Leslie's reports preliminary Q3 sales ~$570M; cuts FY2024 outlook to near break-even

Leslie's, Inc.

2024-Q3 EPS reported -$0.07 revenue$932,262,000

Preliminary Q3 net income $56-58M (adj. EPS $0.32-0.33); gross margin ~40%.
Revised FY2024 sales guidance $1,321-1,347M; net income ($5) to $6M; adj. EPS $0.03-0.09.
Q3 results impacted by cold/wet April-May weather delayed pool season; June sales improved but down 2% YoY.
Discretionary categories weak due to inflation and high interest rates; total transactions -2%, average order -5%.
Expects ~20% lower inventory vs FY2023 year-end; more cash on hand by fiscal year-end.

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