Leslie's Poolmart Inc. Announces Third-Quarter and Nine-Month Results

Business Wire, July 23, 1998

CHATSWORTH, Calif.--(BUSINESS WIRE)--July 23, 1998--Leslie's Poolmart Inc. Thursday announced operating results for the fiscal third quarter and nine-month period ended June 27, 1998.

Sales for the third quarter increased 13.1 percent to $110,851,000, compared with $98,034,000 for the quarter ended June 28, 1997. Comparable store sales for the quarter increased 7.8 percent over 1997. EBITDA for the period increased 12.1 percent to $20,595,000 versus the $18,367,000 achieved during the comparable quarter of last year.

For the first nine months of 1998, Leslie's sales rose 11.6 percent to $159,492,000, compared with sales of $142,934,000 during the same period in 1997. Comparable store sales increased by 7.7 percent versus the same period last year. EBITDA decreased 10.3 percent to $4,661,000 versus an EBITDA of $5,195,000 for the three quarters ended June 1997.

"Considering the weather-related sales weakness we experienced throughout the West in April, May and June, we are actually quite pleased with the company's third-quarter performance," said Brian P. McDermott, president and chief executive officer of Leslie's. "The current trends are all positive, with solid 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 currently markets its products through 317 retail stores in 28 states and a nationwide mail-order catalog.

CONTACT: Leslie's Poolmart Inc., Chatsworth

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