Fluidra's first quarter net profit falls on lower sales (updated)
08/05/2024 08:24
(Adds details, shares and background from paragraph 2)
MADRID, May 8 (Reuters) - Spain's Fluidra FLUI.MC
reported on Wednesday a 10% drop in first-quarter net profit
from the same period a year ago to 37 million euros ($39.73
million) on lower sales of swimming pools.
The world's largest pool maker said its overall sales
contracted 5% in the quarter to 527 million euros, the company
said, blaming the decline on fewer trading days in the period
than in 2023.
Falling net profit and sales pushed Fluidra's share
price 3.3% lower in early trading in Madrid.
Fluidra said it managed to protect profit and cash
generation as it cut costs by 6 million euros during the quarter
after 30 million euro cost savings last year.
The company said its business in North America performed
better than in Europe and its sales of commercial pools
continued to grow strongly.
Fluidra was one of the winners during pandemic lockdowns in
2020, benefiting from wealthy customers' appetite for buying or
upgrading pools. The company took advantage of the trend to grow
through acquisitions.
Its business has slowed during the past couple of years
as inflation dissuaded many from investing in high-cost goods
such as swimming pools.
($1 = 0.9312 euros)
(Reporting by Matteo Allievi, editing by Inti Landauro and
Louise Heavens)
((matteo.allievi@thomsonreuters.com;))