GrowGeneration Corp. has released its latest financials for the fiscal year-end of 2019, including commentary from the company's CEO.
GrowGeneration Corp. (NASDAQ: GRWG), the largest chain of specialty hydroponic and organic garden centers, with currently 26 locations, today reported record revenue of $80 million for the 2019 fiscal year-end.
2019 Financial Highlights:
- Revenue of $80.0 million, up $51.0 million or 176% versus 2018.
- Revenue for Q4 2019 was $26 million versus $9.1 million for Q4 2018.
- Same store sales were up 62% for Q4 2019 versus Q4 2018.
- Same store sales were up 36% for fiscal year 2019 versus 2018.
- Total new store and acquired stores for 2019 totaled 11 new store locations.
- Fully deployed ERP platform across all locations.
- Up listed to the Nasdaq Exchange.
The Company's fiscal year ending 2019 record financial results reflect our continued focus on revenue growth and EBITDA expansion. Darren Lampert, Co-Founder and CEO
Lampert went on to say that "Revenue was up 176% year over year to $80 million. Our same store sales were up 62% Q4 2019 versus Q4 2018. For the full year, same store sales were up 36% versus full year 2018. Our online business is now branded GrowGen.Pro and is being integrated as part of our omni channel strategy with all our stores locations, " Order online and Pickup in store".
"GrowGeneration Management Corp, our commercial division, is now approaching a $20 million segment of the business. The Company completed the rollout of its new ERP platform and all of our store operations are on our ERP platform. The GrowGen ERP platform is designed to lower costs, improve departmental productivity, integrate our online and store sales and supply channels and provides forecasting and reporting tools."
"The 11 newly acquired stores and new store openings are all performing better than expected and have been successfully integrated into the operations of the overall Company. The Company is also investing in opening new store locations in markets that include St. Louis, Kansas City, Phoenix, Miami, Los Angeles and Chicago. In addition to the new store openings, the Company is working on several acquisitions that are expected to close in the first part of 2020. We are now trading on the NASDAQ exchange and proudly rang the closing bell on Dec 30, 2019. Guidance for 2020 will be released as part of our 2019 year-end report in the first quarter 2020."
To learn more about GrowGen, visit their company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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