Customer Retention Drives GrowGeneration’s Q3 Results: Sales Up, Revenue Down
GrowGeneration Corp. (NASDAQ:GRWG), a major U.S. retailer of hydroponic and organic gardening products, reported its Q3 2024 financial results Tuesday afternoon with a mixed performance. Net sales declined 10.2% year-over-year, totaling $50 million, down from $55.7 million in the same quarter of 2023.
The drop was driven by the closure of 25 retail locations as part of the company’s ongoing restructuring. However, positive momentum was seen in same-store sales, which grew by 12.5%, buoyed by strong commercial sales and robust customer retention.
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Gross Profit And Margins Under Pressure
Gross profit fell by 33.2%, decreasing from …