Leslie's hits record low on warning of possible FY loss after Q3 sales miss

Leslies

18/07/2024 17:00

(Updates)
    ** Shares of Leslie's  LESL.O  tumble 39% to $2.5, hitting a
record low 
    ** Pool and spa products retailer warns of possible FY loss
after Q3 sales of $570 mln misses estimate of $615.5 mln
    ** Says could post between loss of $5 mln to profit of $6
mln for FY, vs prior forecast of $32-$46 mln profit
    ** Cuts FY24 sales forecast to $1.32-$1.34 bln from
$1.41-$1.47 bln
    ** Jefferies says cold and wet springs delayed start of 2024
pool season and weighed on Q3, overshadowing "ongoing company
efficiencies"; cuts PT to $3.5 to $4
    ** At least five brokerages lower their PT on stock
    ** Majority of brokerages rate the stock "hold"; their
median PT is $4 - LSEG data
    ** Including session's moves, LESL down 63% YTD, compared
with a 18.73% increase in Nasdaq  .IXIC  index

 (Reporting by Nikhil Sharma in Bengaluru)
 ((nikhil.sharma@thomsonreuters.com))