Business
GrowGeneration Preannounces Record Full-Year 2020 Revenues and Increases Preliminary 2021 Guidance
Record 2020 Revenue of $192 Million, Up 140% Same-Store Sales Up 63% 2021 Revenue Guidance Raised to $335 million-$350 million 2021 Adjusted EBITDA Guidance
About this update from Growgeneration Corp.
[{"type":"text","content":"Record 2020 Revenue of $192 Million, Up 140% Same-Store Sales Up 63% 2021 Revenue Guidance Raised to $335 million-$350 million 2021 Adjusted EBITDA Guidance Raised to $38 million - $40 million Projected Number of Operating Garden Centers in 2021 Increased to 55 DENVER, Colo., Jan. 11, 2021 /PRNewswire/ -- GrowGeneration Corp. (NASDAQ: GRWG), (\"GrowGen\" or the \"Company\"), the nation's largest chain of specialty hydroponic and organic garden centers with 39 locations across 11 states, today reported preliminary record full-year 2020 revenue of $192 million, versus $80 million for 2019, an increase of 140%. As the Company continues to outpace guidance, it is increasing its 2021 revenue guidance range to $335 million-$350 million.\n\n \n \n \n \n \n \n\n \n2020 Financial Highlights:\nFull-year 2020 revenue rose 140% to $192 million, versus $80 million for full-year 2019. Fourth quarter 2020 revenue rose 142% to $61.5 million, versus $25.4 million for fourth quarter 2019. Same-store sales were up 63% for full-year 2020 versus full-year 2019. Same-store sales were up 58% for fourth quarter 2020 versus fourth quarter 2019. A total of 14 new and acquired store locations in 2020, increasing locations nationwide to 39.\"We delivered strong shareholder value in 2020, with triple-digit revenue growth despite unprecedented challenges and an uncertain environment. This growth came through strategic acquisitions of best-in-class hydroponic stores, exceptional same-store sales growth, and the expansion of our omnichannel and private label offerings – a strategy we will accelerate this year,\" said GrowGen CEO Darren Lampert. \"We expect significant revenue growth in the year ahead as we continue to execute on these initiatives. Accordingly, we have raised our 2021 revenue guidance to $335-$350 million, our 2021 adjusted EBITDA guidance to $38 million - $40 million, and increased the number of projected GrowGen store locations to 55.\"\nUpcoming Investor Events\nLampert is scheduled to present at the Virtual ICR Conference 2021 on Tuesday, January 12 at 11:30 AM ET. The Company will hold one-on-one meetings with institutional investors during the conference.\nAbout GrowGeneration Corp.:\nGrowGen owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGen has 39 stores, which include 5 locations in Colorado,...