Central Garden & Pet's CEO unsatisfied with bottom line results
Central Garden & Pet's CEO is not settling for the company's margins and bottom line results, despite reporting second-quarter net sales of $498.2 million, a 7% increase over the comparable fiscal 2012 period.
The company's net income for the second quarter ended March 30 was $22.2 million, compared with net income of $21.6 million in the second quarter of 2012.
"Although our revenues grew during the quarter, our margins and bottom line results were unsatisfactory. We are taking decisive action to improve our results," said John Ranelli, president and CEO of Central Garden & Pet. "Since taking over the role of CEO during the middle of the quarter, I have met with many of our customers and employees and it is clear to me that they have a strong belief in Central and our brands. As we move forward, we will be more customer-focused on delivering premier levels of service, innovation and quality, while still reducing costs. This balanced approach should enable us to drive increased revenue and profits for our shareholders in the future."
Net sales for the Garden segment for the quarter were $263.4 million, up 8% over the second quarter of 2012. Net sales for the Pet segment were $234.8 million, a gain of 6% over the year-ago period.
For the six months ended March 30, the company reported net sales of $790.7 million, up from $769.0 million in the comparable 2012 period. Net income for the six months was $6.9 million compared with $8.5 million in the comparable 2012 period.