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Central Garden & Pet anticipated lower quarterly results, and it got them.
The Walnut Creek, Calif.-based marketer and producer of branded products for the lawn and garden and pet supplies markets reported net sales of $494.1 million in the third quarter ended June 29, down 7% from the same quarter last year.
Net income was $13.7 million, down from $22.7 million in the same quarter last year.
“We anticipated lower results this quarter compared to strong sales and earnings gains a year ago; and although Pet performed in-line with our expectations, our Garden business did not,” said John Ranelli, president and CEO of Central Garden & Pet. “While our results for the quarter were disappointing, we are taking the right steps to strengthen our business for the future, including improving customer service and innovation, and identifying additional ways to take costs out of the business.
Net sales for the Pet segment for the quarter were $237.8 million, a decline of 12% from the third quarter of 2012, which included the benefit of the initial sell-in of high-margin flea and tick products to a new channel.
Net sales for the Garden segment for the quarter were $256.3 million, a decline of 2% from the third quarter of 2012, due in part to lower sales of controls products.