Business
GrowGeneration Reports Record Second Quarter 2021 Financial Results
Record Revenue increased 190% to $125.9 million; Net Income of $6.7 million up 161%;Adjusted EBITDA of $14.5 million, a 229% increase;2021 Revenue Guidance
About this update from Growgeneration Corp.
[{"type":"text","content":"Record Revenue increased 190% to $125.9 million; Net Income of $6.7 million up 161%;Adjusted EBITDA of $14.5 million, a 229% increase;2021 Revenue Guidance Raised to $455 to $475 Million\nComparable Store Sales for the Quarter Increased 60% from Prior Year Record Diluted Earnings of $0.11 Per Share in the Quarter DENVER, Aug. 12, 2021 /PRNewswire/ - GrowGeneration Corp. (NASDAQ: GRWG), (\"GrowGen\" or the \"Company\"), the largest chain of specialty hydroponic and organic garden centers with 58 locations across 12 states, today reported record second quarter 2021 revenues of $125.9 million, versus $43.5 million in the same period last year.\n\n \n \n \n \n \n \n\n \nThe Company also reported record second quarter 2021 GAAP pre-tax net income of approximately $9.6 million compared to pre-tax net income of $2.7 million in the same period last year. Diluted earnings per share, inclusive of tax expense, was $0.11 compared to a $0.06 in the same period last year.\nNon-GAAP earnings before interest, taxes, depreciation, amortization and share-based compensation (Adjusted EBITDA) was $14.5 million, compared to $4.4 million in the same period last year, or $0.24 per share, versus $0.11 in the prior years quarter.\nDarren Lampert, GrowGeneration's Co-Founder and CEO stated, \"The GrowGen team delivered an exceptionally strong second quarter, with revenues up 190% compared to the same period last year, with same store sales up 60%. The entire enterprise generated more revenue in the first half of 2021 than all of 2020 and adjusted EBITDA in the first half of 2021 was more than all previous periods combined. For the year, we closed 12 acquisitions, adding 20 hydroponic retail locations, bringing our total store count to 58. Our ability to attract and purchase the \"best of breed\" and largest hydroponic operators in the country was again evident with our signing of HGS Hydro, the country's third largest hydroponic chain. The strategies implemented several quarters ago are now positively impacting margins. We increased our inventory positions across all key product categories to get ahead of price increases, as well as expanded more private label purchases. Our private-label and proprietary products now account for approximately 7% of our overall sales. I am proud and encouraged with our 170 basis point increase in gross profit margin. On a...