ScottsMiracle-Gro Q3 2022 Hawthorne Sales Drop Due To Oversupply Issues In The Cannabis Industry
The Scotts Miracle-Gro Company (NYSE: SMG ) released financial results for the third quarter ended July 2, 2022, revealing that company-wide sales decreased 26 percent year-over-year to $1.19 billion. Q3 2022 Financial Highlights Gross profit was $236.6 million , an unfavorable decrease of 52% compared to gross profit of $494.6 million in the same quarter of 2021. GAAP and non-GAAP adjusted gross margin rates for the quarter were 19.9 percent and 25.5 percent, respectively. These compare to 30.7 percent and 30.8 percent, respectively, in the prior year. SGA decreased 30 percent to $135.8 million due to lower accruals for annual incentive compensation and cost-reduction … Full story available on Benzinga.com
ScottsMiracle-Gro Q3 2022 Hawthorne Sales Drop Due To Oversupply Issues In The Cannabis Industry
The Scotts Miracle-Gro Company (NYSE: SMG ) released financial results for the third quarter ended July 2, 2022, revealing that company-wide sales decreased 26 percent year-over-year to $1.19 billion. Q3 2022 Financial Highlights Gross profit was $236.6 million , an unfavorable decrease of 52% compared to gross profit of $494.6 million in the same quarter of 2021. GAAP and non-GAAP adjusted gross margin rates for the quarter were 19.9 percent and 25.5 percent, respectively. These compare to 30.7 percent and 30.8 percent, respectively, in the prior year. SGA decreased 30 percent to $135.8 million due to lower accruals for annual incentive compensation and cost-reduction … Full story available on Benzinga.com