Leslie's Poolmart Announces Second Quarter and Six-Month Results

Business Wire, August 8, 1997

CHATSWORTH, Calif.--(BUSINESS WIRE)--Aug. 8, 1997--Leslie's Poolmart Friday announced operating results for the second quarter and six-month period ended June 28, 1997.

Sales for the quarter increased 10.4 percent to $98,034,000 compared with $88,835,000 for the second quarter ended June 29, 1996. Comparable store sales for the quarter increased 6.6 percent over 1996.

EBITDA for the period, excluding some transaction-related costs associated with the merger consummated in June, declined .9 percent to $18,367,000 vs. the $18,534,000 achieved during the particularly strong second quarter of last year. In the second quarter of 1996, sales and EBITDA increased 23.5 percent and 44.3 percent, respectively, over the prior year.

For the six months of 1997, Leslie's sales rose 14.0 percent to $121,850,000, compared with sales of $106,899,000 during the same period in 1996. Comparable store sales increased by 9.6 percent vs. the same period last year. EBITDA decreased 7.7 percent to $10,124,000 vs. an EBITDA of $10,970,000 for the first six months of 1996.

"Considering the weather-related sales weakness we experienced in April and May, we are actually quite pleased with the company's first-half performance," said Brian P. McDermott, president and chief executive officer of Leslie's Poolmart. "The recent trends are all positive, with strong sales gains, an expanding gross margin and good control over expenses."

Founded in 1963, Leslie's Poolmart is the country's leading specialty retailer of swimming pool supplies and related products. The company current markets its products through 278 retail stores in 27 states and a nationwide mail-order catalog.

CONTACT: Leslie's Poolmart, Chatsworth

Brian P. McDermott/Robert D. Olsen, 818/993-4212