Scotts Miracle-Gro announces record second quarter results

Scotts Miracle-Gro Co. announced last week that high levels of consumer demand and strong retailer support resulted in record second quarter results - including a 19 percent improvement in company-wide sales.

Consumer purchases of the company's products at its major U.S. retailers were up 7 percent fiscal year-to-date through the quarter, which ended April 3. Strong growth in April led to fiscal year-to-date improvement of 11 percent through May 2. Nearly 40 states have reported double-digit increases in consumer purchases with growth in every consumer category.

Based on the robust start to the season, the company raised its full-year outlook for adjusted earnings to $3.25 per share or better, compared with previous guidance of $3.00 to $3.10 per share.

“We couldn't be more pleased with the level of consumer engagement we're seeing and the support we're receiving from our retail partners,” said Jim Hagedorn, chairman and chief executive officer. “The sell-in to our retailers in the second quarter was extremely strong and our brands are once again front and center in driving growth in the lawn and garden category. We appear to be on our way to another year of record results and believe adjusted earnings will be at least $3.25 per share. The next several weeks remain critical to the year and we expect to provide an update to our outlook in mid-June.”

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