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Leslie's (LESL) investor relations material
Leslie's Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Aug, 2025
Executive summary
Third quarter sales declined 12.2% year-over-year to $500.3 million, with comparable sales down 12.4% and net income falling by $38.9 million to $21.7 million.
Results were impacted by adverse weather, increased competition, and macroeconomic pressures, leading to reduced residential store traffic and lower transaction volume.
Strategic transformation and operational review are underway, focusing on customer centricity, convenience, asset utilization, and cost optimization, with early progress in loyalty and delivery initiatives.
Leadership changes include a new Chief Merchandising and Supply Chain Officer and engagement of additional resources to accelerate transformation.
The company operates over 1,000 locations in 39 states and maintains a leading U.S. market share.
Financial highlights
Net sales for Q3 were $500.3 million, down 12.2% year-over-year; gross profit was $197.9 million, with gross margin declining to 39.6%.
SG&A expenses were $129.6 million, down 1.2% year-over-year, reflecting cost controls.
Operating income was $68.3 million, down from $97.7 million; adjusted EBITDA was $81.6 million, down from $109.5 million.
Net income for the quarter was $21.7 million, with diluted EPS at $0.12, down from $0.33.
Inventory ended at $273.2 million, down 9.6% year-over-year, supporting improved cash flow.
Outlook and guidance
Full-year 2025 sales expected between $1.21 billion and $1.235 billion; net loss projected at $57 million to $65 million.
Adjusted net loss forecasted at $31 million to $39 million; adjusted EBITDA expected in the $50 million to $60 million range.
Capital expenditures for the year anticipated at approximately $30 million.
Management expects cash and borrowing capacity to be sufficient for working capital, capex, and debt service over the next 12 months.
Remediation of internal control material weaknesses is expected to be completed during fiscal 2025.
What specific strategic priorities are being accelerated?
How will the strategic review stabilize the company?
What is driving the projected net loss for fiscal 2025?
Detail pricing actions on key SKUs.
Elaborate on gross margin recovery next year.
Quantify cost savings planned for fiscal '25.
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Frequently asked questions
Swimming Pool Supplies and Services
Leslie's, Inc. is an American retail company specializing in swimming pool supplies, services, and equipment. Headquartered in Phoenix, Arizona, Leslie's offers a comprehensive range of products including pool chemicals, cleaning devices, equipment, and parts, as well as recreational and safety products for swimming pools. The company operates an extensive network of retail stores across the United States and also serves customers through its online platform. The company is headquartered in Phoenix, Arizona, and its shares are listed on the Nasdaq.
Early Days as a Pool Supply Store
The company was established in 1963 by Phil Leslie and began as a small, family-run pool supply store in North Hollywood, California. Its growth was marked by an emphasis on customer service and comprehensive product offerings, catering to both residential and commercial pool owners. Leslie's expanded through a combination of organic growth and strategic acquisitions, establishing a particularly strong presence in the state it was founded, as well as Arizona, Florida, Texas, and Georgia. Over the years, Leslie's has evolved into a trusted name in the pool supply industry, and is today one of the leaders in the sector, together with names such as Hayward and Pool Corporation.
The Products
Leslie's Pool Supplies has a portfolio containing just about everything within swimming pool maintenance and care. Its inventory includes various types of pool chemicals, such as chlorine, algaecides, and balancers, essential for maintaining water quality and hygiene. The company also sells pool equipment, including pumps, filters, heaters, and automatic pool cleaners, catering to diverse pool types and sizes. Additionally, Leslie's provides pool accessories like covers, liners, and floats, as well as safety equipment. The company also sells various decorative and leisure items designed to be used together with customer pools.
Swimming Pool Services
In addition to selling pool supplies, Leslie's Pool Supplies offers a variety of services to support pool owners. One of its key services is free in-store water testing, where customers can bring a sample of their pool water for analysis. Based on the results, Leslie's staff provides recommendations for balancing water chemistry. The company also offers professional pool cleaning and maintenance services, tailored to the specific needs of each pool. This includes regular cleaning, equipment checks, and seasonal opening and closing services. For those needing technical support, Leslie's provides equipment installation, repair, and replacement services, ensuring that pool equipment functions optimally.
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