DENVER, Jan. 8, 2020 /PRNewswire/ - GrowGeneration Corp. (NASDAQ: GRWG), ("GrowGen" or the "Company"), the largest chain of specialty hydroponic and organic garden centers, with currently 26 locations, today reported record revenue of $80 million for the 2019 fiscal year end.
2019 Financial Highlights:
Revenue of $80.0 million, up $51.0 million or 176% versus 2018.
Revenue for Q4 2019 was $26 million versus $9.1 million for Q4 2018.
Same store sales were up 62% for Q4 2019 versus Q4 2018.
Same store sales were up 36% for fiscal year 2019 versus 2018.
Total new store and acquired stores for 2019 totaled 11 new store locations.
Fully deployed ERP platform across all locations.
Up listed to the Nasdaq Exchange.
Darren Lampert, Co-Founder and CEO, said, "the Company's fiscal year ending 2019 record financial results reflect our continued focus on revenue growth and EBITDA expansion. Revenue was up 176% year over year to $80 million. Our same store sales were up 62% Q4 2019 versus Q4 2018. For the full year, same store sales were up 36% versus full year 2018. Our online business is now branded GrowGen.Pro and is being integrated as part of our omni channel strategy with all our stores locations, " Order online and Pickup in store". GrowGeneration Management Corp, our commercial division, is now approaching a $20 million segment of the business. The Company completed the rollout of its new ERP platform and all of our store operations are on our ERP platform. The GrowGen ERP platform is designed to lower costs, improve departmental productivity, integrate our online and store sales and supply channels and provides forecasting and reporting tools.
The 11 newly acquired stores and new store openings are all performing better than expected and have been successfully integrated into the operations of the overall Company. The Company is also investing in opening new store locations in markets that include St. Louis, Kansas City, Phoenix, Miami, Los Angeles and Chicago. In addition to the new store openings, the Company is working on several acquisitions that are expected to close in the first part of 2020. We are now trading on the NASDAQ exchange and proudly rang the closing bell on Dec 30, 2019. Guidance for 2020 will be released as part of our 2019 year-end report in the first quarter 2020."
About GrowGeneration Corp.:
GrowGen owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGen has 26 stores, which include 5 locations in Colorado, 5 locations in California, 2 locations in Nevada, 1 location in Washington, 4 locations in Michigan, 1 location in Rhode Island, 4 locations in Oklahoma, 3 locations in Maine and 1 location in Oregon. GrowGen also operates an online superstore for cultivators, located at HeavyGardens.com. GrowGen carries and sells thousands of products, including organic nutrients and soils, advanced lighting technology and state of the art hydroponic equipment to be used indoors and outdoors by commercial and home growers. Our mission is to own and operate GrowGeneration branded stores in all the major states in the U.S. and Canada. Management estimates that roughly 1,000 hydroponic stores are in operation in the U.S. By 2020 the market is estimated to reach over $23 billion with a compound annual growth.
Forward Looking Statements:
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as "look forward," "believe," "continue," "building," or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings we make with the United States Securities and Exchange Commission, available at: www.sec.gov, and on our website, at: www.growgeneration.com.