Business
Leslie’s, Inc. Announces First Quarter Fiscal 2024 Financial Results
Sales of $174.0 millionNet Loss of $39.6 millionAdjusted EBITDA of $(24.4) million Diluted earnings per share of $(0.21); Adjusted diluted earnings per share
About this update from Leslie's, Inc.
[{"type":"text","content":"Sales of $174.0 millionNet Loss of $39.6 millionAdjusted EBITDA of $(24.4) million Diluted earnings per share of $(0.21); Adjusted diluted earnings per share of $(0.20)Company reaffirms fiscal 2024 outlook PHOENIX, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Leslie’s, Inc. (“Leslie’s”, “we”, “our”, “its”, or “Company”; 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 2024. Mike Egeck, Chief Executive Officer, said, “Our first quarter results were in line with or ahead of our expectations and topline performance showed sequential improvement each month throughout the quarter, supported by more normalized weather. While we continue to work through the impact of the pricing actions we took in June 2023, we are enhancing our marketing and merchandising tactics to more effectively highlight our value proposition as we position the Company ahead of the peak pool season. Our team is energized and focused on executing the strategic initiatives that underpin our competitive advantages to drive growth, long term market share gains, and shareholder value.” First Quarter Highlights Sales were $174.0 million, a decrease of 10.8%, compared to $195.1 million in the prior year period. Comparable sales decreased 11.7% compared to the prior year period. Non-comparable sales from acquisitions and new stores contributed $2.6 million in the period.Gross profit was $50.4 million, a decrease of 22.8%, compared to $65.3 million in the prior year period. Gross margin was 29.0% compared to 33.5% in the prior year period.Selling, general and administrative expenses (“SG&A”) were $86.9 million, a decrease of 5.9%, compared to $92.3 million in the prior year period.Operating loss was $36.5 million compared to an operating loss of $27.0 million in the prior year period.Interest expense increased $3.7 million to $17.1 million compared to $13.4 million in the prior year period.Net loss was $39.6 million compared to a net loss of $30.3 million in the prior year period.Adjusted net loss was $36.8 million compared to adjusted net loss of $25.3 million in the prior year period.Diluted earnings per share was $(0.21) compared to $(0.16) in the prior year period. Adjusted diluted earnings per share was $(0.20) compared to $(0.14) in the prior year p...