Leslie’s, Inc. Announces First Quarter Fiscal 2025 Financial Results; Provides Second Quarter and Full Year Fiscal 2025 Outlook

Core Insights - Leslie's, Inc. reported financial results for the first quarter of fiscal 2025, highlighting a focus on customer-centric transformation and strategic initiatives aimed at improving performance [2][5][6]. Financial Performance - Sales reached $175 million, an increase of 0.7% compared to $174 million in the prior year [5][6]. - The company experienced a net loss of $44.6 million, compared to a loss of $39.6 million in the prior year [6][25]. - Adjusted EBITDA was $(29.3) million, reflecting transformational expenses and at the lower end of guidance [5][6]. - Diluted earnings per share were $(0.24), compared to $(0.21) in the prior year [6][25]. Operational Highlights - Comparable store sales increased by 0.2%, marking the first gain in two years [2][5]. - Gross profit was $47.7 million, a decrease of 5.4% from $50.4 million in the prior year, with a gross margin of 27.2% [6][25]. - Selling, general and administrative expenses were $87.4 million, slightly up from $86.9 million in the prior year [6][25]. Balance Sheet and Cash Flow - Cash and cash equivalents totaled $11.6 million, an increase of $3.2 million from $8.4 million as of December 30, 2023 [4][11]. - Inventories decreased by 18.8% to $271.1 million compared to $334 million in the prior year [11][29]. - Funded debt was $796.7 million, down from $825.7 million as of December 30, 2023 [11][29]. Future Outlook - For the second quarter of fiscal 2025, the company expects sales between $179 million and $189 million, with a net loss projected between $(47) million and $(44) million [7]. - The full year outlook anticipates sales of $1,304 million to $1,370 million, with an expected net loss ranging from $(10) million to $5 million [8].