GrowGeneration sees Q3 revenue over $53M, consensus $54.7M

The company states: “Second quarter 2024 net revenue is expected to be over $53 million, a sequential increase of at least 10.6% compared to $47.9 million in the prior quarter. The Company also announced a comprehensive restructuring plan focused on long-term profitability and advancing growth initiatives in key areas such as proprietary brands, B2B, and e-commerce. The strategic plan will include improvements in inventory management, sales and marketing activities, and other aspects of operations, and is expected to generate margin gains and approximately $12 million in cost savings realized over the next 12 months. Focus on Proprietary Brands: Targeting proprietary brands to account for 35% of total sales by end of 2025. Continue to launch e-commerce enabled, brand-specific websites. The Harvest Company e-commerce enabled website went live already and is available at www.theharvestco.com. Add approximately 50 new products to the proprietary brands lineup over the next 12 months.”