Thank you Michael. Good morning and welcome to our first quarter 2021 earnings call.
Before I begin with my prepared remarks about the quarter, I’d like to thank each and every one of our staff and customers for their hard work, dedication and loyalty. The company generated revenue of $90 million in the quarter, a 173% increase year-over-year with a 51% increase in same store sales. The company earned $0.10 per share on a record GAAP net income of $6.1 million. Record adjusted EBITDA was over $11 million for first quarter 2021 versus $2.4 million for first quarter 2020, an increase of 364% over the same quarter last year.
As we continue to expand our operations and serve more customers, we are increasing fiscal year 2021 revenue guidance to $450 million to $470 million and increasing adjusted EBITDA guidance for 2021 for $54 million to $58 million.
The first quarter was very busy for us, and that pace has not abated. We added 14 new locations year to date and plan to acquire at least six additional stores that represent the best in market operations.
Additionally, we plan to greenfield six new locations this year in markets such as California, Mississippi, Oklahoma, New York and New Jersey. That would bring our total location count to at least 65 at the end of 2021, and we remain on target to achieve over 100 locations by 2023. In the first quarter, we had over 100,000 walk-in customers per month to our hydroponic garden centers.
Our ecommerce channel grew 126% to $4.4 million in the quarter versus $1.9 million for the same period last year. Ecommerce transactions were up almost three times to over 17,000 transactions in 2020 compared to 6,300 in 2019, and attracted over 1.2 million unique visitors to growgeneration.com.
We continue to see strong growth coming from our ecommerce websites.
We continue to focus on margin expansion strategies that include furthering the deployment of more private label products, acquisitions of proprietary products, and driving more efficiencies at the purchasing level as we continue to scale and grow top line revenue.
Our private label sales were $5.6 million in the first quarter 2021, representing 6.2% of our overall revenue despite port delays and supply chain interruptions.
As we have said before, we plan to derive a projected 10% of our revenue from our private label product offerings for full year 2021.
Over the past six months, we acquired two of our industry’s top selling product brands, Power SI, a silicic acid-enriched additive, and Char Coir, the highest grade coco coir substrate available on the market today with a special growing coco cube that is revolutionizing the growing industry. Both of these proprietary brands are now fully integrated into our supply chain and are expected to contribute well over $10 million each in revenue in 2021.
In addition, on March 19, 2021 the company purchased the business-to-business website, Agron.io, a leading agricultural portal that allows commercial growers to manage their purchasing and logistics in one platform.
Our best-in-class staff is now over 600 with over 500 of our teammates experienced grow pros.
We have created the largest sales team of hydroponic product specialists in the country.
Our steadfast focus on rapid, strategic growth in key markets, both organically and through acquisitions, has resulted in our record revenue and EBITDA. With 900,000 square feet of retail and warehouse space, GrowGen continues to build the largest chain of super hydroponic garden centers in the U.S. that service commercial, retail and craft growers.
We expect new acquisitions and new store openings to continue through the remainder of 2021 that will continue to drive growth and help us achieve our planned 55-plus locations in 2021. GrowGen has a tremendous team of essential employees who have made a commitment to our company and customers, and I could not be any prouder. I am inspired by their efforts and dedication as they have worked tirelessly to service our customers and communities. I will now turn the call over to Tony Sullivan, our Chief Operating Officer who will brief everyone on our key operating initiatives executed in first quarter 2021, and then turn the call to our CFO, Jeff Lasher who will provide more financial details on our first quarter 2021 results. Tony?