PetSmart Inc. announced lowering profit estimates for the full year, according to The Associated Press.
Despite profits being 5% higher in the second quarter than what analysts projected (shares were $0.31 each versus a projected $0.29), PetSmart lowered its earnings forecast to between $1.37 and $1.45 per share from a prior range of $1.42 to $1.52.
Monday, August 31, 2009
Friday, August 28, 2009
Sergeant's buys MGP Ingredients production facility
Sergeant's Pet Care Products announced its acquisition of a Kansas City, Kansas, USA, production facility from MGP Ingredients, effective August 21, 2009. The sale of the facility includes all equipment used for the production and packaging of pet-related products, which includes extruded plant-based resins and finished pet treats.
"Our purchase of the Kansas City facility from MGPI allows us to expand production of our formulated pet treats, some of which include Sergeant's SteakHouse, Sniffers and DentaFresh,” said Bob Scharf, CEO of Sergeant's. "This acquisition marks the continuation of the tremendous growth we've experienced over the last several years."
"Our purchase of the Kansas City facility from MGPI allows us to expand production of our formulated pet treats, some of which include Sergeant's SteakHouse, Sniffers and DentaFresh,” said Bob Scharf, CEO of Sergeant's. "This acquisition marks the continuation of the tremendous growth we've experienced over the last several years."
Thursday, August 27, 2009
Canada imposes new rules on petfood industry
The Canadian government has imposed new rules to prevent a rerun of the 2007 petfood recalls, according to a news report.
The new rules require import permits for all petfood and individual ingredients entering the country. Also, petfood containing ingredients from US cattle requires FDA inspection. The consequences of violations of any law now include plant closings or criminal prosecution.
CFIA inspectors have also been given the authority to run surprise checks at any Canadian petfood manufacturing unit. They also now need to inspect, at least once every year, plants that manufacture petfood items for export.
In 2007, tainted petfood led to the deaths of hundreds of cats and dogs in North America. The event led Mississauga-based Menu Foods to recall 60 million cans and pouches of US-made premixes that were found to contain wheat gluten from China contaminated with melamine.
The new rules require import permits for all petfood and individual ingredients entering the country. Also, petfood containing ingredients from US cattle requires FDA inspection. The consequences of violations of any law now include plant closings or criminal prosecution.
CFIA inspectors have also been given the authority to run surprise checks at any Canadian petfood manufacturing unit. They also now need to inspect, at least once every year, plants that manufacture petfood items for export.
In 2007, tainted petfood led to the deaths of hundreds of cats and dogs in North America. The event led Mississauga-based Menu Foods to recall 60 million cans and pouches of US-made premixes that were found to contain wheat gluten from China contaminated with melamine.
Wednesday, August 26, 2009
CFTC closes loophole in agricultural trade
On August 19, the US Commodity Futures Trading Commission (CFTC) decided to close a loophole that permitted certain types of trades in agricultural commodities to occur. The loophole was a factor in price increases in corn, soybeans and wheat in early 2008, according to the American Feed Industry Association, which found the loophole concerning and worked with the CFTC to resolve it.
The CFTC announced it would close the loophole by withdrawing two “no-action” letters that had resulted in Deutsche Bank and another investment firm exceeding speculative position limits on corn, soybeans and wheat.
“AFIA provided the CFTC and US Congress with a broad set of recommendations for reform more than a year ago, and today we applaud the agency for beginning to move in that direction,” said Joel G. Newman, AFIA president and CEO.
AFIA will continue to work with the CFTC to recommend appropriate changes that will ensure commodity markets are effective for both agriculture and speculators, Newman said.
The CFTC announced it would close the loophole by withdrawing two “no-action” letters that had resulted in Deutsche Bank and another investment firm exceeding speculative position limits on corn, soybeans and wheat.
“AFIA provided the CFTC and US Congress with a broad set of recommendations for reform more than a year ago, and today we applaud the agency for beginning to move in that direction,” said Joel G. Newman, AFIA president and CEO.
AFIA will continue to work with the CFTC to recommend appropriate changes that will ensure commodity markets are effective for both agriculture and speculators, Newman said.
Tuesday, August 25, 2009
Nutro introduces stricter checks, reintroduces recalled products
Nutro has reintroduced its dry cat food after the voluntary recall in May, according to a news report.
The company said its food-safety program now has stricter quality checks for suppliers and extensive testing of inbound raw materials and finished products. It has also reportedly enhanced the ingredient quality.
In May, the company discovered that two premixes from one of its US-based suppliers contained excessive levels of potassium and zinc.
Nutro announced August 7 that all its cat food brands were available at petfood retailers.
The company said its food-safety program now has stricter quality checks for suppliers and extensive testing of inbound raw materials and finished products. It has also reportedly enhanced the ingredient quality.
In May, the company discovered that two premixes from one of its US-based suppliers contained excessive levels of potassium and zinc.
Nutro announced August 7 that all its cat food brands were available at petfood retailers.
Monday, August 24, 2009
Castor & Pollux shelter donations pass half million mark
Castor & Pollux Pet Works donated more than a half million meals to animal shelters in 2008, catchannel.com reported. The donations were made through the company’s partnership with Freekibble.com.
The Clackamas, Ore.-based manufacturer of natural petfood and treats has reportedly donated more than 538,000 meals for dogs and cats to date.
Freekibble.com was founded in 2008 to provide food to dogs and cats in shelters, pledging to raise 10 pieces of kibble for affiliated shelters from Oregon to Florida, USA, for every trivia question answered online.
Castor & Pollux donated its dog and cat foods to about 10 of the 14 Freekibble.com-affiliated shelters.
The Clackamas, Ore.-based manufacturer of natural petfood and treats has reportedly donated more than 538,000 meals for dogs and cats to date.
Freekibble.com was founded in 2008 to provide food to dogs and cats in shelters, pledging to raise 10 pieces of kibble for affiliated shelters from Oregon to Florida, USA, for every trivia question answered online.
Castor & Pollux donated its dog and cat foods to about 10 of the 14 Freekibble.com-affiliated shelters.
Friday, August 21, 2009
Decreasing net sales at Central Garden & Pet
Central Garden & Pet has registered a 2% decline in net sales in the third quarter ended June 27 compared with the same period in fiscal 2008, according to a news report.
In the operating income section the company reported an increase of 52% at US$51.6 million, compared with US$33.9 million in the year-ago period.
The pet products segment reported net sales of US$215 million, a decline of 10% compared with fiscal 2008. Operating income was US$29.8 million, compared with US$32.7 million in 2008.
In the operating income section the company reported an increase of 52% at US$51.6 million, compared with US$33.9 million in the year-ago period.
The pet products segment reported net sales of US$215 million, a decline of 10% compared with fiscal 2008. Operating income was US$29.8 million, compared with US$32.7 million in 2008.
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