Net sales for its pet food business dropped 13%, yet retail sales for Meow Mix rose 3% during the quarter.

Net sales for the quarter decreased 2.3% to $1.5 billion. 

The company released its fourth quarter and full year financial results, revealing plans to improve profitability.

Third quarter net sales for its North America Pet business were flat.

Along with the acquisition, Michael Baker has returned as CEO and president for the distributor. 

Third quarter net sales for the segment dropped 9% compared to the prior year. 

Though the pet food brand witnessed a minimal sales increase, it propelled Colgate-Palmolive to $20 billion.

The pet food brand is partnering with the business development company to enhance its business growth strategy.

The company plans to lay off about 8,000 employees globally. 

The retailer plans to focus on improving its product assortment, offering more shelf space and staying competitive on pricing to continue its growth.