Leslie's Cuts FY24 Sales Outlook From $1.41B - $1.47B To $1.321B - $1.347B (Est $1.421B), Adjusted EPS Forecast From $0.25 - $0.33 To $0.03 - $0.09 (Est $0.28)

Author: Benzinga Newsdesk | July 17, 2024 04:13pm

The Company expects to end the fiscal year with approximately 20% less inventory than at fiscal 2023 year-end and is expected to have more cash on hand at the end of the fiscal year compared to the end of fiscal 2023.

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. We experienced improved sales trends in June, but the April and May revenue impact created negative operating leverage and gross margin headwinds. While we are encouraged by improved June trends, our revised full year outlook at the midpoint assumes third quarter sales performance continues through the fourth quarter."

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