First-quarter results

Central Garden & Pet Company has announced results for its first quarter ending 26 December 2009. Although the company reported a decline in net sales of 9 per cent compared with the fiscal 2009 period, William Brown, chairman and chief executive officer, noted that his company had made progress in reducing working capital, improving gross margins and controlling costs. “We reduced our investment in working capital by $98 million compared with this time last year and lowered debt by $ 84 million.” According to William Brown, gross margins improved by 3.4 percentage points. The company achieved net sales of $ 268 million in the quarter. Net sales for pet products were $ 182 million, a decrease of 2 per cent compared with $ 186 million in the year-ago period. Operating income was $ 0.5 million compared with a loss of $2.7 million in the year-ago period.