Financial Analysis

Acquisitions, Divestitures and Investments Fiscal 2025 The Company did not make any material acquisitions in fiscal 2025. Fiscal 2024 On November 3, 2023, the Company acquired TDBBS, LLC (TDBBS), a provider of premium natural dog chews and treats for approximately $60 million. The addition of TDBBS expands Centrals portfolio with bully and collagen sticks, bones and jerky, adds scale to its dog and cat business and enhances Centrals eCommerce and direct-to-consumer capabilities. The purchase price exceeded the estimated fair value of the net tangible assets acquired by approximately $45 million, of which $23 million was allocated to identified intangible assets and approximately $5 million was included in goodwill. Financial results of TDBBS have been included in the results of operations within the Pet segment since the date of acquisition. The following table summarizes the purchase price and recording of fair values of the assets acquired and liabilities assumed as of the acquisition date and subsequent adjustments. Amounts Previously Recognized as of Acquisition Date (1) Measurement Period Adjustments Amounts Recognized as of Acquisition Date (as Adjusted) (in thousands) Current assets, net of cash and cash equivalents acquired $ 21,831 $ 1,137 $ 22,968 Fixed assets 2,369 2,369 Goodwill 4,925 4,925 Other assets 44,891 (44,891) Operating lease right-of-use assets 3,956 3,956 Deferred tax assets 15,859 15,859 Other intangible assets, net 22,970 22,970 Current liabilities (9 …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"Commitments and Contingencies Commitments Letters of credit The Company had $3.0 million of outstanding letters of credit related to normal business transactions at September 27, 2025. These agreements require the Company to maintain specified amounts of cash as collateral in segregated accounts to support the letters of credit issued thereunder, which will affect the amount of cash the Company has available for other uses. The amount of cash collateral in these segregated accounts was $15.9 million and $14.9 million as of September 27, 2025 and September 28, 2024, respectively, and is reflected in Restricted cash on the Company's consolidated balance sheets. Purchase commitments Production and purchase agreements (primarily for grass seed and grains) entered into in the ordinary course of business may obligate the Company to make future purchases based on estimated yields. The terms of these contracts vary; some have fixed prices or quantities while others have variable pricing and quantities. For certain agreements, management estimates are used to develop the quantities and pricing for anticipated purchases, and future purchases could vary significantly from such estimates. Contingencies The Company may from time to time become involved in legal proceedings in the ordinary course of business. Currently, the Company is not a party to any legal proceedings the resolution of which management believes could have a material effect on the Companys financial position or results …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation The Companys 2003 Omnibus Equity Incentive Plan (the 2003 Plan), as amended, allows for the grant of options, restricted stock and certain other specified types of awards to key employees, directors and consultants of the Company. The 2003 Plan is administered by the Compensation Committee of the Board of Directors, which is comprised only of independent directors, and which must approve individual awards to be granted, vesting and exercise of share conditions. There are a total of 5.8 million shares of Common Stock, 19.7 million shares of Class A Common Stock and 500,000 shares of Preferred Stock authorized under the 2003 Plan. If and when the Company issues any shares of Preferred Stock under the 2003 Plan, it will reduce the amount of Class A Common Stock available for future issuance in an amount equal to the number of shares of Class A Common Stock that are issuable upon conversion of such Preferred Stock. The Company has a Nonemployee Director Equity Incentive Plan (the Director Plan) which provides for the grant of options and restricted stock to nonemployee directors of the Company. The Director Plan, as amended, provides for the granting to each independent director a number of shares of restricted stock equal to $120,000 divided by such fair market value. As of September 27, 2025, there were approximately 2.0 million shares of Class A Common Stock and no shares of Common Stock and Preferred Stock reserved for outstanding equity awards, and t …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Income Taxes The provision for income tax expense (benefit) consists of the following: Fiscal Year Ended September 27, 2025 September 28, 2024 September 30, 2023 (in thousands) Current: Federal $ 48,853 $ 42,400 $ 41,375 State 6,261 4,107 6,229 Foreign (226) 1,087 997 Total 54,888 47,594 48,601 Deferred: Federal (2,272) (14,495) (10,339) State 101 757 (2,547) Foreign 70 (744) 633 Total (2,101) (14,482) (12,253) Total $ 52,787 $ 33,112 $ 36,348 A reconciliation of the statutory federal income tax rate to the Companys effective income tax rate is as follows: Fiscal Year Ended September 27, 2025 September 28, 2024 September 30, 2023 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 2.3 2.8 1.5 Other permanent differences (0.1) (0.1) (0.2) Non-Deductible Officers Compensation 