Leslie's(US:LESL)2022-08-05 22:11Q3 2022 Performance - Sales reached $674 million, reflecting a 13% increase[14] - Comparable sales grew by 7%, with a two-year stack of 27%[14] - Gross margin was $304 million, a 7% increase, but the margin rate declined by 45.1% due to business mix, product margin, and distribution center expenses[14, 15] - Adjusted EBITDA was $183 million, a 2% increase, or $4 million more than the previous year[16, 17] YTD Q3 Fiscal 2022 Performance - Sales reached $1.087 billion, a 16% increase[35] - Comparable sales grew by 11%, with a two-year stack of 34%[35] - Gross margin was $457 million, a 12% increase, with a margin rate of 42%[36] - Adjusted EBITDA was $193 million, a 2% increase, with an 18.3% margin[37, 38] Growth Drivers - Residential Pool sales grew by 10% year-to-date[38] - PRO Pool sales grew by 22% year-to-date, representing approximately 15% of last twelve months sales[38] - Residential Hot Tub sales grew by 81% year-to-date, representing approximately 10% of last twelve months sales[38] - Four acquisitions year-to-date added 24 locations and approximately $68 million of run-rate sales[38, 40] Revised Fiscal 2022 Guidance - Sales are projected to be $1.55 billion to $1.57 billion, representing a 15% to 17% increase[61] - Gross profit is expected to be $655 million to $670 million, with a gross margin decline of 165 to 205 basis points[61] - Adjusted EBITDA is projected to be $287 million to $297 million, representing a 6% to 10% increase[61] - Adjusted net income is expected to be $168 million to $178 million, representing a 4% to 10% increase[61] - Adjusted EPS is projected to be $0.90 to $0.96, representing a 6% to 13% increase[61]