Central Garden & Pet Q1 net sales down 5% to $628M; posts $0.16 loss per share; maintains FY EPS outlook $2.60-$2.80

CENTRAL GARDEN & PET CO

2023-Q1 EPS reported -$0.16 revenue$627,663,000

Net sales $628M (-5% YoY); net loss $8M vs income $9M; loss per share $0.16 vs EPS $0.16.
Garden segment operating loss of $11M vs income $6M; margin (5.1%) vs 2.7% YoY.
Pet segment net sales $416M (-5%), operating margin 9.5% vs 10.4%; driven by discontinued private label and lower durable demand.
Cash $88M vs $296M a year ago; repurchased ~251K shares for $9M; leverage ratio 3.1x vs 2.9x.
Maintains FY2023 EPS guidance $2.60-$2.80; expects capex significantly below FY2022; 53-week year.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CENTRAL GARDEN & PET CO reported first quarter fiscal 2023 ended December 24, 2022 results: revenue $628 million, net income $8 million, EPS $0.16. Guidance reaffirmed.

Period: first quarter fiscal 2023 ended December 24, 2022
Revenue: $628 million
Net income: $8 million
EPS: $0.16
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Net sales were $628 million compared to $661 million a year ago, a decline of 5%. Gross margin was 27.4% compared to 30.0% a year ago. The decline was driven primarily by the Garden segment largely due to cost inflation and unfavorable overhead absorption due to lower sales, partially offset by pricing actions. Operating income was $0.4 million compared to $26 million a year ago, and operating margin was 0.1% compared to 4.0% in the prior year. The operating margin decline was primarily driven by the Garden segment largely due to cost inflation and overhead absorption pressures from lower sales, partially offset by lower commercial spend. Net interest expense of $14 million was in line with the prior year quarter. The Company's net loss was $8 million compared to net income of $9 million a year ago. Loss per share was $0.16 compared to earnings per share of $0.16 in the prior year quarter.

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Source: SEC EDGAR

accession 0001157523-23-000131

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