0.2 1.4 0.7 Adjustment of prior year accruals 0.3 (0.3) (0.2) Credits (0.4) (0.7) (0.7) Stock based compensation (0.3) (1.5) (0.3) Other 1.4 0.6 0.6 Effective income tax rate 24.4 % 23.2 % 22.4 % The tax effect of temporary differences and carryforwards which give rise to deferred tax assets and liabilities are as follows: September 27, 2025 September 28, 2024 Deferred Tax Assets Deferred Tax Liabilities Deferred Tax Assets Deferred Tax Liabilities (in thousands) Allowance for doubtful accounts $ 5,077 $ $ 5,005 $ Inventory write-downs 20,763 23,570 Prepaid expenses 2,102 1,928 Nondeductible reserves 9,183 10,958 State taxes 92 220 Employee benefits 14,830 12,2 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company has operating and finance leases for manufacturing and distribution facilities, vehicles, equipment and office space. The Company's leases have remaining lease terms of one to 10 years, inclusive of renewal or termination options that the Company is reasonably certain to exercise. The Company does not include significant restrictions or covenants in its lease agreements, and residual value guarantees are not included within its operating leases. Some of the Company's leasing arrangements require variable payments that are dependent on usage or output or may vary for other reasons, such as product costs, insurance and tax payments. These variable payments are not included in the Company's recorded lease assets and liabilities and are expensed as incurred. Certain leases are tied to a variable index or rate and are included in lease assets and liabilities based on the indices or rates as of lease commencement. See Note 1 Organization and Significant Accounting Policies , for more information about the Company's lease accounting policies. Supplemental balance sheet information related to the Company's leases was as follows: Balance Sheet Classification September 27, 2025 September 28, 2024 (in millions) Operating leases Right-of-use assets Operating lease right-of-use assets $ 222.9 $ 205.1 Current lease liabilities Current operating lease liabilities $ 56.9 $ 57.3 Non-current lease liabilities Long-term operating lease liabilities 191.7 173.1 Total operating …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Long-Term Debt Long-term debt consists of the following: September 27, 2025 September 28, 2024 (in thousands) Senior notes, interest at 5.125%, payable semi-annually, principal due February 2028 $ 300,000 $ 300,000 Senior notes, interest at 4.125%, payable semi-annually, principal due October 2030 500,000 500,000 Senior notes, interest at 4.125%, payable semi-annually, principal due April 2031 400,000 400,000 Unamortized debt issuance costs (8,458) (10,345) Net carrying value 1,191,542 1,189,655 Asset-based revolving credit facility, interest at SOFR plus a margin of 1.00% to 1.50% or Base Rate plus a margin of 0.0% to 0.50%, final maturity December 2026 Other notes payable 161 393 Total 1,191,703 1,190,048 Less current portion (62) (239) Long-term portion $ 1,191,641 $ 1,189,809 Senior Notes $400 million 4.125% Senior Notes due 2031 In April 2021, the Company issued $400 million aggregate principal amount of 4.125% senior notes due April 2031 (the ""2031 Notes""). The Company used a portion of the net proceeds from the offering to repay all outstanding borrowings under its Credit Facility, with the remainder used for general corporate purposes. The Company incurred approximately $6 million of debt issuance costs in conjunction with this issuance, which included underwriter fees and legal, accounting and rating agency expenses. The debt issuance costs are being amortized over the term of the 2031 Notes. The 2031 Notes require semi-annual interest payments on April 30 and Oct …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Recently Adopted Accounting Standards Segment Reporting In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. This ASU requires entities to provide significant segment expenses that are regularly provided to the chief operating decision maker (CODM), other segment expenses included in each reported measure of segment profitability, and disclosure of the title and position of the CODM. During 2025, we adopted the annual disclosure requirements on a retrospective basis. The additional disclosures required are presented in Note 18 - Business Segment Data . The adoption of this standard did not have a material impact on our consolidated financial statements. Accounting Standards Not Yet Adopted Income Taxes In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU primarily requires enhanced disclosures and disaggregation of income tax information by jurisdiction in the annual income tax reconciliation and quantitative and qualitative disclosures regarding income taxes paid. ASU No. 2023-09 is to be applied prospectively, with the option to apply the standard retrospectively, effective for fiscal years beginni …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Transactions with Related Parties During fiscal 2025, 2024 and 2023, Tech Pac, a subsidiary of the Company, made purchases from Contract Packaging, Inc, (CPI), Tech Pacs principal supplier and a minority 20% shareholder in Tech Pac. Tech Pacs total purchases from CPI were approximately $37.0 million, $37.0 million and $31.0 million for fiscal years 2025, 2024 and 2023, respectively. Amounts due to CPI as of September 27, 2025 and September 28, 2024 were $1.7 million and $1.4 million, respectively. