Leslie’s reports Q3 EPS 41c, consensus 44c

Reports Q3 revenue $610.9M, consensus $620.91M. Mike Egeck, Chief Executive Officer, commented, “Our third quarter results fell below our expectations as a result of a highly unusual pool season for Leslie’s and the industry. Unfavorable weather, increased consumer price sensitivity and pool owners with an elevated level of chemicals left over from last year contributed to double-digit traffic declines and a 9% sales decline in the quarter. In addition, we absorbed elevated distribution costs and increased product costs which impacted our margins for the quarter.” Mr. Egeck continued, “As our team is taking the necessary actions to work our way through these headwinds, we also continue to execute towards the long-term market opportunity. The aftermarket pool and spa care industry has proven over time to be one of the most durable and advantaged consumer products categories, and Leslie’s has a long track record of profitable growth in the industry. We remain focused on the execution of our strategic initiatives to drive long-term market share gains and shareholder returns.”