SMG - Scotts Miracle-Gro's Cannabis-Focused Subsidiary Reports 39% YoY Revenue Drop In Q1 | Benzinga
Scotts Miracle-Gro (NYSE:SMG) reported its financial results on Wednesday for its first quarter ended Dec. 30. The report included results of its subsidiary Hawthorne Gardening Company, a provider of nutrients, lighting and other materials used in the indoor and hydroponic growing segment that includes the cannabis industry.
"We are reaffirming our guidance of high-single-digit growth in our consumer business, and in Hawthorne, we continue to take actions to ensure the business remains cash flow positive in fiscal 2024 and a major contributor to our debt paydown," said Jim Hagedorn, CEO, chairman and president of ScottsMiracle-Gro.
Q1 2024 Financial Highlights
- Sales declined 22% to $410.4 million from $526.6 million a year ago.
- U.S. Consumer net sales decreased 17 percent ...