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Business Segment Data The Companys chief operating decision-maker is its Chief Executive Officer. Operating segments are managed separately because each segment represents a strategic business that offers different products or services. The Companys chief operating decision maker uses operating income or loss to evaluate segment performance and allocate resources, including consideration of plan-to-actual variances and prior year-to-actual variances on a quarterly basis. The Companys Corporate expenses are included in the following presentation since certain expenses are not allocated separately to the two operating segments. Segment assets exclude short-term investments, goodwill, and deferred taxes. Management has determined that the Company has two operating segments which are also reportable segments based on the level at which the chief operating decision maker reviews the results of operations to make decisions regarding performance assessment and resource allocation. These operating segments are the Pet segment and the Garden segment. Substantially all of the Companys assets and operations relate to its business in the United States. The Pet segment consists of Nylabone Products, IMS Trading, Four Paws Products, TDBBS, Central Specialty Pet (Avian and Small Animal, C&S Products and Aquatics), Segrest, K&H Pet Products, Arden, DMC, Life Sciences, Interpet, General Pet and Pet Distribution. These businesses are engaged in the manufacture, purchase, sale and deliv …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Shareholders Equity At September 27, 2025 and September 28, 2024, there were 80,000,000 shares of common stock ($0.01 par value) authorized, of which 9,650,221 and 11,074,620, respectively, were outstanding, and 100,000,000 shares of non-voting Class A common stock ($0.01 par value) authorized, of which 51,618,682 and 54,446,194, respectively, were outstanding. The preferences and relative rights of the Class A common stock are identical to common stock in all respects, except that the Class A common stock generally has no voting rights unless otherwise required by Delaware law. There are 3,000,000 shares of Class B stock ($0.01 par value) authorized, of which 1,602,374 was outstanding at September 27, 2025 and September 28, 2024. The voting powers, preferences and relative rights of the Class B stock are identical to common stock in all respects except that (i) the holders of common stock are entitled to one vote per share and the holders of Class B stock are entitled to the lesser of ten votes per share or 49% of the total votes cast, (ii) stock dividends on common stock may be paid only in shares of common stock and stock dividends on Class B stock may be paid only in shares of Class B stock and (iii) shares of Class B stock have certain conversion rights and are subject to certain restrictions on ownership and transfer. Each share of Class B stock is convertible into one share of common stock, at the option of the holder. Additional shares of Class B stock may only be is …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

"Subsequent Events Asset-Based Loan Facility Amendment On November 7, 2025, the Company entered into a Fourth Amended and Restated Credit Agreement. The Amended Credit Agreement amends and restates the previous credit agreement dated December 16, 2021 and provides for a $600 million principal amount senior secured asset based revolving credit facility, with up to an additional $400 million principal amount available if the Company exercises the uncommitted accordion feature set forth therein subject to additional commitments by Lenders (collectively, the ""New Credit Facility""). The Credit Facility matures on November 7, 2030. The Company may borrow, repay and reborrow amounts under the Credit Facility until its maturity date, at which time all amounts outstanding under the Credit Facility must be repaid in full. The Credit Facility is subject to a borrowing base calculated using a formula based upon eligible receivables and inventory, and at the Companys election, eligible real property, minus certain reserves. The Company did not draw down any commitments under the Credit Facility upon closing. Proceeds of the Credit Facility will be used for general corporate purposes. The Credit Facility includes a $50 million sublimit for the issuance of letters of credit and a $75 million sublimit for short-notice borrowings. Borrowings under the Credit Facility will bear interest at an index based on SOFR (which will not be less than 0.00%) or, at the option of the Company, the Base R …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

Acquisitions On December 12, 2025, the Company acquired the U.S. assets of Champion USA LLC, a cattle fly-control company, for approximately $57 million in cash. The Company has not yet finalized the allocation of the purchase price to the fair value of the tangible and intangible assets acquired. Approximately $56 million of the purchase price remains unallocated and is included in other assets on the condensed consolidated balance sheet as of December 27, 2025. The acquisition strengthens the Company's position in one of the fastest growing segments in animal health and enhances their ability to deliver effective, high-quality solutions for cattle producers nationwide.

