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Central Garden & Pet Company (CENT-0.07%) has submitted its 10-K filing for the fiscal year ended September 28, 2024.
The filing includes financial statements for the fiscal year, showing a decrease in net sales to $3.2 billion from $3.3 billion in the previous year. The decrease is attributed to lower demand in the Pet segment, particularly for durable pet products.
The company reported a gross profit of $943.7 million for the fiscal year, with a gross margin improvement to 29.5% from 28.6% in the previous year. This improvement was driven by lower inflation and productivity gains.
Operating income for the fiscal year was $185.4 million, down from $210.6 million in the previous year. The decline was due to increased selling, general, and administrative expenses.
Net income for the fiscal year was $108.0 million, or $1.62 per diluted share, compared to $125.6 million, or $1.88 per diluted share, in the previous year.
The company completed the acquisition of TDBBS, LLC in November 2023, a provider of premium natural dog chews and treats, for approximately $60 million. This acquisition is expected to enhance the company's eCommerce capabilities.
Central Garden & Pet Company continues to focus on its 'Central to Home' strategy, which includes optimizing its supply chain and reducing costs through its Cost and Simplicity program.
The company identified a $12.8 million impairment charge in its Pet segment related to intangible assets due to changing market conditions.
Central Garden & Pet Company maintains a strong cash and liquidity position, with cash and cash equivalents totaling $753.6 million as of September 28, 2024.
The filing also details various financial agreements, including a $750 million asset-backed loan facility and senior notes due in 2028, 2030, and 2031.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Central Garden & Pet Company annual 10-K report dated November 27, 2024. To report an error, please email earnings@qz.com.