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Scotts announces record growth for fiscal 2010

Marysville, Ohio-based Scotts Miracle-Gro reported record sales of $3.14 billion for fiscal 2010, a 5% increase over last year.

Net income of $204.1 million was up 33% from $153.3 million in 2009.

"Every business unit exceeded its original plan, leading to record performance in fiscal 2010," said Jim Hagedorn, chairman and CEO. "The strength of the core consumer business in particular demonstrates the resiliency of the lawn and garden category, especially of our brands. The strong spring season was followed by a challenging summer. However, fall lawn care activity is the highest we have ever experienced."

For the fourth quarter ended Sept. 30, the company posted a loss of $32.6 million, compared with a loss of $14.9 million in the fourth quarter last year. Sales for the quarter were $475.7 million, down 9.0% from $522.5 million.

"The sales decline in the quarter is in line with expectations due to the calendar shift and early season increases in retail inventory levels," Hagedorn said. "The strong consumer activity we have seen throughout the fall lawn care season is allowing us to finish the fall season with appropriate levels of retail inventory, which leaves us well positioned for next year's growing season."

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