Scotts Miracle-Gro sales slow

Scotts Miracle-Gro (SMG) based in Marysville, Ohio, announced company-wide sales in the quarter decreased 24% to $566 million. While its U.S. Consumer segment saw nearly $11 million profit.

For the company’s fiscal first quarter ending January 1, 2022, the company reported sales of $566 million, down 24% from $748.6 million a year ago.

The company reported U.S. Consumer segment sales decreased 16% to $342.4 million. The segment reported income of $10.7 million, compared with the record result of $45.3 million a year ago. The result marked only the second time the segment has recorded a profit in the first quarter, said the company.

First quarter sales for the Hawthorne segment decreased 38% to $190.6 million. The decline, which was against growth of 71% for the same period a year ago, had been previously announced and was driven primarily by an over-supply of cannabis grown in state-authorized markets.

The Bottom Line: Scotts Miracle-Gro Company had sales decreases of 24% to $566 million.

What the CEO said: “The U.S. Consumer segment continues to exceed our expectations and got off to a good start, especially given the difficult comparison from the 147% growth the segment reported in the first quarter a year ago,” said Jim Hagedorn, chairman and CEO.

“Consumer purchases at our largest retail partners increased 3% in units for the quarter and 9% in dollars against 40% growth for each measure a year ago.”

Company info: Click HERE to read the fiscal Q1 financial report from Scotts Miracle-Gro.