Leslie's(US:LESL) GlobeNewswire News Room·2024-11-25 21:05Core Insights - Leslie's, Inc. reported a net loss of $9.9 million in Q4 and $23.4 million for fiscal 2024, with sales decreasing by 8.0% in Q4 and 8.3% for the fiscal year [1][4][3] - The company experienced a decline in gross profit and adjusted EBITDA, primarily due to lower sales volume and increased costs [3][5] Financial Performance - Q4 sales were $397.9 million, down from $432.4 million year-over-year, with comparable sales decreasing by 8.3% [3] - Fiscal 2024 sales totaled $1,330.1 million, a decrease from $1,451.2 million in the previous year [4] - Gross profit for Q4 was $143.2 million, a decline of 10.6% compared to the prior year, resulting in a gross margin of 36.0% [3] - For fiscal 2024, gross profit decreased by 13.0% to $476.8 million, with a gross margin of 35.8% [4][5] Profitability Metrics - Adjusted EBITDA for Q4 was $43.0 million, down from $59.5 million in the prior year [3] - Fiscal 2024 adjusted EBITDA was $108.7 million, compared to $168.1 million in the previous year [5] - Diluted earnings per share for Q4 were $(0.05), compared to $0.09 in the prior year [3] - Adjusted diluted earnings per share for Q4 were $0.02, down from $0.14 in the previous year [3] Operational Highlights - Selling, general and administrative expenses (SG&A) decreased by 4.0% in Q4 to $116.8 million [3] - For fiscal 2024, SG&A expenses decreased by $26.4 million to $419.7 million [5] - The company established a valuation allowance of approximately $11 million against deferred tax assets [3] Balance Sheet and Cash Flow - Cash and cash equivalents increased to $108.5 million as of September 28, 2024, from $55.4 million a year earlier [7] - Inventories decreased by 24.9% to $234.3 million [7] - Funded debt was $783.7 million, slightly down from $789.8 million [7] Future Outlook - The company anticipates a dynamic environment but sees opportunities for growth and plans to detail its strategic roadmap in upcoming quarters [2]