Full year revenue estimated between $420 million to $422
million, an increase of 118% over prior
year
Same-store-sales up 24.4% for full year
2021
DENVER, Jan. 13, 2022 /PRNewswire/ -
GrowGeneration Corp. (NASDAQ: GRWG), ("GrowGen" or the
"Company"), the nation's largest chain of specialty hydroponic and
organic garden centers, today announced revised full-year 2021
revenue expectations of $420 million
to $422 million, versus $193 million for 2020, an increase of 118%.
The fourth quarter revenue expectation is between $88 million to $90
million. Same-store-sales for 2021 is expected to grow 24.4%
for the full year and decline 12.3% for the fourth quarter.
"We delivered strong shareholder value in 2021 with triple digit
revenue growth despite unprecedented persistent challenges and an
uncertain operating environment. Although we continue to grow our
business significantly, we experienced stronger-than-expected
pressures in Q4 from the general slowdown in the hydroponics
market. The sales results for Q4 combined with one-time expenses
will result in a loss for the quarter of between $2 million and $4
million in EBITDA on an adjusted basis. We did improve our
inventory position throughout the quarter to align inventory levels
with sales activities," said GrowGen CEO Darren Lampert. "As we remain focused on our
long-term strategy, we continue to use the Company's strong balance
sheet and cash flow generation to drive growth by focusing energies
and investments on new greenfield stores, business technology,
distribution capabilities, private and proprietary brands, and
integration of the Company's e-commerce distribution channels.
These initiatives, supported by a team-oriented approach, give us
confidence in our ability to deliver revenue and EBITDA growth in
2022. We believe the management team in place now is better suited
than any other team in the industry to drive profitable growth over
the next decade."
2021 Financial Highlights:
- Full year 2021 projected revenue between $420 million to
$422 million, versus $193 million for full-year 2020
- Full year 2021 projected EBITDA adjusted for stock-based
compensation between $31.5 million to
$33.5 million, versus $19.2 million for full-year 2020
- Same-store-sales increase of 24.4% for full-year 2021 compared
to 2020
- Same-store sales decrease of 12.3% for fourth quarter 2021
compared to the same year-ago period
- A total of 24 new and acquired store locations in 2021, now
with 62 locations nationwide
- On January 1, 2022, we acquired
Mobile Media, Inc, a leading indoor vertical mobile racking and
benching system manufacturer
The Company will provide more financial details in early March
2022.
About GrowGeneration Corp.:
GrowGeneration owns and operates specialty retail hydroponic and
organic gardening stores. Currently, GrowGeneration has 62 stores,
which include 23 locations in California, 8 locations in Colorado, 7 locations in Michigan, 5 locations in Maine, 5 locations in Oklahoma, 4 locations in Oregon, 3 locations in Washington, 2 locations in Nevada, 1 location in Arizona, 1 location in Rhode Island,1 location
in Florida, 1 location in
Massachusetts and 1 location in
New Mexico.
GrowGeneration also operates an online superstore for
cultivators at growgeneration.com and B2B e-commerce platform,
agron.io. and a leading manufacturer of indoor vertical racking
systems. GrowGeneration carries and sells thousands of
products, including organic nutrients and soils, advanced lighting
technology and state of the art hydroponic equipment to be used
indoors and outdoors by commercial and home growers.
Forward Looking Statements:
This press release may include predictions, estimates or other
information that might be considered forward-looking within the
meaning of applicable securities laws. While these forward-looking
statements represent our current judgments, they are subject to
risks and uncertainties that could cause actual results to differ
materially. You are cautioned not to place undue reliance on these
forward-looking statements, which reflect our opinions only as of
the date of this release. Please keep in mind that we are not
obligating ourselves to revise or publicly release the results of
any revision to these forward-looking statements in light of new
information or future events. When used herein, words such as "look
forward," "believe," "continue," "building," or variations of such
words and similar expressions are intended to identify
forward-looking statements. Factors that could cause actual results
to differ materially from those contemplated in any forward-looking
statements made by us herein are often discussed in filings we make
with the United States Securities and Exchange Commission,
available at: www.sec.gov, and on our website,
at: www.growgeneration.com.
Company Inquiries:
GrowGeneration Corp.
John Evans
415-309-0230
john.evans@growgeneration.com
Investor Contact:
ICR, Inc.
Clay Crumbliss, CFA
Managing Director
(203) 682-8387
clay.crumbliss@icrinc.com
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SOURCE GrowGeneration