GrowGeneration Reports Third Quarter 2024 Financial Results
GrowGeneration (NASDAQ: GRWG) reported its Q3 2024 financial results, noting a 10.2% decline in net sales to $50.0 million due to 25 fewer retail locations. Despite this, same-store sales increased 12.5% year-over-year, and proprietary brand sales rose to 23.8% from 19.4% in Q3 2023. The company reported a net loss of $11.4 million, compared to a $7.3 million loss in the prior year. Operating expenses fell by 5.4% to $22.9 million, while gross profit margin decreased to 21.6% from 29.1% due to restructuring activities. Adjusted EBITDA showed a loss of $2.4 million, down from a $0.9 million loss last year. The company retains a strong cash position with $55.2 million and no debt. CEO Darren Lampert highlighted progress in strategic restructuring and plans to launch an e-commerce portal in Q4 2024. Full-year 2024 net sales are projected to range between $190 million and $195 million.
GrowGeneration (NASDAQ: GRWG) ha riportato i risultati finanziari per il terzo trimestre del 2024, evidenziando un declino del 10,2% nelle vendite nette a 50,0 milioni di dollari a causa di 25 punti vendita in meno. Nonostante ciò, le vendite negli stessi negozi sono aumentate del 12,5% rispetto all'anno precedente, e le vendite del marchio proprietario sono salite al 23,8% dal 19,4% nel terzo trimestre del 2023. L'azienda ha registrato una perdita netta di 11,4 milioni di dollari, rispetto a una perdita di 7,3 milioni dell'anno precedente. Le spese operative sono scese del 5,4% a 22,9 milioni di dollari, mentre il margine di profitto lordo è diminuito al 21,6% dal 29,1% a causa delle attività di ristrutturazione. L'EBITDA rettificato ha mostrato una perdita di 2,4 milioni di dollari, rispetto a una perdita di 0,9 milioni dell'anno scorso. L'azienda mantiene una solida posizione di liquidità con 55,2 milioni di dollari e senza debiti. Il CEO Darren Lampert ha evidenziato i progressi nella ristrutturazione strategica e i piani per lanciare un portale di e-commerce nel quarto trimestre del 2024. Le vendite nette per l'intero anno 2024 sono previste tra 190 milioni e 195 milioni di dollari.
GrowGeneration (NASDAQ: GRWG) informó sus resultados financieros del tercer trimestre de 2024, señalando un declive del 10,2% en las ventas netas a 50,0 millones de dólares debido a 25 ubicaciones minoristas menos. A pesar de esto, las ventas en las mismas tiendas aumentaron un 12,5% interanual, y las ventas de la marca propietaria subieron al 23,8% desde el 19,4% en el tercer trimestre de 2023. La compañía reportó una pérdida neta de 11,4 millones de dólares, en comparación con una pérdida de 7,3 millones del año anterior. Los gastos operativos disminuyeron un 5,4% a 22,9 millones de dólares, mientras que el margen de utilidad bruta cayó al 21,6% desde el 29,1% debido a actividades de reestructuración. El EBITDA ajustado mostró una pérdida de 2,4 millones de dólares, frente a una pérdida de 0,9 millones del año pasado. La empresa mantiene una sólida posición de liquidez, con 55,2 millones de dólares y sin deudas. El CEO Darren Lampert destacó los avances en la reestructuración estratégica y los planes para lanzar un portal de comercio electrónico en el cuarto trimestre de 2024. Se proyecta que las ventas netas del año completo 2024 oscilarán entre 190 millones y 195 millones de dólares.
