2023-05-03 16:33:56 ET
Leslie’s Inc. ( NASDAQ: LESL ) shares slipped more than 5% in Wednesday’s extended session after posting a steeper the expected slide in sales.
The pool supplies provider posted a 6.7% decline in sales to $212.8M and a $0.14 per share loss for the second quarter. Analysts had anticipated an $0.11 per share loss on $223.55M in revenue. The Arizona-based company also reported a 13.5% drop in comparable sales, due in part to inclement weather during the quarter.
“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,” CEO Mike Egeck said. “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.”
Management reaffirmed full-year forecasts that include the expectation of sales in the range of $1.56B to $1.64B and adjusted earnings per share in the range of $0.78 to $0.86. Consensus expectations for revenue and EPS the full fiscal year ended in September stand at $1.62B and $0.80, respectively.
Shares of Leslie’s ( LESL ) slid as much as 5% after the earnings announcement .
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Leslie’s stock sinks after flagging post-pandemic pool sales slump