BusinessCombinationDisclosureTextBlock

"Contingencies The Company may from time to time become involved in legal proceedings in the ordinary course of business. Currently, the Company is not a party to any legal proceedings the resolution of which management believes could have a material effect on the Companys financial position or results of operations with the potential exception of the proceeding below. In 2012, Nite Glow Industries, Inc. and its owner, Marni Markell, (Nite Glow) filed suit in the U.S. District Court for New Jersey against the Company alleging that the applicator developed and used by the Company for certain of its branded topical flea and tick products infringes a patent held by Nite Glow and asserted related claims for breach of contract and misappropriation of confidential information based on the terms of a Non-Disclosure Agreement. On June 27, 2018, a jury returned a verdict in favor of Nite Glow on each of the three claims and awarded damages of approximately $12.6 million. The court ruled on post-trial motions in early June 2020, reducing the judgment amount to $12.4 million and denying the plaintiff's request for attorneys' fees. The Company filed its notice of appeal and the plaintiffs cross- appealed. On July 14, 2021, the Federal Circuit Court of Appeals issued its decision on the appeal. The Federal Circuit concluded that the Company did not infringe plaintiff's patent and determined that the breach of contract claim raised no non-duplicative damages and should be dismissed. The co …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation The Company recognized share-based compensation expense of $4.8 million and $5.5 million for the three months ended December 27, 2025 and December 28, 2024, respectively, as a component of selling, general and administrative expenses. The tax benefit associated with share-based compensation expense for the three months ended December 27, 2025 and December 28, 2024 was $1.1 million and $1.3 million, respectively.

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"Long-Term Debt Long-term debt consists of the following: December 27, 2025 December 28, 2024 September 27, 2025 (in thousands) Senior notes, interest at 5.125%, payable semi-annually, principal due February 2028 $ 300,000 $ 300,000 $ 300,000 Senior notes, interest at 4.125%, payable semi-annually, principal due October 2030 500,000 500,000 500,000 Senior notes, interest at 4.125%, payable semi-annually, principal due April 2031 400,000 400,000 400,000 Unamortized debt issuance costs (7,994) (9,873) (8,458) Net carrying value $ 1,192,006 $ 1,190,127 $ 1,191,542 Asset-based revolving credit facility, interest at SOFR plus a margin of 1.00% to 1.50% or Base Rate plus a margin of 0.0% to 0.50%, final maturity December 2026. Other notes payable 147 317 161 Total $ 1,192,153 $ 1,190,444 $ 1,191,703 Less current portion (61) (173) (62) Long-term portion $ 1,192,092 $ 1,190,271 $ 1,191,641 Senior Notes $400 million 4.125% Senior Notes due 2031 In April 2021, the Company issued $400 million aggregate principal amount of 4.125% senior notes due April 2031 (the ""2031 Notes""). The Company used a portion of the net proceeds from the offering to repay all outstanding borrowings under its Credit Facility, with the remainder used for general corporate purposes. The Company incurred approximately $6 million of debt issuance costs in conjunction with this issuance, which included underwriter fees and legal, accounting and rating agency expenses. The debt issuance costs are being amortized o …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Recently Adopted Accounting Updates Segment Reporting In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 will improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. This ASU requires entities to provide significant segment expenses that are regularly provided to the chief operating decision maker (CODM), other segment expenses included in