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Hydroponic Supplier GrowGeneration's Same-Store Sales Rise 36% Year-Over-Year

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Hydroponic Supplier GrowGeneration's Same-Store Sales Rise 36% Year-Over-Year

Hydroponic gardening retail chain GrowGeneration Corp. (NASDAQ: GRWG) posted record revenue Wednesday of $80 million for fiscal 2019, up $51 million from the previous year. 

Fourth-quarter revenue totaled $26 million, nearly triple the $9.1 million recorded in the same period one year ago. 

Same-store sales rose 36% year-over-year. 

GrowGeneration opened 11 new or acquired stores in 2019 and uplisted to the Nasdaq Exchange. 

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"The company's fiscal year ending 2019 record financial results reflect our continued focus on revenue growth and EBITDA expansion,“ Darren Lampert, GrowGeneration's co-founder and CEO, said in a statement.

“Our online business is now branded GrowGen.Pro and is being integrated as part of our omni channel strategy with all our stores locations," with online ordering and in-store pickup, he said. 

GrowGeneration is investing in new store locations in markets including St. Louis, Kansas City, Phoenix, Miami, Los Angeles and Chicago, Lampert said. 

GrowGeneration shares traded 4.2% higher at $4.47 at the time of publication Thursday. 

Posted-In: hydroponicCannabis Earnings News Markets Best of Benzinga

 

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