14768 Fri, 06/27/2008 - 12:14pm
BOULDER, Colo.–AeroGrow International posted a net loss of $9.8 million for its 2008 fiscal year, down from $10.4 million in the prior year, and reported revenues of $38.4 million, nearly three times its prior-year revenues.
Fiscal 2008, which ended on March 31, was the company’s second full year of operations, since it launched the AeroGarden line of indoor gardening products in March 2006. According to an AeroGrow statement, the company boosted its storefronts from less than 1,000 in March 2007 to more than 5,100 in March of this year. The company said sales of seed kits, grow-bulbs and accessories accounted for 18 percent of its revenues in fiscal 2008, up from 13 percent in fiscal 2007. It also expanded the product line to include differentiated gardens at retail price points ranging from $99 to $229.
Jerry Perkins, chief executive officer of AeroGrow, said he expected the company to further increase its storefronts to more than 8,600 in fiscal 2009. Perkins also said, however, that the company’s losses in fiscal 2008 were higher than expected, and that the company has started new initiatives to improve its cost controls.