each reported measure of segment profitability, and disclosure of the title and position of the CODM. During fiscal 2025, we adopted the annual disclosure requirements on a retrospective basis. The additional disclosures required are presented in Note 11 - Segment Information . The adoption of this standard did not have a material impact on our consolidated financial statements. Accounting Standards Not Yet Adopted Income Taxes In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU primarily requires enhanced disclosures and disaggregation of income tax information by jurisdiction in the annual income tax reconciliation and quantitative and qualitative disclosures regarding income taxes paid. ASU No. 2023-09 is to be applied prospectively, with the option to apply the standard retrospectively, effective for fiscal years begi …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Segment Information Management has determined that the Company has two operating segments, which are also reportable segments based on the level at which the Chief Operating Decision Maker reviews the results of operations to make decisions regarding performance assessment and resource allocation. These operating segments are the Pet segment and the Garden segment. Substantially all of the Company's assets and operations relate to its business in the United States. Financial information relating to the Company's business segments is presented in the tables below. Three Months Ended December 27, 2025 Pet Garden Total (in thousands) Net sales $ 415,812 $ 201,561 $ 617,373 Cost of goods sold 268,355 158,410 Selling, general and administrative expenses 97,657 52,830 Segment operating income (loss) $ 49,800 $ (9,679) $ 40,121 Unallocated corporate items (23,588) Interest expense (14,511) Interest income 6,744 Other income, net 182 Income before income taxes and noncontrolling interest $ 8,948 Three Months Ended December 28, 2024 Pet Garden Total (in thousands) Net sales $ 427,462 $ 228,974 $ 656,436 Cost of goods sold 278,895 181,842 Selling, general and administrative expenses 97,310 44,709 Segment operating income $ 51,257 $ 2,423 $ 53,680 Unallocated corporate items (25,688) Interest expense (14,470) Interest income 6,740 Other expense, net (1,717) Income before income taxes and noncontrolling interest $ 18,545 Three Months Ended December 27, 2025 December 28, 2024 (in thousand …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Supplemental Equity Information The following table provides a summary of the changes in the carrying amounts of equity attributable to controlling interest and noncontrolling interest through the three months ended December 27, 2025 and December 28, 2024. Controlling Interest Common Stock Class A Common Stock Class B Stock Additional Paid In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Noncontrolling Interest Total (in thousands) Balance September 27, 2025 $ 97 $ 516 $ 16 $ 571,392 $ 1,015,096 $ (3,849) $ 1,583,268 $ 1,665 $ 1,584,933 Comprehensive income 6,841 492 7,333 18 7,351 Amortization of share-based awards 3,026 3,026 3,026 Restricted share activity, including net share settlement (1,411) (1,411) (1,411) Issuance of common stock, including net share settlement of stock options 1 1,696 1,697 1,697 Repurchase of stock (7) (6,001) (12,489) (18,497) (18,497) Distribution to Noncontrolling interest (1,139) (1,139) Balance December 27, 2025 $ 97 $ 510 $ 16 $ 568,702 $ 1,009,448 $ (3,357) $ 1,575,416 $ 544 $ 1,575,960 Controlling Interest Common Stock Class A Common Stock Class B Stock Additional Paid In Capital Retained Earnings Accumulated Other Comprehensive Loss Total Noncontrolling Interest Total (in thousands) Balance September 28, 2024 $ 111 $ 544 $ 16 $ 598,098 $ 959,511 $ (2,626) $ 1,555,654 $ 1,891 $ 1,557,545 Comprehensive income (loss) 14,009 (2,035) 11,974 172 12,146 Amortization of share-based awards 3,648 3,648 3,648 Restricte …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing