Central Garden & Pet Co 2023年度报告

AnnualReport O U RM I S S I O N Lead the future of thegarden and pet industries...one blade of grass andone wagging tail at a time L E A D I N GP O S I T I O N S #2Lawn & GardenConsumables G R E A TB R A N D S F I S C A L 2 0 2 4F I N A N C I A L R E S U LT S OperatingIncome Cash &Cash Equiv. NetSales $1.62 $3.2b $185mm Dear Shareholders, As I near completion of my first 90 days as CEO of Central Garden & Pet and as we close out the calendar year, I want to take amoment to reflect on our accomplishments and express my heartfelt gratitude to our 6,450 dedicated employees. Their hard work,resilience, and commitment have been the driving force behind our achievements over the past year. I am incredibly proud of whatwe’ve accomplished together. Fiscal 2024: Overcoming Challenges, Celebrating Progress This fiscal year presented both extraordinary challenges and meaningful successes. Despite a complex and evolving operatingenvironment, we achieved significant milestones: xEarnings Growth:We delivered increased non-GAAP EPS and continued margin expansion.xOperational Excellence:Our Cost and Simplicity program drove measurable efficiency improvements.xStrong Financial Performance:We achieved robust profits in our Pet segment and recorded the highest cash flow in thecompany’s history, driven by diligent efforts to reduce and monetize inventory. These results are particularly notable given the soft demand for durable pet products and the challenges posed by a difficultgarden season. Our resilience in the face of these headwinds demonstrates the strength of our strategy and the dedication of our team. Transforming Operations Through Cost and Simplicity Our multi-year Cost and Simplicity program is the cornerstone of our efforts to streamline operations, enhance efficiency, andleverage our scale. This year’s key accomplishments include facility consolidation and portfolio optimization across our pet and gardenbusinesses: xPet Segment: We closed and consolidated two manufacturing facilities and recognized impairment of intangible assets tied toshifting market conditions and heightened international competition.xGarden Segment: We consolidated a manufacturing facility, six distribution facilities, and a research facility, and we initiatedthe wind-down of Central’s pottery business. These strategic initiatives are designed to expand margins, fuel strategic M&A opportunities, and support organic growth as wellas enhance our corporate responsibility and product stewardship. Sustainability is embedded in our operations, with our latest impactreport outlining measurable goals to create a resilient supply chain, reduce our environmental footprint, and ensure a safe workplacefor all employees. Looking Ahead to Fiscal 2025 and Beyond The past year has underscored the importance of adaptability, collaboration, and staying true to our core values. As we moveinto fiscal 2025, these principles will remain central to our efforts. While our Central to Home strategy continues to guide our long-termvision, we will remain agile, evolving our approach to meet the demands of an ever-changing market. In fiscal 2025 we will prioritize: xCultural & Organizational Empowerment:Fostering operational focus and cultural alignment to support ourstrategic goals.xDigital Advancement:Leveraging data-driven insights and automation to enhance agility, improve decision-making,anddeliver a superior experience for consumers and customers.xCost & Simplicity and Portfolio Optimization:Streamlining operations, reducing complexity, and driving efficienciesacross the organization.xMergers & Acquisitions:Targeting high-potential acquisitions that align with our strategic priorities and enhanceour capabilities. Fiscal 2025 will be a pivotal year as we strengthen our core capabilities, simplify operations, and unlock newgrowth opportunities. A Clear Path Forward I am filled with optimism about Central’s future. With a clear strategy, a strong leadership team, and a focused agenda, we arewell-positioned to strengthen our solid foundation for sustainable growth. I look forward to sharing our progress and keeping youinformed about the steps we are taking to drive Central Garden & Pet’s continued success. Thank you for your continued trust and support. Sincerely, Niko LahanasChief Executive Officer ' &
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