: Cresco Labs loss narrows but revenue falls #FinanceUSA #StockMarketNEWS Cresco Labs Inc. said Tuesday its third-quarter loss narrowed to .25 million from 3.5 million in the year-ago period, which
@stockMarketNEWS Wed 16 Nov, 2022
Cresco Labs loss narrows but revenue falls #FinanceUSA #StockMarketNEWS
Cresco Labs Inc. said Tuesday its third-quarter loss narrowed to .25 million from 3.5 million in the year-ago period, which included a 1 million impairment loss. The Chicago-based cannabis company did not provide a loss per share figure. Third-quarter revenue dropped to 0.48 million from 5.48 million in the year-ago period. Analysts were expecting Cresco Labs to lose a penny a share on revenue of 0.4 million, according to FactSet data. Cresco Labs co-founder and CEO Charles Bachtell said the company closed underperforming facilities and the sell through of related inventory to save costs. "While this had a short-term negative impact on gross margin in third quarter, it was the right thing to do to align our cost structure and optimize our operations ahead of closing the Columbia Care transaction and in furtherance of our commitment to improved margin growth in the coming quarters," Bachtell said. Shares of Cresco Labs are down 48.3% in 2022 compared to a 28.4% loss by the Nasdaq .
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