GrowGeneration (NASDAQ: GRWG)는 2024년 3분기 재무 결과를 보고하면서 순매출 10.2% 감소를 5,000만 달러로 기록했습니다. 이는 소매 점포가 25개 줄어든 데 기인합니다. 그럼에도 불구하고 동일 점포 매출은 전년 대비 12.5% 증가했으며, 자사 브랜드 매출은 2023년 3분기 19.4%에서 23.8%로 증가했습니다. 회사는 1,140만 달러의 순손실을 기록했으며, 이는 전년도 730만 달러 손실에 비해 증가한 것입니다. 운영 비용은 5.4% 감소한 2,290만 달러였고, 총 이익률은 구조조정 활동으로 인해 29.1%에서 21.6%로 하락했습니다. 조정 EBITDA는 240만 달러의 손실을 보였고, 이는 작년 90만 달러의 손실에서 감소한 수치입니다. 회사는 5,520만 달러의 강력한 현금 보유액을 지니고 있으며 부채가 없습니다. CEO인 Darren Lampert는 전략적 구조조정의 진전을 강조하며 2024년 4분기에 전자상거래 포털을 출시할 계획을 밝혔습니다. 2024년 전체 연간 순매출은 1억 9천만 달러에서 1억 9천 5백만 달러 사이로 예상됩니다.
GrowGeneration (NASDAQ: GRWG) a annoncé ses résultats financiers du troisième trimestre 2024, notant une baisse de 10,2% des ventes nettes à 50,0 millions de dollars en raison de 25 points de vente en moins. Malgré cela, les ventes des mêmes magasins ont augmenté de 12,5% d'une année sur l'autre, et les ventes de la marque propre sont passées de 19,4% à 23,8% au troisième trimestre 2023. L'entreprise a déclaré une perte nette de 11,4 millions de dollars, comparativement à une perte de 7,3 millions de dollars l'année précédente. Les dépenses d'exploitation ont diminué de 5,4% pour atteindre 22,9 millions de dollars, tandis que la marge brute de profit a chuté à 21,6% contre 29,1% en raison des activités de restructuration. L'EBITDA ajusté a montré une perte de 2,4 millions de dollars, contre une perte de 0,9 million de dollars l'année précédente. L'entreprise maintient une solide position de liquidité avec 55,2 millions de dollars et aucune dette. Le PDG Darren Lampert a souligné les progrès réalisés dans la restructuration stratégique et a annoncé des plans pour lancer un portail de commerce électronique au quatrième trimestre 2024. Les ventes nettes pour l'année entière 2024 devraient se situer entre 190 millions et 195 millions de dollars.
GrowGeneration (NASDAQ: GRWG) berichtete über die finanziellen Ergebnisse des 3. Quartals 2024 und verzeichnete einen Rückgang der Nettoumsätze um 10,2% auf 50 Millionen US-Dollar, bedingt durch 25 weniger Einzelhandelsstandorte. Dennoch stiegen die Umsätze der gleichen Filialen um 12,5% im Jahresvergleich, und die Verkäufe der eigenen Marke erhöhten sich von 19,4% auf 23,8% im 3. Quartal 2023. Das Unternehmen meldete einen Nettoverlust von 11,4 Millionen US-Dollar im Vergleich zu einem Verlust von 7,3 Millionen US-Dollar im Vorjahr. Die Betriebskosten fielen um 5,4% auf 22,9 Millionen US-Dollar, während die Bruttogewinnmarge aufgrund von Umstrukturierungsmaßnahmen von 29,1% auf 21,6% sank. Das bereinigte EBITDA zeigte einen Verlust von 2,4 Millionen US-Dollar, im Vergleich zu einem Verlust von 0,9 Millionen US-Dollar im Vorjahr. Das Unternehmen hat eine starke Liquiditätsposition mit 55,2 Millionen US-Dollar und keine Schulden. CEO Darren Lampert hob die Fortschritte in der strategischen Umstrukturierung hervor und kündigte Pläne an, im 4. Quartal 2024 ein E-Commerce-Portal einzuführen. Der Nettoumsatz für das gesamte Jahr 2024 wird auf zwischen 190 Millionen und 195 Millionen US-Dollar geschätzt.
- Same-store sales increased by 12.5% year-over-year.
- Proprietary brand sales rose to 23.8% from 19.4% in Q3 2023.
- Operating expenses decreased by 5.4% to $22.9 million.
- Cash balance of $55.2 million with no debt.
- Net sales decreased by 10.2% year-over-year to $50.0 million.
- Gross profit margin declined to 21.6% from 29.1%.
- Net loss increased to $11.4 million from $7.3 million.
