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Leslie’s Posts Widened Losses in Q1

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Leslie’s, the direct-to-consumer pool and spa care services company, reported a widening loss in the latest quarter as sales declined. The company’s loss expanded to $39.6 million, or 21 cents per share, for the first quarter ended on December 30th, compared to a loss of $30.3 million, or 16 cents per share, in the same period last year. Adjusted losses were reported at 20 cents per share, slightly better than the expected 21 cents per share according to FactSet analysts.

Sales for the quarter decreased to approximately $174 million from $195.1 million. However, this was still slightly above the projected $169.6 million figure as estimated by FactSet analysts.

Chief Executive Mike Egeck acknowledged that the company’s topline performance showed improvement each month throughout the quarter, largely due to more normalized weather conditions. Egeck also mentioned that while they continue to deal with the impact of pricing actions implemented in June 2023, they are focused on enhancing marketing and merchandising tactics to better emphasize their value proposition in preparation for the peak pool season.

Leslie’s maintains its outlook for fiscal 2024, which includes sales projections between $1.41 billion and $1.47 billion, as well as adjusted earnings per share ranging from 25 cents to 33 cents.

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