Gardening Giant Scotts Miracle-Gro Reports 46% YoY Drop In Q4 Net Sales For Its Cannabis-Focused Subsidiary
The Scotts Miracle-Gro Company (NYSE:SMG) announced its results Wednesday for the full year and fourth quarter ended Sept. 30, 2024.
“Fiscal 2024 was a strong transition year for the Company in which we continued to transform the business while achieving meaningful top-and bottom-line growth in our core business,” said Matt Garth, the company’s CFO and chief administrative officer. “We made strategic investments in marketing and innovation to drive sales and support the long-term health of our brands powered by additional efficiency gains across our organization.”
Net sales for the company’s subsidiary for cannabis growers, Hawthorne Gardening Company, decreased 46% year-over-year to $80.5 million in the fourth quarter of fiscal 2024. The Ohio-based gardening giant reported this trend in the previous quarter as well, which it attributed to the previously announced discontinuation of its third-party distributed brands business.
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