Outlining three-year plans to achieve an average annual growth rate of 3 percent and a return to historic adjusted gross margin rates above 30 percent Introducing U.S. Consumer and Hawthorne leadership teams and their midterm strategic and operating priorities Reaffirming fiscal year 2024 guidance on strength of year-over-year POS unit growth of 10 percent through June MARYSVILLE, Ohio, July 16, 2024 (GLOBE NEWSWIRE) -- The Scotts Miracle-Gro Company (NYSE:SMG), the world's largest marketer of branded consumer lawn and garden as well as a leader in indoor and hydroponic growing products, today is hosting a "Meet the Management" Investor Day at its headquarters and research and development facilities in Marysville, Ohio. "Over the past two years, we've been on a journey to transform our Company and return to a more shareholder friendly environment," said Jim Hagedorn, chairman, CEO and president. "We've made major progress on this front and are on track to our near-term targets. Looking to fiscal ‘25 through fiscal ‘27, we expect to further drive meaningful value by delivering significant gross margin improvement and consistent annual growth rates. "Investor Day is our opportunity not only to provide insights into these go-forward plans, but also to showcase the power and enduring nature of our franchise. The leadership team has brought a broader base of talent, experience and diversity of thought to our organization, and we're approaching our business with renewed enthusiasm, energy and momentum." Strategic Objectives and Plans to Deliver Shareholder Value Creation The Company will highlight its strategic and operational objectives for the next three years that will build upon its leading market positions in both the U.S.Consumer lawn and garden and Hawthorne businesses. The U.S. Consumer business is pursuing growth opportunities at emerging touchpoints, such as with omnichannel retail partnerships and Hispanic consumers. Additionally, investments in technology and infrastructure for predictive analysis and optimized service models are fueling margin growth and efficiency. Through these efforts, the U.S. Consumer business expects $150 million in supply chain cost savings over the next three years, a component of the Company's projected return to adjusted gross margin rates above 30 percent. The Company also continues to transform its Hawthorne subsidiary through its previously announced strategic pivot from distributor to branded solution provider. By focusing on its proprietary "Signature" brands, Hawthorne expects to meaningfully contribute to total Company adjusted earnings beginning in fiscal 2025 through single-digit net sales growth weighted towards higher-margin consumable versus durable products. Midterm Targets - Fiscal 2025 through Fiscal 2027 On a total Company basis, the Company expects to average 3 percent net sales growth through innovation, net pricing and synergistic mergers and acquisitions in near adjacencies in the U.S. Consumer business. The non-GAAP adjusted gross margin rate is expected to return to above 30 percent via improved volume and mix, net pricing averaging more than 1 percent per year, additional fixed cost leverage and over ...