at a high level in our third quarter, driving meaningful organic growth and increased profitability," said George Roeth, president & CEO. "Our Garden segment's strong results were a key driver, with market share gains broadly across categories, driven by strong partnerships with customers, increased demand creation activities including new products, and a continued focus on reducing operating costs. Very simply, we had outstanding execution."
"Our Pet segment also performed well during the quarter. It delivered its eighth consecutive quarter of year-over-year organic growth and continued to increase market share, with point-of-sale-data tracking well above category averages." Roeth continued, "The company's strong earnings growth this quarter was achieved despite higher costs related to our continuing investments for future growth, as we brought new facilities on-line, increased our innovation spending and continued to successfully integrate our acquisitions."
Net sales for the quarter ended June 24, 2017 increased 11.7% to $574.6 million compared to $514.5 million in the third quarter a year ago. Total company organic sales growth, which excludes the Segrest and K&H businesses, rose 7.6%. Branded product sales of $462.1 million increased 14.5%, and sales of other manufacturers’ products rose 1.4%.
Pet sales were up 9.1% to $313.4 million, and Garden sales were up 14.9% to $261.2 million.
Net income of $32.2 million also rose 23.9% from $26.0 million in the third quarter a year ago.
The company is also raising its guidance to non-GAAP earnings per fully-diluted share of $1.44 or higher for fiscal 2017, an increase of 14.3% or more from the prior year.