The Scotts Miracle-Gro Company recently closed in fiscal second quarter ending March 29. Company-wide sales were up roughly 7% compared to one year ago. However, Scotts LawnService sales specifically were down 12% to $28.9 million in the second quarter, primarily due to a delay in the start of the spring season.
The Scotts LawnService segment reported an operating loss of $20.3 million for the quarter, compared with a loss of $17 million during the same quarter a year ago.
For the first six months of its current fiscal year (October 2013 through March 2014), Scotts LawnService sales were down 3% percent.
Licensing agreements
In other company news, Scotts Miracle-Gro and its exclusive licensing agency, Seltzer Licensing Group, announces two new licensing partners and several new products to complement its existing offering.
The addition of TTI Group (outdoor power tools) and West Chester Protective Gear (lawn and garden gloves) brings the total number of licensing partners to nine.
New products are to include a line of cordless outdoor power tools from TTI. The Scotts Sync System includes a string trimmer, hedgetrimmer, chainsaw and blower—all powered by a 20V Lithium-Ion battery. The charging station allows the user to charge the battery on the tool or alone like a traditional charger.