- Adjusted EBITDA loss increased to $2.4 million from $0.9 million.
Same Store Sales increased
Proprietary brand sales increased to
Cash balance of
Third Quarter 2024 Summary
-
Net sales decreased
10.2% year over year to for the third quarter 2024, due to 25 less retail locations;$50.0 million -
Positive same-store sales of
12.5% in the third quarter of 2024 compared to the prior year; -
Proprietary brand sales as a percentage of Cultivation and Gardening net sales increased to
23.8% as compared to19.4% in the third quarter of 2023; -
Gross profit margin of
21.6% , a 750 basis point decrease from the29.1% in the year ago period mainly due to restructuring related activities; -
Operating expenses decreased
, or$1.3 million 5.4% , to in the third quarter of 2024 compared to the same prior year period;$22.9 million -
Net loss of
the third quarter of 2024 compared to a net loss of$11.4 million in the year ago period;$7.3 million -
Adjusted EBITDA(1) loss of
for the third quarter of 2024, a decrease of$2.4 million from the year ago period; and$1.5 million -
Cash, cash equivalents, and marketable securities of
and no debt.$55.2 million
Darren Lampert, GrowGen’s Co-Founder and Chief Executive Officer, commented, “Our third quarter results were consistent with our expectations and reflect the substantial progress we have made executing on our strategic restructuring plan. In particular, we exceeded our near-term targets for proprietary brand sales as a percentage of Cultivation and Gardening net sales, which grew to
“Our same-store sales growth, reduction in expenses and the improvement in our proprietary brand sales all demonstrate, our actions to date have proven successful in positioning GrowGen for sustainable growth in 2025. In line with these priorities, we are also on track to launch our e-commerce portal in the fourth quarter of this year, which is a key part of our digital transformation and B2B customer focus. We are well-positioned in the industry to capitalize on growth opportunities, and our restructuring plan has put us on a stronger footing to drive revenue growth, optimize margins, and build a leaner, more profitable company,” added Mr. Lampert.
Third Quarter 2024 Consolidated Results
Net sales declined
The decrease in net sales was primarily related to our Cultivation and Gardening segment, which had net sales of
Additionally, net sales of commercial fixtures within our Storage Solutions segment increased by
Gross profit was
Gross profit margin decreased to
Adjusted Gross Profit(2) and Adjusted Gross Profit Margin(2), which exclude the effects of the strategic restructuring plan announced in July 2024, were
Store and other operating expenses for the third quarter 2024 were
Selling, general, and administrative expenses in the third quarter 2024 were
GAAP net loss was
Adjusted EBITDA(1) was a loss of
Cash, cash equivalents, and marketable securities as of September 30, 2024 were
Total current liabilities, including accounts payable, accrued payroll, and other liabilities as of September 30, 2024 were
Geographical Footprint
Our geographic footprint for our Cultivation and Gardening segment spans 724,000 square feet of retail and warehouse space and includes 31 retail locations across 12 states. To date in fiscal 2024, we have consolidated 19 retail stores where we generally expect to be able to serve the same customer base through a single location, thereby reducing redundancies in cost structure.
Fiscal Year 2024 Financial Outlook(3)
As a result of its previously announced restructuring plan, GrowGen expects full-year 2024 net sales in the range of
Footnotes
(1) Adjusted EBITDA represents earnings before interest, income taxes, depreciation, and amortization as adjusted for certain items as set forth in the reconciliation table of
(2) Adjusted Gross Profit represents gross profit as adjusted for certain items as set forth in the reconciliation table of
(3) Sales and Adjusted EBITDA guidance metrics are inclusive of any acquisitions and store openings completed in 2024 and 2023, but do not include any unannounced acquisitions.
Conference Call
The Company will host a conference call today, November 12, 2024, at 4:30PM Eastern Time. To participate in the call, please dial 1(888) 699-1199 (domestic) or 1(416) 945 7677 (international). The conference code is 87243. This call is being webcast and can be accessed at https://app.webinar.net/eLnb9eDMG3N or on the Investor Relations section of GrowGen’s website at: https://ir.growgeneration.com. A replay of the webcast will be available two hours after the conclusion of the call and remain available for 90 calendar days.
