Boulder’s AeroGrow reports hydroponics revenue boost for owner Scotts Miracle-Gro
Published: Aug 15, 2017, 5:53 pm • Updated: Aug 15, 2017, 5:53 pm
By Shay Castle, Daily Camera
Boulder-based AeroGrow, a maker of indoor gardens, reported revenue of $2.5 million for the quarter, an increase of 14 percent from last year. Sales were boosted by a nearly 25 percent growth in direct-to-consumer sales, as well as stronger sell-through in brick-and-mortar.
“The strong consumer demand and retailer support that we have experienced over the past year has given us an outstanding start to our fiscal year,” President and CEO J. Michael Wolfe said in a statement.
Eye on Scotts
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Scotts Miracle-Gro is majority owner of AeroGrow, which is overseen by subsidiary Hawthorne Gardening Co. In recent years, the lawn-and-garden giant has worked to establish itself in the hydroponics sector, a popular method for growing cannabis.
Losses were also up as spending on advertising, infrastructure and personnel grew. AeroGrow saw $728,000 in loss during the quarter, up from $653,000 last year. Cash on hand was $8.2 million.
The company expects retail sales to grow with expanded distribution into Macy’s, Kohl’s and Home Depot in the U.S. and Hudson’s Bay and Canadian Tire stores in Canada.
Shares of AeroGrow were up more than 12 percent on Tuesday, closing at $2.53.
Cannabist staff contributed to this report.
This story was first published on DailyCamera.com
Topics: AeroGrow International, Boulder, Colorado, Hawthorne Gardening Co., hydroponics, Scotts Miracle-Gro
