Business
Leslie’s, Inc. Announces First Quarter Fiscal 2023 Financial Results
Record first quarter sales of $195.1 million, an increase of 5.6% compared to the first quarter of Fiscal 2022, driven by an increase in non-comparable sales
About this update from Leslie's, Inc.
[{"type":"text","content":"Record first quarter sales of $195.1 million, an increase of 5.6% compared to the first quarter of Fiscal 2022, driven by an increase in non-comparable sales of $17.7 million from acquisitions and new store growthComparable sales in the first quarter declined 4.0% compared to the first quarter of Fiscal 2022, driven by adverse weatherDiluted earnings per share was $(0.16) in the first quarter; Adjusted diluted earnings per share was $(0.14) in the first quarterReaffirms Fiscal 2023 outlook PHOENIX, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Leslie's, Inc. (“Leslie's”, “we”, “our” or “its”; NASDAQ: LESL), the largest and most trusted direct-to-consumer brand in the U.S. pool and spa care industry, today announced its financial results for the first quarter of Fiscal 2023. Mike Egeck, Chief Executive Officer, commented, “We delivered first quarter results that were in line with our expectations despite significant weather headwinds. Our topline growth and continued market share gains are a testament to the durable competitive advantages derived from our integrated system of physical and digital assets as well as our team’s strong execution against our diversified growth initiatives. As we look ahead to the remainder of the year and the upcoming 2023 pool season, we believe we are well positioned to deliver on our financial and operational objectives.” Three Months Ended December 31, 2022 Highlights Sales increased $10.3 million, or 5.6%, to $195.1 million compared to $184.8 million in the prior year period and non-comparable sales related to our acquisitions and new store growth increased $17.7 million. Comparable sales decreased 4.0% compared to the prior year period.Gross profit decreased $2.0 million, or 3.0%, to $65.3 million compared to $67.3 million in the prior year period and gross margin was 33.5% compared to 36.4% in the prior year period. The decrease in gross margin was primarily attributed to business mix, and occupancy deleverage.Selling, general and administrative expenses (“SG&A”) increased $12.5 million to $92.3 million compared to $79.8 million in the prior year period, primarily driven by inflationary costs associated with payroll and digital marketing expenses, and non-comparable SG&A related to our acquisitions.Operating loss was $(27.0) million compared to $(12.5) million in the prior year period.Net loss was $(30.3) ...