Scotts Miracle-Gro Q3 FY20 sales jump 28%

06 Aug '20

2 min read

Pic: Scotts Miracle-Gro

The Scotts Miracle-Gro Company, a marketer of branded consumer lawn and garden as well as indoor and hydroponic growing products, reported 28 per cent sales growth to $$1.49 billion in its third quarter (Q3) fiscal 2020 ended on June 27, 2020 compared to $1.17 billion in Q3 FY19. Net income for the quarter was $203.3 million (Q3 FY19: $201.6 million).

“Our results this year continue to exceed our most optimistic expectations and are a testament to the critical nature of the categories in which we compete, the commitment of our retail partners, and the loyalty of the consumers and cultivators who rely on our products for their success,” Jim Hagedorn, chairman and chief executive officer at Scotts Miracle-Gro, said in a press release.

Gross profit for the quarter grew to $526.7 million ($423.4 million). Income from operations rose to $284.5 million ($258.2 million).

US Consumer sales jumped 21 per cent to $1.07 billion ($889.1 million). Hawthorne sales were up 72 per cent to $302.9 million ($176.3 million).

“As we enter the final weeks of fiscal 2020 and prepare for the start of our next fiscal year, we remain optimistic about the strength of our business as well as our ability to continue to enhance shareholder value,” Hagedorn said.

Fibre2Fashion News Desk (JL)

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