Business
Latham Group, Inc. Reports First Quarter Fiscal 2023 Financial Results
Affirms Fiscal 2023 Guidance LATHAM, N.Y., May 09, 2023 (GLOBE NEWSWIRE) -- Latham Group, Inc. (“Latham” or “the Company”) (Nasdaq: SWIM), the largest
About this update from Latham Group, Inc.
[{"type":"text","content":"Affirms Fiscal 2023 Guidance\nLATHAM, N.Y., May 09, 2023 (GLOBE NEWSWIRE) -- Latham Group, Inc. (“Latham” or “the Company”) (Nasdaq: SWIM), the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand, today announced financial results for the first quarter of its fiscal year 2023 ended April 1, 2023. First Quarter Fiscal 2023 Highlights: Net sales of $137.7 million, down 28.1% year-over-yearNet loss of $14.4 million versus net loss of $2.8 million in the prior year period, representing a 10.4% net loss marginAdjusted EBITDA of $11.0 million, representing an 8.0% Adjusted EBITDA margin “Our operational execution enabled us to deliver first quarter results above our expectations in spite of the continued challenging macroenvironment and a difficult year-over-year comparison,” said Scott Rajeski, President and Chief Executive Officer of Latham. “We have taken deliberate actions to right size our costs and inventories in response to the market conditions. We have also ramped up our digital marketing efforts that produced year-over-year increases in our website activity and leads for our dealer partners.” Mr. Rajeski continued, “We continue to make progress in driving material conversion from concrete to fiberglass swimming pools. In 2022, we grew fiberglass pool volumes in a down U.S. in-ground pool installation market, and we expect that continued momentum in fiberglass will position us to outperform the market again this year.” “We are uniquely positioned to drive consumer demand in a difficult macroeconomic environment as we expand our dealer base, deepen our existing dealer partnerships, and execute our direct-to-homeowner and fiberglass conversion strategies. These efforts, combined with ongoing productivity gains from our lean and value engineering initiatives, position us well to deliver on our fiscal 2023 outlook,” Mr. Rajeski concluded. First Quarter Fiscal 2023 Results Net sales for the first quarter of fiscal 2023 were $137.7 million, down $53.9 million, or 28.1% from first quarter of fiscal 2022. The decrease was primarily attributable to volume declines as the pool market returned to pre-2020 seasonality, the wholesale channel continued to destock packaged pool inventory, and macroeconomic challenges continued. Gross profit for the first quarter o...