Record sales for Scotts
CEO says company is operating on ‘all cylinders.’
Fourth quarter company-wide sales increased 15% to $497.7 million at Scotts MiracleGro.
The company posted a Q4 loss, but more than made up for it over the full year. End of year net income hit $460 million, up from $64 million in the prior year.
U.S. Consumer sales in the fourth quarter increased 4% to $261.6 million from $252.6 million. Sales at Hawthorne, the company’s canabis-related indoor garden subsidiary, increased 38% percent to $210.0 million compared with $152.2 million. The increase at Hawthorne was across nearly all product categories with strong growth in both legacy and emerging markets.
For the year ended September 30, 2019, company-wide sales increased 18 percent to a record $3.16 billion, compared with $2.66 billion a year earlier.
CEO Jim Hagedorn said the company saw growth in every major retail channel, and drove increased consumer participation in nearly every category.
# # #
The bottom line: The company posted a loss of $57.9 million in the fourth quarter, and net income of $460.7 million for the full year.
What the CEO said: “Fiscal 2019 showed the strength of our business when we execute on all cylinders,” said Jim Hagedorn, chairman and chief executive officer. “New products accounted for 15 percent of our sales in our U.S. Consumer business, we saw growth in every major retail channel, and we drove increased consumer participation in nearly every category in our industry. In Hawthorne, we further established our clear leadership with indoor growers, improving our market share and growing our full-year sales 24 percent on an apples-to-apples basis.
More on Scotts MiracleGro: The company’s full fourth quarter earnings release is available here.
No comments found