AeroGrow's revenue, income increases
Last Updated: 15:16 February 12, 2014
The Boulder-based company's bottom line also improved, going from a $297,000 net loss for the same period last year to net income of $302,000, or 1 cent per share, this year.
AeroGrow sells the Miracle-Gro AeroGarden line of soil-free indoor gardens, seed pod kits and accessories.
The increase in revenue was due largely to a 289 percent year-over-year increase in retail channel revenue to $2.4 million. Direct-to-consumer revenue also increased 8 percent to $2.5 million.
AeroGrow president Mike Wolfe said successful launches at Costco.com and The Home Depot and growth at Amazon helped drive the retail sales.
In April, The Scotts Miracle-Gro Co. made a $4.5 million equity investment and intellectual property acquisition that resulted in a 30 percent ownership interest in AeroGrow. The agreement also allowed AeroGrow to use the Miracle-Gro brand name.
"This holiday season marked the first real selling opportunity since we formed our partnership with The Scotts Miracle-Gro Company, and I'm proud to report our strong growth across all key sales channels," Wolfe said.
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