CENT - Central Garden & Pet cuts FY2022 GAAP EPS outlook

Despite favorable long-term industry trends, several factors have led Central Garden & Pet Company (NASDAQ:CENT) (NASDAQ:CENTA) to lower its outlook for FY2022 GAAP EPS. The company now expects GAAP EPS to be at or above prior year GAAP EPS of $2.75 vs. prior outlook and consensus of $3.10. “The operating environment continues to be extremely challenging, with high inflation and geopolitical developments unfavorably impacting commodities, labor and freight, significant pricing actions and growing economic uncertainty. As we indicated in early May, the garden season had a late start. Poor weather conditions continued and that, coupled with reduced foot traffic and changing inventory expectations from our customers, led to softness across most of our Garden portfolio, driving the vast majority of the revised guidance. While it’s disappointing to not deliver on our original outlook, we nonetheless expect to deliver GAAP EPS at or above prior year, despite the uncertain and inflationary

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Central Garden & Pet cuts FY2022 GAAP EPS outlook