Q3 2024 Leslie's Inc Earnings Call Transcript
Key Points
- Chemical sales volume is now positive year to date, indicating a recovery in this segment.
- PRO sales improved to down 2% in the quarter from down 8% in the first half, showing sequential improvement.
- Hot tub sales improved to down 4% in the quarter, indicating a recovery in discretionary product sales.
- Customer conversion rates increased, offsetting a majority of the 5% traffic decline in the quarter.
- Inventory levels decreased by 31% year-over-year, reflecting effective inventory management.
- Total fiscal third quarter sales were down 7% year-over-year, indicating a challenging sales environment.
- Gross margin decreased by 101 basis points year-over-year, impacted by chemical price actions and occupancy deleverage.
- Average order value was down 5% year-over-year, consistent with the first two fiscal quarters of this year.
- Equipment sales were down 15% in the quarter, reflecting cautious consumer behavior in big-ticket purchases.
- SG&A expenses were down only 3% year-over-year, indicating limited progress in cost management.
Good afternoon and welcome to the third quarter of fiscal 2024 conference call for Leslie's. (Operator Instructions) As a reminder, this conference call is being recorded and will be available for replay later today on the company's website.
I will now turn the call over to Matt Skelly, Vice President of Investor Relations. Please go ahead, sir.
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Thank you and good afternoon. I would like to remind everyone that comments made today may include forward-looking statements, which are subject to significant risks and uncertainties that could cause the company's actual results to differ materially from management's current expectations.
These statements speak as of today and will not be updated in the future if circumstances change. Please review the cautionary statements and risk factors contained in the company's earnings press release and recent filings with the SEC.
During the call today, management will refer to certain non-GAAP
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