GrowGeneration Corp. GRWG, the largest hydroponic and organic garden center chain, reported its financial results for the first quarter ending March 31, late Tuesday, posting revenue of $56.8 million, an increase of 1.58% from the prior year's gross margin of 27.1% and $71.9 million in cash and short-term marketable securities.
"Disciplined" Growth
However, comparable store sales decreased 36.6% to the prior year, and the net loss was $6.1 million with adjusted EBITDA loss of $1.8 million, above guidance.
Darren Lampert, GrowGeneration’s Co-Founder, and CEO, stated, “While we maintain a degree of cautious optimism, we expect to invest for growth in a disciplined manner this year."
Sustained 2023 Guidance Despite Q1 Store Sales Drop
- GrowGen maintained its full-year 2023 guidance for revenue to be $250 million to $270 million and adjusted EBITDA to be a loss of $4 million to a $1 million profit.
- The company is focused on building and growing private brands, executing accretive and complementary acquisitions, and putting profitable growth at the forefront.
Price Action
GRWG shares were trading on Wednesday's pre-market at $4.00 per share, up 0.30%
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