Business
Leslie’s, Inc. Announces Preliminary Third Quarter Fiscal 2024 Financial Results and Provides Updated Full-Year Outlook
Fiscal third quarter results impacted by unfavorable April and May weather resulting in a delayed start to the pool season; Company performance improved in
About this update from Leslie's, Inc.
[{"type":"text","content":"Fiscal third quarter results impacted by unfavorable April and May weather resulting in a delayed start to the pool season; Company performance improved in June with warmer weather Continued weakness in discretionary product categories due to persistent inflation and high interest rates Company updates fiscal 2024 outlook based on year-to-date performance and current trends PHOENIX, July 17, 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 preliminary financial results for the third quarter of fiscal 2024 and updated its fiscal 2024 outlook. The preliminary third quarter results are unaudited and subject to quarter-end adjustments and finalization by the Company. The Company expects preliminary sales for the fiscal third quarter of approximately $570 million. Gross profit is expected to be $228 to $229 million and gross margin is expected to be approximately 40%. Net income is expected to be $56 to $58 million. Adjusted EBITDA is expected to be $108 to $109 million, adjusted net income is expected to be $59 to $60 million, and adjusted diluted earnings per share are expected to be $0.32 to $0.33. Considering these preliminary results and expectations for the fourth quarter of fiscal 2024, the Company is revising its full year fiscal 2024 outlook. Sales are now expected to be $1,321 to $1,347 million, gross profit is expected to be $483 to $499 million, and net income (loss) is expected to be ($5) to $6 million. Adjusted EBITDA is expected to be $117 to $131 million, adjusted net income is expected to be $5 to $16 million, and adjusted diluted earnings per share are expected to be $0.03 to $0.09. The Company expects to end the fiscal year with approximately 20% less inventory than at fiscal 2023 year-end and is expected to have more cash on hand at the end of the fiscal year compared to the end of fiscal 2023. Mike Egeck, Chief Executive Officer, said, “The cold and wet spring weather we experienced during the fiscal second quarter extended through May, reducing the number of pool days in non-seasonal markets and delaying the start of pool season in seasonal markets. We also continued to see weakness in large ticket discretionary categories as persistent inflation and h...