2023-07-13 16:45:02 ET
Leslie’s ( NASDAQ: LESL ) on Thursday said it would appoint Scott Bowman as the next chief financial officer, effective August 7.
Bowman will replace Steve Weddell, who is stepping down.
The company also said it expects preliminary sales for the third quarter of $611 million, including a comparable sales decline of negative 12%.
Q3 gross profit is expected to be $249 to $251 million, with a gross margin of about 41%.
The company said Q3 net income is forecasted to be in the $70 to $73 million range, adjusted EBITDA around $124 to $128 million, adjusted net income to be $73 to $76 million, and adjusted EPS of $0.39 to $0.41.
The Seeking Alpha consensus estimate for Q3 sales is $702.4 million, and EPS is $0.70.
"Our fiscal third quarter results were well below our expectations as low double-digit traffic declines in our Residential and Pro businesses drove negative comps across both discretionary and non-discretionary categories," CEO Mike Egeck said.
The company also revised its 2023 guidance and now expects net sales to be $1,430 to $1,450 million, gross profit to be $549 to $559 million, and net income to be around $33 to $40 million.
Full-year 2023 adjusted EBITDA is expected to be in the $170 to $180 million range, adjusted net income between $52 and $59 million, and adjusted EPS to be around $0.28 to $0.32.
The consensus estimate for 2023 sales is $1.6 billion, and EPS is $0.78.
Shares -18.1% at $7.80 after hours.
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Leslie’s names new CFO, provides preliminary Q3 results; shares fall