earnings
confidence high
sentiment negative
materiality 0.75
GrowGeneration Q3 net sales fall 10% to $50M; same-store sales rise 12.5%, net loss widens to $11.4M
GrowGeneration Corp.
2024-Q3 EPS reported
-$0.43
revenue$151,430,000
- Net sales fell 10.2% YoY to $50.0M driven by 25 fewer stores; same-store sales grew 12.5%.
- GAAP net loss widened to $11.4M ($0.19 per share) from $7.3M loss in Q3 2023; Adjusted EBITDA loss of $2.4M vs $0.9M loss.
- Proprietary brand sales reached 23.8% of cultivation & gardening net sales vs 19.4% last year, trending toward 35% target in 2025.
- Cash and equivalents $55.2M, no debt; total store count reduced to 31 locations across 12 states after 19 consolidations in FY2024.
- FY2024 net sales guidance of $190M-$195M; adjusted EBITDA guidance to be provided later.