Central Garden & Pet appoints new independent director
Central Garden & Pet Company, the Walnut Creek, Calif.-based supplier of lawn and garden and pet supplies, has appointed Mike Edwards as a new independent director on the company’s board, effective immediately.
Edwards most recently served as the CEO and president of eBags, which was purchased by Samsonite in August of this year. Previously, he worked as EVP of global merchandising for Staples, where he was responsible for merchandising strategy and new business development, managing the global private label and innovation teams across 26 countries. Prior to that, Mr. Edwards served as president and CEO of Borders.
“We are pleased to welcome Mike to the board at Central," said George Roeth, president and CEO of Central. "Mike’s strong background in merchandising, manufacturing and retailing, both in the bricks-and-mortar and e-commerce areas, is an important asset to our company, as it seeks to grow revenues and profits in the years ahead."
The company also announced that it has commenced an offering, subject to market and other conditions, of $300 million senior notes due 2028. Merrill Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Robinson Humphrey Inc., and BMO Capital Markets Corp. will serve as joint book-running managers for the offering. Wells Fargo Securities, LLC and Credit Suisse Securities LLC are serving as co-managers.
Last month, Central reported fourth quarter 2017 net sales rose 18.6% to $490.5 million and reported a net income of $4.3 million for the period compared to a net loss of $5.6 million in the fourth quarter a year ago.
Houzz Stat: Post-hurricane rebuilding
While homeowners are facing significant financial impact, businesses, too, are feeling the storm’s financial effects — from a shortage of available workers to project delays. Nonetheless, firms expect a rebound as rebuilding commences. Here’s what we know at this time.
Over the short term, hurricanes hurt renovation-related businesses, specifically in the first two weeks after these storms made landfall. Forty-one percent of businesses in Irma-affected areas suspended operations during this period, while 28 percent of those in Harvey-affected areas did so. More firms hit by Harvey (91 percent) closed shop for one or more weeks compared to Irma (65 percent).
The survey went out just one week after Maria made landfall in Puerto Rico, and the number of responses from that U.S. territory were limited. But the numbers we do know help tell the story. Nearly a month after the storm hit, the majority of the island still doesn’t have power. A reported one-third of the population still lacks access to clean drinking water. More than 100 people remain missing, and the death count is expected to rise. Moody’s Analytics estimates the island has sustained damage of some $45 to $95 billion. To put those figures into perspective, consider that the island’s annual economic output is $103.1 billion.
Toro Q4 sales rise 4.3%
Power equipment manufacturer the Toro Company reported fourth quarter 2017 net sales of $486.6 million, a 4.3% increase from net sales of $468.4 million in the fourth quarter 2016.
For fiscal 2017, ended Oct. 31, Toro reported net sales increased 4.7% to $2.5 billion compared to net sales of $2.4 billion in 2016.
The Bloomington, Minn.-based manufacturer also reported fourth quarter 2017 net earnings of $33.8 million compared to net earnings of $30.2 million in the fourth quarter 2016. For the full year, Toro reached net earnings of $267.7 million – nearly a 16% increase from net earnings of $231 million in fiscal 2016.
“Fiscal 2017 was another record year for the Toro Company. We experienced solid sales growth fueled by new and innovative product offerings across our businesses,” said Richard Olson, Toro chairman and CEO.”
“For the fourth quarter, our residential business generated solid growth with sales up 3.2 percent driven in part by the success of our Pope line and increased shipments of zero-turn riding mowers. Turning to our snow business, field inventory levels are in good shape and we are well prepared to address customers’ needs in the winter months ahead,” Olson said.
Residential segment net sales for fiscal 2017 were $673.2 million, up 0.6% from $669.1 million last year. The company said, despite mild in-season winter conditions and an inconsistent start to the spring months, increased sales of its Pope products and higher shipments of snow products, contributed to the favorable full year results. For the fourth quarter, residential segment net sales were $122.6 million, up 3.2% from the comparable fiscal 2016 period. Momentum in our international business drove the performance for the quarter with increased sales of its Pope product line in Australia.
Pro segment net sales for fiscal 2017 totaled $1.8 billion, up 6.2% from $1.7 billion last year. For the fourth quarter, pro segment net sales were $360.4 million, up 4.9% from the comparable fiscal 2016 period. The growth was driven largely by the success of newly introduced products in Toro’s landscape contractor businesses and higher sales in its golf and specialty construction markets.