Leslie's sinks on warning of possible FY loss after weak Q3 sales

Leslies

18/07/2024 10:37

** Shares of Leslie's  LESL.O  tumble 23.5% to $3.12 in
premarket
    ** 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
    ** Majority brokerages rate the stock "hold"; their median
PT is $4 -LSEG data
    ** Up to last close, LESL stock had fallen 41% YTD, compared
with a 20% increase in the Nasdaq  .IXIC 

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