GrowGeneration Provides Fourth Quarter and Full Year Updated Outlook with Record 2021 Annual Revenues
Full year revenue estimated between $420 million to $422 million, an increase of 118% over prior year Same-store-sales up 24.4% for full year 2021
DENVER, Jan. 13, 2022 /PRNewswire/ – GrowGeneration Corp. (NASDAQ: GRWG), (“GrowGen” or the “Company”), the nation’s largest chain of specialty hydroponic and organic garden centers, today announced revised full-year 2021 revenue expectations of $420 million to $422 million, versus $193 million for 2020, an increase of 118%. The fourth quarter revenue expectation is between $88 million to $90 million. Same-store-sales for 2021 is expected to grow 24.4% for the full year and decline 12.3% for the fourth quarter.
“We delivered strong shareholder value in 2021 with triple digit revenue growth despite unprecedented persistent challenges and an uncertain operating environment.” said GrowGen CEO Darren Lampert.
Although we continue to grow our business significantly, we experienced stronger-than-expected pressures in Q4 from the general slowdown in the hydroponics market. The sales results for Q4 combined with one-time expenses will result in a loss for the quarter of between $2 million and $4 million in EBITDA on an adjusted basis. We did improve our inventory position throughout the quarter to align inventory levels with sales activities.
GrowGen CEO Darren Lampert
As we remain focused on our long-term strategy, we continue to use the Company’s strong balance sheet and cash flow generation to drive growth by focusing energies and investments on new greenfield stores, business technology, distribution capabilities, private and proprietary brands, and integration of the Company’s e-commerce distribution channels. These initiatives, supported by a team-oriented approach, give us confidence in our ability to deliver revenue and EBITDA growth in 2022.
Lampert added, “We