Business
Leslie’s, Inc. Announces Second Quarter Fiscal 2023 Financial Results
Second quarter sales of $212.8 million, a decrease of 6.7% from the prior year period.Comparable sales in the second quarter declined 13.5% compared to the
About this update from Leslie's, Inc.
[{"type":"text","content":"Second quarter sales of $212.8 million, a decrease of 6.7% from the prior year period.Comparable sales in the second quarter declined 13.5% compared to the prior year period, driven by the normalization of the seasonal purchasing cycle to pre-pandemic patterns and adverse weather. Non-comparable sales related to acquisitions and new stores contributed $15.7 million.Diluted earnings per share was $(0.17) in the second quarter; Adjusted diluted earnings per share was $(0.14) in the second quarter.Reaffirms Fiscal 2023 outlook. PHOENIX, May 03, 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 second quarter of Fiscal 2023. Mike Egeck, Chief Executive Officer, commented, “During the second quarter, the industry and Leslie’s experienced comparable sales headwinds related to the normalization of the seasonal purchasing cycle to pre-pandemic patterns, as well as adverse weather in key markets. Our non-comparable sales partially offset these headwinds enabling us to deliver a first half performance within the range of expectations in our full year guidance. Underscoring these results was the strong execution of our diversified growth initiatives by our teams which helped to drive continued market share gains and position us well to deliver against our objectives as we head into the all-important pool season.” Three Months Ended April 1, 2023 Highlights Sales decreased $15.3 million, or 6.7%, to $212.8 million compared to $228.1 million in the prior year period. Comparable sales decreased 13.5% compared to the prior year period, which included the impact of the normalization of the seasonal purchasing cycle to pre-pandemic patterns and adverse weather. Non-comparable sales related to acquisitions and new stores contributed $15.7 million compared to the prior year period.Gross profit decreased $14.4 million, or 16.9%, to $71.2 million compared to $85.6 million in the prior year period and gross margin was 33.4% compared to 37.5% in the prior year period. The decrease in gross margin was primarily attributable to occupancy and distribution cost deleverage.Selling, general and administrative expenses (“SG&A”) increased $6.8 million to $96.4 million compared to $8...