Leslie's slumps after forecast slash; pool equipment makers slide

Leslies

14/07/2023 14:07

** Shares of pool and spa products retailer Leslie's Inc
 LESL.O  slumps 32% to $6.46 premarket after co slashes FY
profit forecast
    ** Abnormal weather conditions, increased price sensitivity
among customers impacted results - CEO Mike Egeck
    ** The stock receives at least three brokerage downgrades
and four PT cuts after results
    ** We had expected some softness in the business, but the
magnitude of the decline is much larger - Telsey Advisory Group
    ** Piper Sandler says it does not expect a meaningful
rebound in EPS in FY24 - particularly with chemical price
deflation just starting up
    ** Shares of other swimming pool equipment suppliers fall:
Pool Corp  POOL.O  down 6.8%, Hayward Holdings  HAYW.N  slips
7.2%
    ** POOL to report results on July 20 and HAYW to report on
Aug 2, per Refinitiv

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))