secwatch.observer — SEC 8-K summary
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Issuer:     CENTRAL GARDEN & PET CO (CENT)
CIK:        0000887733
Form:       8-K
Filed at:   2023-05-03T23:59:59+00:00
Accession:  0001157523-23-000700
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Central Garden & Pet Q2 EPS $0.90 vs $1.27; sales down 5% to $909M; FY23 EPS guidance $2.35+
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- Net sales $909M, down 5% YoY; GAAP EPS $0.90 vs $1.27; adjusted EBITDA $107M vs $131M.
- Pet segment sales $475M (-5%); Garden segment $434M (-5%), hit by poor spring weather and retailer inventory shifts.
- Gross margin 28.6% vs 30.1%; operating margin 8.6% vs 11.2% due to Garden overhead absorption and input costs.
- Fiscal 2023 EPS guidance of $2.35 or better; expects second-half growth; multi-year cost and simplicity program underway.
- Cash $61M, debt $1.2B; leverage ratio 3.3x; repurchased ~75,000 shares for $2.7M during quarter.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/887733/000115752323000700/0001157523-23-000700-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/887733/000115752323000700/a53392903.htm
  HTML page:      https://secwatch.observer/filing/0001157523-23-000700

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