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- GrowGeneration Corp GRWG reported third-quarter FY21 sales growth of 110.8% year-on-year, to $116 million, beating the analyst consensus of $114.78 million.
- Comparable store sales for the quarter increased 15.7% versus last year.
- E-commerce revenue, inclusive of Agron revenue, grew 169% Y/Y to $10.5 million.
- The gross profit margin expanded 290 basis points Y/Y to 29.4%.
- Total operating expenses jumped 210% Y/Y to $29.4 million.
- The operating margin was 4%, and operating income for the quarter fell 8.4% to $4.6 million.
- Adjusted EBITDA of $10.8 million increased 63.6% Y/Y.
- EPS of $0.07 missed the analyst consensus of $0.09.
- The company held $93 million in cash and equivalents as of September 30, 2021.
- Outlook: GrowGeneration sees FY21 sales of $435 million - $440 million (prior view $440 million - $452 million), below the consensus of $448.38 million.
- It reduced Adjusted EBITDA guidance to $41 million - $43 million (prior $47 million - $51 million).
- Price Action: GRWG shares are trading lower by 9.98% at $21.01 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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