Leslie's Poolmart announces first-quarter results

Business Wire, May 1, 1997

CHATSWORTH, Calif.--(BUSINESS WIRE)--May 1, 1997--Leslie's Poolmart (NASDAQ:LESL) Thursday announced operating results for the first quarter ended March 29, 1997.

Sales for the quarter increased 31.8 percent to $23,816,000, compared with $18,064,000 for the first quarter of last year. The company's net loss was $6,101,000, or $.90 per share vs. a net loss of $5,525,000, or $.82 per share, during the first quarter of 1996. Leslie's has opened all of the 24 new stores scheduled for 1997.

"As Leslie's continues to expand its store base, we expect first quarter net losses to grow," said Brian P. McDermott, president and CEO of Leslie's Poolmart. "Nonetheless, we are quite pleased with this quarter's results, both from the perspective of strong sales and the relatively small increase in the net loss line."

Founded in 1963, Leslie's Poolmart is the country's leading specialty retailer of swimming pool supplies and related products. The company markets its products through 278 retail stores in 27 states and through a nationwide mail-order catalog. -0-

                        LESLIE'S POOLMART
                        FINANCIAL SUMMARY
             (IN THOUSANDS, EXCEPT PER-SHARE AMOUNTS)

                                             Three Months Ended
                                     March 29, 1997    March 30, 1996

Sales
  Retail Stores                         $ 22,134          $ 16,461
  Mail Order                                 794               757
  Service Departments                        888               846

          Total Sales                   $ 23,816          $ 18,064

Gross Profit                               5,562             4,258

Selling, General and
 Administrative Expenses                  15,126            12,804

Amortization of Acquisition Costs             64                64

Loss from Operations                      (9,628)           (8,610)

Interest Expense                             799               834

Loss Before Income Tax                   (10,427)           (9,444)

Income Tax Benefit                         4,326             3,919

          Net Loss                      $ (6,101)         $ (5,525)

Loss Per Common Share                   $   (.90)         $   (.82)

Weighted Average Shares Outstanding        6,789             6,769

Comparable Store Sales                      20.8%              6.6%