Central Gardnen & Pet, the California-based supplier, reported second quarter 2022 net sales increased 2% to $954 million from second quarter 2021 sales of $935 million.
Net sales for the company’s garden segment increased 3% to $457 million driven by contributions from recent acquisitions offsetting a 9% decline in organic sales.
Net sales in the pet segment increased 1% to $498 million.
The company also posted a net income of $70 million, decreasing 4% from a net income of $73 million for the same period a year ago.
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The Bottom Line: While sales edge ahead by 2%, profits fall 4% to $70 for the second quarter.
What the CEO said: “Despite the ongoing headwinds, we grew sales and operating income, and importantly, expanded gross margin, and remain on track to deliver our fiscal 2022 financial targets,” said Tim Cofer, CEO of Central Garden & Pet. “We continue to make purposeful investments to drive profitable long-term growth.”
Company info: Click here to read Central Garden & Pet’s full financial report for the second quarter 2022.