The Scotts Miracle-Gro Q3 FY23 Net Sales Decline 6% YoY, Here Are The Details
Portfolio Pulse from Vuk Zdinjak
The Scotts Miracle-Gro Company (NYSE:SMG) reported a 6% YoY decrease in Q3 FY23 net sales to $1.12 billion. The Hawthorne segment sales decreased 40% to $93.4 million. The company attributes the decline to regional weather extremes, inflationary pressures, and price elasticity. The company expects total net sales to decline approximately 10% to 11% for the full year. The company's board of directors has approved the payment of a cash dividend of $0.66 per share.
August 04, 2023 | 11:05 am
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Scotts Miracle-Gro reported a decrease in Q3 FY23 net sales and expects a decline for the full year. However, a dividend of $0.66 per share has been approved.
The decrease in net sales and the expectation of a decline for the full year could negatively impact the stock price. However, the approval of a dividend could provide some support to the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100