About GrowGeneration Corp:
GrowGen is a leading developer, marketer, retailer, and distributor of products for both indoor and outdoor hydroponic and organic gardening, as well as customized storage solutions. GrowGen carries and sells thousands of products, such as nutrients, additives, growing media, lighting, environmental control systems, and benching and racking, including proprietary brands such as Charcoir, Drip Hydro, Power Si, Ion lights, The Harvest Company, and more. Incorporated in
To be added to the GrowGeneration email distribution list, please email GrowGen@kcsa.com with GRWG.
Forward Looking Statements:
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect opinions only as of the date of this release. Please keep in mind that the Company does not have an obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as “look forward,” “expect,” “believe,” “continue,” “building,” or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings made with the United States Securities and Exchange Commission, available at: www.sec.gov, and on the Company’s website, at: www.growgeneration.com.
GROWGENERATION CORP. AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(Unaudited, in thousands, except shares) |
|||||||
|
September 30,
|
|
December 31,
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
27,436 |
|
|
$ |
29,757 |
|
Marketable securities |
|
27,787 |
|
|
|
35,212 |
|
Accounts receivable, net of allowance for credit losses of |
|
10,324 |
|
|
|
8,895 |
|
Notes receivable, current, net of allowance for credit losses of $— and |
|
1,106 |
|
|
|
193 |
|
Inventory |
|
48,025 |
|
|
|
64,905 |
|
Prepaid income taxes |
|
201 |
|
|
|
516 |
|
Prepaid and other current assets |
|
7,688 |
|
|
|
7,973 |
|
Total current assets |
|
122,567 |
|
|
|
147,451 |
|
|
|
|
|
||||
Property and equipment, net |
|
21,119 |
|
|
|
27,052 |
|
Operating leases right-of-use assets, net |
|
36,453 |
|
|
|
39,933 |
|
Notes receivable, long-term |
|
— |
|
|
|
106 |
|
Intangible assets, net |
|
11,152 |
|
|
|
16,180 |
|
Goodwill |
|
7,525 |
|
|
|
7,525 |
|
Other assets |
|
823 |
|
|
|
843 |
|
TOTAL ASSETS |
$ |
199,639 |
|
|
$ |
239,090 |
|
LIABILITIES & STOCKHOLDERS' EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
8,183 |
|
|
$ |
11,666 |
|
Accrued liabilities |
|
2,536 |
|
|
|
2,530 |
|
Payroll and payroll tax liabilities |
|
2,354 |
|
|
|
2,169 |
|
Customer deposits |
|
2,631 |
|
|
|
5,359 |
|
Sales tax payable |
|
1,310 |
|
|
|
1,185 |
|
Current maturities of operating lease liabilities |
|
7,523 |
|
|
|
8,021 |
|
Total current liabilities |
|
24,537 |
|
|
|
30,930 |
|
|
|
|
|
||||
Operating lease liabilities, net of current maturities |
|
31,620 |
|
|
|
34,448 |
|
Other long-term liabilities |
|
317 |
|
|
|
317 |
|
Total liabilities |
|
56,474 |
|
|
|
65,695 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Common stock; |
|
59 |
|
|
|
61 |
|
Additional paid-in capital |
|
375,407 |
|
|
|
373,433 |
|
Accumulated deficit |
|
(232,301 |
) |
|
|
(200,099 |
) |
Total stockholders' equity |
|
143,165 |
|
|
|
173,395 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
199,639 |
|
|
$ |
239,090 |
|
GROWGENERATION CORP. AND SUBSIDIARIES |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(Unaudited, in thousands, except per share amounts) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net sales |
$ |
50,006 |
|
|
$ |
55,678 |
|
|
$ |
151,430 |
|
|
$ |
176,430 |
|
Cost of sales (exclusive of depreciation and amortization shown below) |
|
39,196 |
|
|
|
39,490 |
|
|
|
113,835 |
|
|
|
126,816 |
|
Gross profit |
|
10,810 |
|
|
|
16,188 |
|
|
|
37,595 |
|
|
|
49,614 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Store operations and other operational expenses |
|
10,032 |
|
|
|
11,658 |
|
|
|
30,876 |
|
|
|
36,288 |
|
Selling, general, and administrative |
|
7,405 |
|
|
|
7,582 |
|
|
|
22,417 |
|
|
|
