Central Garden & Pet sales growth slows down amid “challenging” environment
Net sales in the second quarter of 2022 increased by 2% to $954 million (€899M) against a 33% rise in the same period of 2021. Sales of pet products remained flat.
The company’s net income in Q2 2022 reached $70 million (€66M), a decrease of 4% from $73 million (€68.8) a year ago.
Net sales for the pet portfolio increased by 1%, with some market share gains in health & wellness, dog toys and treats and equine.
CEO Tim Cofer said to investors that the company delivered a “solid” quarter within the challenging inflationary environment.
“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.”
The company believes that the favorable long-term consumer trends in the pet industry will play in their favor. On the other hand, they acknowledged the current uncertainty around demand, price elasticity, continued supply chain pressures.
In the first quarter of the year, the company posted $661 million (€585.1M) in net sales.