Central Garden & Pet announced fiscal year 2023 results, highlighting non-GAAP EPS within its revised guidance, record cash flow, and increased market shares in the Pet and Garden segments. The company, however, anticipates a challenging year ahead, guiding to non-GAAP EPS of $2.50 or better for fiscal year 2024.
Key takeaways from the earnings call include:
- The company’s e-commerce business now represents about 6% of total Garden sales.
- Central Garden & Pet reported a record cash flow year, with cash and equivalents of $489 million at year-end.
- The company is focusing on reducing costs and simplifying operations through their Cost and Simplicity program.
- The company plans to continue acquiring high-growth companies in the pet and garden sectors.
- The company is actively searching for a new CEO.
During the call, Central Garden & Pet executives discussed the potential impact of a deflationary environment on the company’s top-line, making the competitive landscape in 2024 challenging. The company’s top-line for 2023 would be down year-over-year due to the exit of certain…
