Business
Leslie’s, Inc. Announces Fourth Quarter & Fiscal 2023 Financial Results; Provides Fiscal 2024 Outlook
Sales of $432.4 million in the fourth quarter and $1,451.2 million in Fiscal 2023Net income of $16.5 million in the fourth quarter and $27.2 million in Fiscal
About this update from Leslie's, Inc.
[{"type":"text","content":"Sales of $432.4 million in the fourth quarter and $1,451.2 million in Fiscal 2023Net income of $16.5 million in the fourth quarter and $27.2 million in Fiscal 2023Adjusted EBITDA of $59.5 million in the fourth quarter and $168.1 million in Fiscal 2023Diluted earnings per share of $0.09 in the fourth quarter and $0.15 in Fiscal 2023Adjusted diluted earnings per share of $0.14 in the fourth quarter and $0.28 in Fiscal 2023 PHOENIX, Nov. 28, 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 fourth quarter and Fiscal 2023. Mike Egeck, Chief Executive Officer said, “Following three years of unprecedented growth, the pool industry and Leslie’s faced multiple transitory headwinds in 2023 that impacted our financial results through the fiscal fourth quarter. Despite these impacts, we continued to deliver exceptional service to our customers. In 2023, brand awareness, in stock service levels and corresponding net promoter scores were at all-time highs. In addition, our Pool Perks® loyalty program grew, customer lifetime value increased and we continued to gain market share, all of which are a testament to the focus and execution of our team members.” Mr. Egeck continued, “Looking forward, the fundamental advantages of the after-market pool-care industry remain intact, as do our competitive advantages. Leslie’s remains the largest specialty retailer in the industry with unmatched capabilities and clear long-term growth opportunities, which along with our focus on executing against our strategic initiatives, position us to drive financial performance and create shareholder value as industry conditions normalize.” Fourth Quarter Highlights Sales decreased 9.1% to $432.4 million compared to $475.6 million in the prior year period. Comparable sales decreased 11.0% compared to the prior year period. Non-comparable sales including acquisitions and new stores contributed $8.8 million in sales for the period.Gross profit decreased 26.3% to $160.2 million from $217.2 million in the prior year period. Gross margin was 37.0% compared to 45.7% in the prior year period. The decrease in gross profit was driven by the full quarter impact of decreased retail chemical pricing ac...