Central Garden & Pet (CENT) Raises Guidance Even As Sales Slide

Central Garden & Pet reported mixed results for the fiscal third quarter ended June 27, with net sales declining 8% to $882 million, yet the company elevated its full-year earnings guidance. The company’s departure from its pet distribution business earlier in the year, a lower-margin operation, contributed to improved profitability metrics across the board. Gross margin expanded 130 basis points to 35.9%, while non-GAAP operating margin increased 90 basis points to 15.4%. When adjust