Scotts Miracle-Gro 4Q Loss Narrows

MARYSVILLE, Ohio (AP) — The Scotts Miracle-Gro Co. said Thursday its fiscal fourth-quarter loss narrowed, crediting a sales increase stemming from continued strong consumer demand for lawn and garden products.

For the quarter ended Sept. 30, Scotts posted a loss of $14.9 million, or 23 cents per share, compared with a loss of $34.7 million, or 54 cents per share, for the same quarter last year.

Excluding charges related to the closure of its upscale Smith & Hawken retail chain along with product registration and recall matters, the company posted an adjusted loss of $21.5 million, or 33 cents per share, compared with an adjusted loss of $17.5 million, or 27 cents per share.

Scotts said in July that it would close Smith & Hawken by the end of the year. The Novato, Calif.-based business sells outdoor furniture, decor and lighting, gardening tools and plants.

Sales rose 7.2 percent to $583.4 million from $544.2 million.

The loss was in line with Wall Street predictions. Analysts polled by Thomson Reuters expected a loss of 33 cents per share on $555.7 million in revenue.