GrowGeneration Expects $53M Q2 Revenue, Announces $12M Cost-Cutting Plan
GrowGeneration Corp. (NASDAQ:GRWG), one of the nation’s top providers of hydroponic and organic gardening products, announced certain preliminary unaudited results Monday for the second quarter of 2024, alongside a strategic restructuring plan aimed at boosting profitability. The company’s net revenue is projected to surpass $53 million, marking a 10.6% increase from the previous quarter’s $47.9 million.
Restructuring Plan Targets $12 Million Savings
The restructuring plan is designed to save approximately $12 million over the next year. Key areas of focus include enhancing proprietary brands, digital transformation and streamlining operations. GrowGeneration aims for proprietary brands to constitute 35% of total sales by the end of 2025, adding around 50 new products within the next 12 months. The company has also launched an e-commerce website for The Harvest Company and plans to introduce a B2B e-commerce portal by Q4 2024.
GrowGeneration Closes 19 Stores For Efficiency
Operational streamlining involves closing 19 underperforming stores, …