Hydrofarm Holdings Group (NASDAQ: HYFM), a leading manufacturer and distributor of hydroponics equipment and supplies, announced its financial results for the first quarter of 2023.
Bill Toler, Hydrofarm chairman stated: “I am proud of our team who has worked tirelessly to execute our restructuring and related cost savings initiatives while navigating the challenging operating environment as the broader industry finds its way through supply/demand imbalances."
Financial Highlights For Q1 2023 Compared To Q1 2022
- Net sales decreased to $62.2 million compared to $111.4 million.
- Gross Profit decreased to $11.4 million compared to $16.6 million. Adjusted Gross Profit(1) was $14.1 million compared to $22.3 million.
- Gross Profit Margin increased to 18.3% of net sales compared to 14.9%. Adjusted Gross Profit Margin(1) increased to 22.6% of …