On this page of StockholderLetter.com we present the latest annual shareholder letter from CENTRAL GARDEN & PET CO — ticker symbol CENT. Reading current and past CENT letters to shareholders can bring important insights into the investment thesis.

 •  12/30/2024 Letter Continued (Full PDF)
 •  12/28/2023 CENT Stockholder Letter
 •  More "Consumer Goods" Category Stockholder Letters
 •  CENT Benford's Law Stock Score = 84

CENT Shareholder/Stockholder Letter Transcript:

We are
Central
to home
2024
Annual
Report

OUR MISSION
Lead the future of the
garden and pet industries...
one blade of grass and
one wagging tail at a time
LEADING POSITIONS

2
Pet Supplies
(ex. Dog & Cat Food, Cat Litter)

2
Lawn & Garden
Consumables
G R E AT B R A N D S
F I S C A L 2 0 2 4 F I N A N C I A L R E S U LT S
Net
Sales
Operating
Income
EPS
Cash &
Cash Equiv.
$3.2b
$185mm
$1.62
$754mm

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 a
moment 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 what
we   ve accomplished together.
Fiscal 2024: Overcoming Challenges, Celebrating Progress
This fiscal year presented both extraordinary challenges and meaningful successes. Despite a complex and evolving operating
environment, we achieved significant milestones:
x
Earnings Growth: We delivered increased non-GAAP EPS and continued margin expansion.
x
Operational Excellence: Our Cost and Simplicity program drove measurable efficiency improvements.
x
Strong Financial Performance: We achieved robust profits in our Pet segment and recorded the highest cash flow in the
company   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 difficult
garden 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, and
leverage our scale. This year   s key accomplishments include facility consolidation and portfolio optimization across our pet and garden
businesses:
x
Pet Segment: We closed and consolidated two manufacturing facilities and recognized impairment of intangible assets tied to
shifting market conditions and heightened international competition.
x
Garden Segment: We consolidated a manufacturing facility, six distribution facilities, and a research facility, and we initiated
the 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 well
as enhance our corporate responsibility and product stewardship. Sustainability is embedded in our operations, with our latest impact
report outlining measurable goals to create a resilient supply chain, reduce our environmental footprint, and ensure a safe workplace
for 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 move
into fiscal 2025, these principles will remain central to our efforts. While our Central to Home strategy continues to guide our long-term
vision, we will remain agile, evolving our approach to meet the demands of an ever-changing market.

In fiscal 2025 we will prioritize:
x
Cultural & Organizational Empowerment: Fostering operational focus and cultural alignment to support our
strategic goals.
x
Digital Advancement: Leveraging data-driven insights and automation to enhance agility, improve decision-making,
and deliver a superior experience for consumers and customers.
x
Cost & Simplicity and Portfolio Optimization: Streamlining operations, reducing complexity, and driving efficiencies 
across the organization.
x
Mergers & Acquisitions: Targeting high-potential acquisitions that align with our strategic priorities and enhance
our capabilities.
Fiscal 2025 will be a pivotal year as we strengthen our core capabilities, simplify operations, and unlock new
growth 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 are
well-positioned to strengthen our solid foundation for sustainable growth. I look forward to sharing our progress and keeping you
informed about the steps we are taking to drive Central Garden & Pet   s continued success.
Thank you for your continued trust and support.
Sincerely,
Niko Lahanas
Chief Executive Officer



 12/30/2024 Letter Continued (Full PDF)