Scotts Miracle-Gro Company reports 7% drop in Q1 sales

The Scotts Miracle-Gro Company SMG released its first quarter results on December 31, 2022, showing net sales of $526.6 million, a 7% decrease compared to $566 million in Q1 2022, according to the Scotts Miracle-Gro Company SMG.

Jim Hagedorn, Chairman and CEO, stated that the first quarter reflects our disciplined approach to reorient the business and strengthen the operational and financial performance of the company. ScottsMiracle-Gro is positioned for long-term growth and shareholder value. We are comfortably within our leverage requirement and expect to stay on this trajectory through the fiscal year. We have line of sight to annual savings above the initial $185 million target for Project Springboard, creating opportunities for investors to invest in the business.

Record December shipments in the U.S. consumer business contributed to a strong early season buildout demonstrating confidence in the lawn and garden season. We focus on early consumer engagement and POS lifts in coordination with retail partners. Hawthorne continues to manage a challenging market, but we are committed to returning the business to profitability by the end of the year. We are well prepared to execute our full-year plan and are in a stable place. The company updated its outlook on fiscal 2023 as compared to fiscal 2022 as follows:

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