earnings
confidence high
sentiment neutral
materiality 0.60
GrowGeneration Q3 net sales $55.7M, net loss $7.3M; reaffirms FY2023 guidance
GrowGeneration Corp.
2023-Q3 EPS reported
-$0.31
revenue$176,430,000
- Net sales of $55.7M, down 21.4% YoY; comparable store sales declined 14.4%.
- Gross margin improved to 29.1% from 25.9% YoY, driven by private label and distribution.
- GAAP net loss of $7.3M ($0.12 per diluted share) vs. loss of $7.2M in Q3 2022.
- Adjusted EBITDA loss of $0.9M, an improvement of $1.8M YoY; cash and securities $66.6M.
- Closed 6 stores in Q3 and plans to close 6 more in Q4; full-year revenue guidance $220M-$225M.