21,923 |
|
Estimated credit losses (recoveries) |
|
272 |
|
|
|
257 |
|
|
|
(210 |
) |
|
|
681 |
|
Depreciation and amortization |
|
4,972 |
|
|
|
4,721 |
|
|
|
12,329 |
|
|
|
12,477 |
|
Impairment loss |
|
220 |
|
|
|
— |
|
|
|
220 |
|
|
|
— |
|
Total operating expenses |
|
22,901 |
|
|
|
24,218 |
|
|
|
65,632 |
|
|
|
71,369 |
|
|
|
|
|
|
|
|
|
||||||||
Loss from operations |
|
(12,091 |
) |
|
|
(8,030 |
) |
|
|
(28,037 |
) |
|
|
(21,755 |
) |
|
|
|
|
|
|
|
|
||||||||
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Other (expense) income |
|
(50 |
) |
|
|
(23 |
) |
|
|
(13 |
) |
|
|
786 |
|
Interest income |
|
663 |
|
|
|
705 |
|
|
|
2,002 |
|
|
|
1,886 |
|
Interest expense |
|
— |
|
|
|
(1 |
) |
|
|
(70 |
) |
|
|
(6 |
) |
Total other income |
|
613 |
|
|
|
681 |
|
|
|
1,919 |
|
|
|
2,666 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss before taxes |
|
(11,478 |
) |
|
|
(7,349 |
) |
|
|
(26,118 |
) |
|
|
(19,089 |
) |
|
|
|
|
|
|
|
|
||||||||
Benefit (provision) for income taxes |
|
43 |
|
|
|
— |
|
|
|
(50 |
) |
|
|
(93 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(11,435 |
) |
|
$ |
(7,349 |
) |
|
$ |
(26,168 |
) |
|
$ |
(19,182 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per share, basic |
$ |
(0.19 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.31 |
) |
Net loss per share, diluted |
$ |
(0.19 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.31 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding, basic |
|
59,268 |
|
|
|
61,272 |
|
|
|
60,479 |
|
|
|
61,127 |
|
Weighted average shares outstanding, diluted |
|
59,268 |
|
|
|
61,272 |
|
|
|
60,479 |
|
|
|
61,127 |
|
Use of Non-GAAP Financial Information
The following non-GAAP financial measures of EBITDA, Adjusted EBITDA, Adjusted Gross Profit, and Adjusted Gross Profit Margin are not in accordance with, or an alternative for, generally accepted accounting principles ("GAAP") and should be considered in addition to, and not as a substitute for, the most directly comparable GAAP financial measures. We believe these non-GAAP financial measures, when used in conjunction with their most directly comparable GAAP financial measures, net income (loss), gross profit, and gross profit margin, provide meaningful supplemental information to both management and investors, facilitating the evaluation of performance across reporting periods, identify trends affecting our business, and project future performance. Management uses these non-GAAP financial measures for internal planning and reporting purposes, and we believe that these non-GAAP financial measures may be useful to investors in their assessment of our operating performance, our ability to generate cash, and valuation. In addition, these non-GAAP financial measures address questions routinely received from analysts and investors and, in order to ensure that all investors have access to the same data, we have determined that it is appropriate to make this data available to all investors. These non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP financial measures commonly used in our industry and should not be construed in isolation as substitutions to net income (loss) as indicators of operating performance or as alternatives to cash flow provided by operating activities as a measure of liquidity (each as determined in accordance with GAAP). GrowGeneration defines EBITDA as net income (loss) before interest income, interest expense, income tax expense, depreciation and amortization, and Adjusted EBITDA as further adjusted to exclude certain items such as stock-based compensation, impairment losses, restructuring and corporate rationalization costs, and other non-core or non-recurring expenses and to include income from our marketable securities as these investments are part of our operational business strategy and increase the cash available to us.
