Business
Leslie’s, Inc. Announces Third Quarter Fiscal 2024 Financial Results
Sales of $569.6 millionNet Income of $60.7 millionAdjusted EBITDA of $109.5 million Diluted earnings per share of $0.33; Adjusted diluted earnings per share
About this update from Leslie's, Inc.
[{"type":"text","content":"Sales of $569.6 millionNet Income of $60.7 millionAdjusted EBITDA of $109.5 million Diluted earnings per share of $0.33; Adjusted diluted earnings per share of $0.34 PHOENIX, Aug. 07, 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 third quarter of fiscal 2024. Mike Egeck, Chief Executive Officer, said, “As we noted in our preliminary results on July 17, our fiscal third quarter results were impacted by a cold and wet start to the pool season, as well as continued weakness in discretionary product sales due to persistent inflation and high interest rates. As weather improved in June, we saw positive trends relative to the overall quarter, including improvements in total sales, chemical sales, and Pro and Hot Tub sales. The combination of these improvements, together with third-party credit card data indicating that our sales performance was better than the industry for the quarter, and that we gained market share in June, are encouraging signs for the business.” Mr. Egeck continued, “With fiscal 2024 being another year of post-pandemic normalization, our skilled and passionate team remains focused on controlling what we can by delivering superior customer service while advancing our margin, cost, and inventory improvement initiatives. Taken together, we anticipate these actions will help to drive long-term market share gains and increased profitability when industry conditions normalize, and I feel very confident in the work we are doing to position Leslie’s for long-term success.” Three Months Ended June 29, 2024 Highlights Sales were $569.6 million, a decrease of 6.8% compared to $610.9 million in the prior year period. Comparable sales decreased 7.0% compared to the prior year period. Non-comparable sales from acquisitions and new stores contributed $2.6 million in the period.Gross profit was $228.8 million, a decrease of 9.0% compared to $251.6 million in the prior year period. Gross margin was 40.2% compared to 41.2% in the prior year period.Selling, general and administrative expenses (“SG&A”) were $131.1 million, a decrease of 3.5% compared to $135.8 million in the prior year period.Operating income was $97.7 million compared to $1...