GrowGeneration Says It Did $1M In Online Sales In April

Farm supply company GrowGeneration Corp. GRWG reported first-quarter revenue Thursday that rose 151% year-over-year to $33 million. 

Grow Generation posted a quarterly adjusted EBITDA of $2.7 million versus an adjusted EBITDA of $600,000 in the first quarter of 2019.

The company’s store operations yielded net income of around $5.3 million for the quarter, increasing by 207% compared to net income of $1.7 million in the same quarter of 2019. 

For the quarter, Grow Generation disclosed same-store sales of $15.2 million versus revenue of $9.6 million in the same quarter of the prior fiscal year.

“The Company’s Q1 2020 record financial results reflect our continued focus on revenue growth and EBITDA expansion. Q1 2020 is the company’s 10th consecutive record revenue quarter,” co-founder and CEO Darren Lampert said in a statement. 

The company provides its customers with online order and pick-up service and said it generated over $1 million in sales in April that way. 

In February, the company purchased the Miami-based hydroponic company Healthy Harvest.

Two months ago, the company launched a 40,000-square-foot hydroponic garden center in Tulsa, Oklahoma. In April, its first month of business, the facility recorded sales of $770,000.

GrowGeneration shares were trading 13.06% higher at $5.28 per share at the time of publication Thursday. 

Lead image by Ilona Szentivanyi. Copyright: Benzinga.