GrowGeneration Corp. reports news on its specialty products business for controlled environment agriculture, commercial cultivation and retail garden centers. The company sells nutrients, additives, growing media, lighting, environmental control systems, benching and racking through retail stores, an online superstore, wholesale distribution and commercial sales.
Recurring updates cover quarterly and annual financial results, proprietary brand penetration, retail and distribution activity, and product introductions under brands such as Char Coir, Drip Hydro, Power Si, Ion lights, The Harvest Company and Viagrow. Company news also includes industry conference participation, commercial cultivation education, and developments in its MMI Storage Solutions benching, racking and storage operations.
GrowGeneration Corp. (NASDAQ: GRWG) announced preliminary Q2 2024 results and a strategic restructuring plan. Key points:
- Q2 net revenue expected to exceed $53 million, up 10.6% from Q1
- Restructuring plan aims to generate $12 million in savings over 12 months
- Focusing on proprietary brands, targeting 35% of total sales by end of 2025
- Launching B2B e-commerce portal in Q4 2024
- Closing 19 underperforming stores, reducing to 31 operational stores
- Streamlining operations and rationalizing SKU count
The plan aims to improve profitability, drive higher margins, and position GrowGen for future growth in the hydroponics and organic gardening supply industry.
GrowGeneration (NASDAQ: GRWG), a major retailer and distributor of hydroponic and organic gardening products in the U.S., will participate in the Benzinga Cannabis Market Spotlight Conference on June 17, 2024, in New Brunswick, New Jersey.
CEO Darren Lampert will join a Fireside Chat at 9:40 a.m. Eastern Time on the same day. The commercial team will exhibit proprietary brands such as Drip Hydro powders, Charcoir coco pots and cubes, and Ion LED lights. For additional details or meeting requests, contact GrowGen@kcsa.com.
GrowGeneration Corp. (NASDAQ: GRWG) has launched the HRG Marketplace, a new B2B portal by its wholesale division, Horticultural Rep Group (HRG). This platform aims to streamline the procurement process for hydroponic retailers and garden centers nationwide. Effective immediately, over 500 existing customers and tens of thousands of garden centers can access leading hydroponic products via the portal. The HRG Marketplace offers a centralized hub for product catalogs, shipping tracking, purchase orders, invoices, and more, ensuring rapid delivery times of 24-48 hours across the U.S. Supported by an extensive national sales and customer service team, this initiative emphasizes GrowGeneration's commitment to aiding the growth of the hydroponic industry.
GrowGeneration Corp (NASDAQ: GRWG), a leading retailer and distributor of hydroponic and organic gardening products in the U.S., announced its participation in Oppenheimer's 24th Annual Consumer Growth and E-Commerce Virtual Conference. The event will take place from June 10-12, 2024, and Gregory Sanders, the CFO, will present on June 10 at 1:30 p.m. ET. The presentation will be available via webcast on GrowGeneration’s Investor Relations website. For further details or to schedule a meeting, interested parties can contact GrowGen@kcsa.com.
GrowGeneration Corp. (NASDAQ: GRWG) reported net revenue of $47.9 million for the first quarter of 2024, at the top end of guidance. Gross profit margin improved to 25.8% sequentially. The company reported a net loss of $8.8 million and an Adjusted EBITDA loss of $2.9 million. Despite a 3% decrease in net sales, GrowGen reiterated full-year 2024 revenue guidance of $205 million to $215 million. The company continues to focus on expanding its proprietary brand portfolio and driving increased profitability.
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