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AeroGrow International, Inc. (OTCMKTS:AERO) Second Quarter Revenue Up 156%

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AeroGrow International Inc

For the quarter closed September 30, 2017, AeroGrow International, Inc. (OTCMKTS:AERO) posted revenue of $5.7 million, a jump of 156.1%, relative to the same quarter in the prior year. The jump was mainly due to in-store retail channel sales of almost $2 million with company’s newly bought retail accounts. In addition, they also witnessed improved sales at Amazon.ca and other web retailers. Sales in company’s direct-to-consumer channel also surged 10.4%, or $86,000.

The details

For the quarter closed September 30, 2017, aggregate dollar sales of AeroGarden units jumped by 302.8% from the previous year period following the timing of load-in of major AeroGarden retail sales in the ongoing year prior to company’s peak holiday season.

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The previous year sales didn’t have the same equivalent retail load-in for products that will be kept in-store during the holiday season. Accessory and seed pod kit sales jumped 67.3% over previous year period as their established base of AeroGardeners advances to grow. Sales of seed pod kits jumped from 57,000 to 99,000 units, mainly as an outcome of the increased size of AeroGrow’s active client database as new clients have moved in the company’s franchise.

The firm continues to spend advertising funds in attempt to strategically grow market awareness and continue measures implemented in the prior year. For FY2018, they plan to expand customer awareness of the AeroGrow product line and brand. During the quarter closed September 30, 2017, AeroGrow recorded advertising expenditures of $174,000, a 15.8% YoY jump versus the comparable period closed September 30, 2016.

The gross profit for the reported quarter came at 28.9% compared to 30.8% in the previous year period. During the quarter, the company witnessed lower margins on product sales on front of the retail channel that conventionally have lower margins and are crushed by allowances on product load-in and estimates for returns.

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