MedMen Revenue Increases 4% Sequentially in Q3 to $45.9 Million
Posted On May 27, 2020
- Designated News Release Third quarter revenue of $45.9 million, up 41% year over year Corporate SG&A decreased by 35% sequentially and 51% from the prior year period Strengthened balance sheet through combination of equity, debt and sale of non-core assets Achieved first month of positive after-tax cash flow across retail footprint
- Across its national retail footprint, the Company recorded a four-wall Adjusted EBITDA margin after local taxes and distribution expenses of 5%, compared to an 8% loss in the previous quarter, primarily driven by reduced payroll costs and local taxes.
- Retail Cash Flow: For the month of March, the Company recorded positive after-tax cash flow (including estimated state, local and federal taxes) across its national retail footprint due to gross margin improvements, cost optimization initiatives and reduction in local taxes.
- MedMen refers to certain non-IFRS financial measures such as Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortization, less certain non-cash equity compensation expense, including one-time transaction fees and all other non-cash items), four-wall retail gross margins, Retail Cash Flow and
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