Q3 2024 Jushi Holdings Inc Earnings Call Transcript
Key Points
- Jushi Holdings Inc (JUSHF) reported a gross profit margin improvement to 45.4% from 43.6% year-over-year, indicating better cost management and operational efficiencies.
- The company achieved a 73% year-over-year increase in sales in Ohio, showcasing strong growth potential in this market.
- Jushi Holdings Inc (JUSHF) is actively expanding its retail footprint with plans to open seven new stores by mid-2025, representing a 20% increase in its store base.
- The company successfully refinanced its first lien credit facility, which should improve its financial flexibility and support future growth initiatives.
- Jushi Holdings Inc (JUSHF) is implementing a 'seven and seven' program to significantly increase its retail presence, aiming for a 40% increase in store count by mid-2026.
- Revenue for the third quarter decreased to $61.6 million from $65.4 million in the prior year, primarily due to price compression and increased competition.
- The company faced operational challenges in Pennsylvania and Massachusetts, leading to missed sales opportunities and impacting overall performance.
- Jushi Holdings Inc (JUSHF) experienced a net loss of $16 million for the third quarter, although this was an improvement from the previous year's loss.
- The company had to discount products in Virginia due to regulatory changes, which negatively impacted margins by approximately 700 basis points.
- Jushi Holdings Inc (JUSHF) is dealing with affordability challenges among consumers, exacerbated by macroeconomic factors such as inflation and high interest rates.
Good afternoon. My name is Anthony and I will be your conference operator today.
At this time, I would like to welcome everyone to Jushi's Holdings Inc's third quarter, 2024 earnings conference call.
Today's call is being recorded.
I will now turn the call over to Trent Walle, chief strategy strategy director. Thank you and please go ahead.
Good afternoon and thank you for joining us today on Jushi's third quarter, 2024 earnings conference call. My name is Trent Wolek and I am the Chief strategy Director at GC Holdings Inc. With me on today's call are Jim Cacioppo, our Chairman and Chief Executive Officer, John Barrick, our President and Chief Revenue Officer and Michelle Moser, our Chief Financial Officer.
This call is also being broadcast live over the internet and can be accessed from the investor relations section of the company's website at Ir dot Juicy code dotcom. In addition to the company's GAAP results management will also provide supplementary results on a non-GAAP basis.
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