Scotts Miracle-Gro Q1 results somewhat flat
The Scotts Miracle-Gro Company released its fiscal first-quarter results, which were in line with the company's expectations but showed little year-over-year movement.
Net sales for the three months ended Dec. 28, 2013, were $196.4 million, down 5% compared with the same quarter last year. The company attributed the decline to the timing of pre-season shipments to retailers.
Net income marked a 2% improvement, though the company has been operating at a loss. Income for the quarter was a loss of $103.4 million, a slight improvement over last year's loss of $105.1 million.
"While most of North America is gripped by winter, our sales, marketing and supply chain teams are working diligently to ensure a strong start to the lawn and garden season," said Jim Hagedorn, chairman and CEO. "In markets where gardening activity is occurring, we see solid levels of consumer participation, which gives us continued confidence in our plans for the year."
Scotts Miracle-Gro reaffirmed its fiscal 2014 outlook of a 2 to 3% increase in company-wide net sales. This projection is predicated on flat unit volume, modest price increases in the Global Consumer segment and growth in the Scotts LawnService business.