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Leslie's tanks 16.7% after preliminary results, updates FY outlook
Investing.com - Leslies Inc (NASDAQ:LESL), a leading direct-to-consumer brand in the US pool and spa care industry, fell over 16% in after-hours trade on Wednesday after announcing preliminary financial results for the third quarter of fiscal 2024. The company also revised its full-year outlook based on its performance so far this year, as well as current market trends.
The company's Q3 results were impacted by unfavorable weather in April and May, which delayed the start of the pool season. However, the company saw improved performance in June with the arrival of warmer weather.
Leslie’s also reported a continued weakness in discretionary product categories due to ongoing inflation and high interest rates.
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 high interest rates pressure pool owners’ wallets.”
Based on these preliminary results and expectations for Q4, Leslie’s has revised its full-year fiscal 2024 outlook, with sales now expected between $1,321 and $1,347 million, while gross profit is forecasted between $483 and $499 million.
The company projects a net income loss of $5 million to a gain of $6 million.
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