Set forth below is a reconciliation of EBITDA and Adjusted EBITDA to net loss (in thousands):
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net loss |
$ |
(11,435 |
) |
|
$ |
(7,349 |
) |
|
$ |
(26,168 |
) |
|
$ |
(19,182 |
) |
(Benefit) provision for income taxes |
|
(43 |
) |
|
|
— |
|
|
|
50 |
|
|
|
93 |
|
Interest income |
|
(663 |
) |
|
|
(705 |
) |
|
|
(2,002 |
) |
|
|
(1,886 |
) |
Interest expense |
|
— |
|
|
|
1 |
|
|
|
70 |
|
|
|
6 |
|
Depreciation and amortization |
|
4,972 |
|
|
|
4,721 |
|
|
|
12,329 |
|
|
|
12,477 |
|
EBITDA |
$ |
(7,169 |
) |
|
$ |
(3,332 |
) |
|
$ |
(15,721 |
) |
|
$ |
(8,492 |
) |
Share-based compensation |
|
672 |
|
|
|
938 |
|
|
|
2,104 |
|
|
|
2,452 |
|
Investment income |
|
623 |
|
|
|
705 |
|
|
|
1,921 |
|
|
|
1,886 |
|
Impairment loss (1) |
|
220 |
|
|
|
— |
|
|
|
220 |
|
|
|
— |
|
Restructuring plan (2) |
|
2,699 |
|
|
|
— |
|
|
|
2,699 |
|
|
|
— |
|
Consolidation and other charges (3) |
|
567 |
|
|
|
781 |
|
|
|
2,375 |
|
|
|
2,300 |
|
Adjusted EBITDA |
$ |
(2,388 |
) |
|
$ |
(908 |
) |
|
$ |
(6,402 |
) |
|
$ |
(1,854 |
) |
(1) Impairment loss related to the restructuring plan for operating lease right-of-use assets impairments |
|||||||||||||||
(2) Includes the |
|||||||||||||||
(3) Consists primarily of expenditures related to the activity of store and distribution consolidation and one-time severances outside of the restructuring plan announced July 2024 |
Adjusted Gross Profit and Adjusted Gross Profit Margin
Adjusted Gross Profit and Adjusted Gross Profit Margin are non-GAAP financial measures commonly used in our industry and should not be construed in isolation as substitutions to gross profit or gross profit margin, defined as our gross profit as a percentage of net sales, as indicators of operating performance (each as determined in accordance with GAAP). GrowGeneration calculates Adjusted Gross Profit as gross profit adjusted to exclude the effects related to the strategic restructuring plan, and Adjusted Gross Profit Margin is calculated as Adjusted Gross Profit as a percentage of net sales.
Set forth below is a reconciliation of Adjusted Gross Profit and Adjusted Gross Profit Margin to gross profit and gross profit margin (in thousands):
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net sales |
$ |
50,006 |
|
|
$ |
55,678 |
|
|
$ |
151,430 |
|
|
$ |
176,430 |
|
Cost of sales |
|
39,196 |
|
|
|
39,490 |
|
|
|
113,835 |
|
|
|
126,816 |
|
Gross profit |
$ |
10,810 |
|
|
$ |
16,188 |
|
|
$ |
37,595 |
|
|
$ |
49,614 |
|
Gross profit margin |
|
21.6 |
% |
|
|
29.1 |
% |
|
|
24.8 |
% |
|
|
28.1 |
% |
Restructuring plan (1) |
$ |
1,903 |
|
|
$ |
— |
|
|
$ |
1,903 |
|
|
$ |
— |
|
Adjusted Gross Profit |
$ |
12,713 |
|
|
$ |
16,188 |
|
|
$ |
39,498 |
|
|
$ |
49,614 |
|
Adjusted Gross Margin |
|
25.4 |
% |
|
|
29.1 |
% |
|
|
26.1 |
% |
|
|
28.1 |
% |
(1) Includes the |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112764559/en/
KCSA Strategic Communications
Philip Carlson
Managing Director
T: 212-896-1233
E: GrowGen@kcsa.com
Source: GrowGeneration Corp.
FAQ
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