MedMen Reports First Quarter Fiscal Year 2021 Financial Results First quarter revenue of $35.6 million, up 31% from the previous quarter Gross margin improved from 40% to 47% sequentially and retail gross margin improved from 49% to 54% sequentially Reduced total SG&A expenses by 21% sequentially and corporate SG&A by 29% sequentially Secured financing commitments of over $20 million during the quarter Named Tracy McCourt, formerly in a senior management role at Zappos, as Chief Revenue Officer
LOS ANGELES, December 07, 2020–(BUSINESS WIRE)–MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF), a cannabis retailer with operations across the U.S., today released its consolidated financial results for its first quarter fiscal 2021 ended September 26, 2020. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
This past quarter was a transformational one for the Company as we grew revenue, improved profitability across our retail footprint and strengthened our balance sheet.
MedMen Interim Chief Executive Officer Tom Lynch
With the strength of our team and support of our capital partners, we are ahead of schedule with respect to our turnaround plan. As we get closer to achieving company-wide profitability, we remain committed to growing the MedMen brand and maintaining our position as the leading cannabis retailer in the U.S.
First Quarter Financial Highlights:
Revenue1: Net revenue across MedMen’s operations in California, Nevada, New York, Illinois and Florida was $35.6 million for the first quarter, up 31% sequentially. Gross Margin2: Company-wide gross margin rate was 47% in the first quarter compared to 40% in the previous quarter. Retail gross margin rate was 54% in the first quarter compared to 51% in the previous quarter. SG&A Expenses: General and administrative expenses of $31.9 million in the first quarter, a 21% decrease from the previous quarter and 47%