Business
Pool Corporation Provides Business Update Based on Current Market Trends
COVINGTON, La., May 27, 2020 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) today provided a business update based on current market trends. “Over the
About this update from Pool Corporation
[{"type":"text","content":"COVINGTON, La., May 27, 2020 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq/GSM:POOL) today provided a business update based on current market trends.\n “Over the past few weeks as the COVID-19 pandemic continues to evolve, the market conditions affecting our business also continue to evolve. While the impact of COVID-19 on the economy is severe, we are pleased to see positive trends in our business. As people are spending more time at home, homeowners are choosing to invest in swimming pools and outdoor living products, opting for the relaxation and enjoyment those investments can provide. Based on our results to date in our seasonally important second quarter, we believe the increased use of residential swimming pools during stay-at-home restrictions and the more recent easing of restrictions, allowing more contractors to return to work on existing and new projects, have continued to drive greater pool usage and strong industry demand. Our operations remain open, and we continue to safely serve our customers in the current environment,” said Peter D. Arvan, president and CEO. Below are trends that we have observed to date in the second quarter of 2020. As disclosed in our April 23, 2020 press release, we were experiencing year-over-year sales declines during the month-to-date period in April of 5% - 10% compared to the prior year period. We are pleased to report that through the latter part of April, sales trends improved. As jurisdictional restrictions ease, May 2020 month-to-date sales are trending favorably and are continuing to benefit from strong demand.Consistent with greater pool usage, April and May month-to-date sales have benefited from increased demand for residential pool maintenance supplies, such as chemicals, and for replacement products, such as pool heaters, pumps, cleaners, lights and filters, compared to the same periods in 2019. We have also observed increased demand for both in-ground and above ground pools and related components, which is consistent with reports of a healthy backlog by many pool construction companies. We believe that increased demand for these products demonstrates positive pool ownership trends in the current environment. Sales of big-ticket items, such as in-ground and above ground pools and pool equipment, are a larger portion of our product sales mix, resulting in modestly lower than e...