Photo: Wikimedia Commons
Truth be told, we didn’t even realise that Scotts Miracle Gro — the maker of weed and lawn treatment products — was public. They’re never in the news.And then today they were in the news twice.
The first was when its CEO said it wanted to start targeting the burgeoning medical marijuana market because… well, why not.
That got a fair amount of amused headlines.
The second time we heard about them wasn’t so amusing though.
Thanks to “significant weather issue” the company just took a hatchet to its earnings outlook.
From the announcement:
“We needed to see a double-digit increase in consumer purchases in May and June but through mid-June we are still below last year’s levels in nearly every major market in the northern and western United States.” said Jim Hagedorn, chairman and chief executive officer. “Weather has been the primary driver for the shortfall all the way through May. We also were impacted by a more promotional retail landscape and changes in certain retailer strategies within the mass merchandise channel.”
The stock is sliding after hours.
So the company is going to pot literally (the weed news) and figuratively, the ugly outlook.
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