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Hydrofarm Holdings Group ( (HYFM) ) just unveiled an update.
Hydrofarm Holdings Group reported a decrease in net sales for the third quarter of 2024 to $44 million, attributed to oversupply in the cannabis industry. Despite the sales dip, the company achieved a higher gross profit margin due to strategic cost-saving measures and a focus on proprietary brands. The net loss improved to $13.1 million, and Hydrofarm reaffirmed a positive full-year outlook, emphasizing continued operational efficiencies and restructuring efforts to enhance financial performance.
See more insights into HYFM stock on TipRanks’ Stock Analysis page.