PHOENIX - Leslie's, Inc. (NASDAQ: NASDAQ:LESL), a prominent direct-to-consumer pool and spa care brand in the U.S., announced the appointment of Lorna Nagler to its Board of Directors, effective as of Monday. The addition of Nagler increases the number of board members from seven to eight.
Nagler, who has joined as a Class II Director, brings nearly four decades of experience in the retail sector. She will also serve on the Nominating and Corporate Governance Committee and Compensation Committee of the board. Her current roles include chairing the board of Ulta Beauty, Inc. (NASDAQ: NASDAQ:ULTA) since June 2022 and serving on the board of Hibbett Sports (NASDAQ:HIBB), among other positions.
Leslie's Chairman of the Board, John Strain, expressed enthusiasm for Nagler's appointment, citing her extensive leadership background and strategic insights as valuable assets for the company's future growth and stakeholder value delivery. Nagler also shared her excitement about joining Leslie's and contributing to its strategic initiatives and profitable growth.
Leslie's, founded in 1963, stands as the largest U.S. brand in its industry, catering to both residential and professional consumers with an assortment of pool and spa care products. The company operates over 1,000 physical locations alongside a robust digital platform, aiming to provide comprehensive solutions for pool and spa maintenance.
The information for this article is based on a press release statement from Leslie's, Inc.
In other recent news, Leslie's, a prominent player in the U.S. pool and spa care industry, has undergone several notable developments. The company recently appointed Maile (Clark) Naylor to its Board of Directors following the resignation of Eric Kufel. Naylor, who brings a wealth of experience from her previous roles on multiple public company boards and her background as an analyst and investor, is expected to contribute valuable insights to Leslie's.
In terms of financial performance, Leslie's recently reported a decline in sales during their second quarter. The company's total sales stood at $189 million, marking an 11% decrease from the previous year, primarily due to adverse weather conditions and a normalization of consumer spending patterns. Despite this downturn, Leslie's is implementing strategic initiatives aimed at future growth and profitability.
Furthermore, Leslie's plans to open 15 new stores and convert 6 residential stores to a PRO format in fiscal 2024. The company also aims to reduce its debt and reach a leverage ratio of 3.5x to 3.7x by the same fiscal year. These recent developments reflect Leslie's ongoing commitment to strategic growth and operational efficiency.
InvestingPro Insights
As Leslie's, Inc. (NASDAQ: LESL) welcomes Lorna Nagler to its Board of Directors, the company's stock performance and financial health remain critical for investors following these strategic moves.
According to InvestingPro, Leslie's stock has experienced significant volatility, with a noteworthy decline over the last year. The stock has taken a substantial hit, seeing a one-year total return decrease of -55.48%, reflecting challenges in the market. Despite this, Leslie's still maintains a robust market capitalization of $789.78 million USD, indicating investor confidence in its long-term value.
InvestingPro Tips suggest that while Leslie's is trading at a high earnings multiple with a P/E ratio of 52.9, analysts predict the company will be profitable this year. This optimism is supported by the fact that Leslie's has been profitable over the last twelve months. Moreover, the company's liquid assets exceed its short-term obligations, providing it with a cushion to navigate any immediate financial challenges.
For investors considering Leslie's financial metrics more closely, the company's gross profit margin stands at 36.74% for the last twelve months as of Q2 2024, which is indicative of its ability to manage costs relative to its revenue. Leslie's does not pay a dividend, which may be a factor for income-focused investors to consider.
For readers interested in a deeper analysis, InvestingPro offers an array of additional tips for Leslie's, Inc. There are currently 9 more tips listed on InvestingPro, which can be accessed along with detailed financial data to inform investment decisions. To explore these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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