GrowGeneration hits 17-mth low on cutting FY revenue outlook

GrowGeneration

13/01/2022 15:41

** Shares of farm supplies seller  GRWG.O  fall as much as
~12% to $9.82, their lowest level since Aug. 2020
    ** Stock last down ~10%, set for second straight day of
declines
    ** GRWG sees FY 2021 rev between $420 mln and $422 mln, down
from its prior forecast range of $435 mln-$440 mln
 urn:newsml:reuters.com:*:nASA02XDT urn:newsml:reuters.com:*:nL4N2S23N8
    ** Co's FY rev outlook also lower than analysts' est of
$437.6 mln, according to Refinitiv IBES
    ** Sees Q4 rev of $88 mln to $90 mln, also below est of
$105.7 mln; expects Q4 same-store sales to decline 12.3% 
    ** Co saw stronger-than-expected pressures in Q4 from the
general slowdown in the hydroponics market - CEO Darren Lampert
    ** GRWG shares fell ~68% in 2021

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))