- The Scotts Miracle-Gro Company (NYSE: SMG), the world’s leading marketer of branded consumer lawn and garden as well as indoor and hydroponic growing products, today announced company-wide sales increased 16 percent in its fiscal second quarter driven by strong volume growth in both major business segments.
- Even in the face of extremely difficult comparisons over the past two months, we are continuing to see strong year-over-year increases, giving us confidence that sales for the segment will increase approximately 30 to 35 percent for the full year, compared to our original sales guidance of 12 to 15 percent growth.
- The reconciliations of non-GAAP disclosure items include the following financial measures that are not calculated in accordance with GAAP and are utilized by management in evaluating the performance of the business, engaging in financial and operational planning, the determination of incentive compensation, and by investors and analysts in evaluating performance of the business: Adjusted gross profit : Gross profit excluding impairment, restructuring and other charges / recoveries.
- During the three and six months ended March 28, 2020, the Company incurred costs of $3.1 million in the Cost of sales impairment, restructuring and other line in the Condensed Consolidated Statements of Operations and incurred costs of $0.7 million in the Impairment, restructuring and other line in the Condensed Consolidated Statements of Operations associated with the COVID-19 pandemic primarily related to premium pay and incremental cleaning costs.
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