Scotts sees gains in Q3
Marysville, Ohio-based Scotts Miracle-Gro Company reported gains in both sales and earnings for its third quarter ended June 29.
The lawn-and-garden giant reported sales of $1.2 billion, up 7.5 percent from $1.1 billion in the same quarter last year. Net income rose to $132 million, up from $44 million in the year-ago quarter.
“Despite a sluggish start to the lawn and garden season, we successfully delivered significant POS growth, profitability and share gains across our consumer products portfolio through the fiscal third quarter,” said Jim Hagedorn, chairman, CEO and president.
U.S. Consumer net sales increased 11 percent to $1 billion from $0.9 billion in the same period last year. U.S. Consumer segment favorability was mainly driven by shipment volume to support incremental seasonal promotional activity, the company said.
“Consumer engagement with our brands has remained high through fiscal ‘24, and we expect to drive continued participation through the fall with well-timed media and promotional plans in conjunction with our retail partners,” said Matt Garth, chief financial and administrative officer.
The company pointed to strong marketing activity as a boost to business.
“Through our retail partnerships, we created success for them and us,” Hagedorn said. “Our marketing initiatives and joint promotional efforts brought people into the stores in significant numbers, outperforming tepid retailer foot traffic.”
The quarter saw media and promotions activities that centered on Martha Stewart and Scott for Scotts, the company said.