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LESLIE'S POOLMART ANNOUNCES FIRST QUARTER RESULTS AND APRIL SALES

 CHATSWORTH, Calif., May 6 /PRNewswire/ -- Leslie's Poolmart (NASDAQ: LESL) today announced operating results for the first quarter of 1993, and preliminary sales results for the month of April.
 Sales for the quarter ended March 31, 1993, increased 11.4 percent, to $11,634,000, compared with $10,443,000 for the same period a year ago. The company incurred a net loss of $3,631,000, or $.62 per share, vs. a loss of $2,782,000, or $.48 per share, during the first quarter of last year. Leslie's operating loss amounted to $5,639,000, an increase from $4,425,000 the prior year.
 Historically, the first quarter of the year represents a significant loss period for the company and the industry, according to Brian P. McDermott, president and chief executive officer of Leslie's Poolmart. Comparable store sales were down 2.7 percent during the quarter, a decline generated during March and stemming mostly from the "blizzard of 1993," which severely impacted the Midwest, East and Southern United States. McDermott added that a higher operating loss was expected for this quarter because of the increased costs associated with the opening of 15 new stores and the acquisition of 14 former Sandy's Pool Supply stores in late 1992.
 Leslie's also released preliminary sales figures for April 1993. During the month, sales were up approximately 13 percent, to $12.7 million, compared to $11.2 million in 1992. Comparable store sales in April were down approximately 3.5 percent primarily because of continued negative weather patterns in the eastern United States.
 "Both the first quarter and the April sales figures reflect a phenomenon we have sometimes seen in past years -- a significant variance in early season sales results which seem to have a strong correlation to regional weather patterns," explained McDermott. "Although we were disappointed by these figures, we believe the company experienced weather-related sales deferrals in both periods, which we continue to feel can be made up during the remainder of the second quarter."
 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 158 retail stores in 26 states and a nationwide mail-order catalog.
 LESLIE'S POOLMART
 Financial Summary
 (In thousands, except per share amounts)
 Three months ended
 March 31,
 1993 1992
 Sales
 Retail stores $10,421 $9,285
 Mail order 694 722
 Other 519 436
 Total sales 11,634 10,443
 Gross profit 3,513 3,508
 Selling, general
 and administrative
 expenses 8,960 7,781
 Amortization of
 acquisition costs 192 152
 Loss from operations (5,639) (4,425)
 Interest expense 314 212
 Loss before income tax (5,953) (4,637)
 Income tax benefit 2,322 1,855
 Net loss ($3,631) ($2,782)
 Loss per common share ($.62) ($.48)
 Weighted average shares
 outstanding 5,840,627 5,770,134
 Comparable store
 sales (2.7 pct) (7.0 pct)
 -0- 5/6/93
 /CONTACT: Brian P. McDermott, president and CEO, or Robert D. Olsen, CFO, 818-993-4212, both of Leslie's Poolmart; or Eugene G. Heller of Silverman, Heller Associates, 310-208-2550, for Leslie's Poolmart/
 (LESL)


CO: Leslie's Poolmart ST: California IN: REA SU: ERN

BP-JL -- LA013 -- 5351 05/06/93 11:00 EDT
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Publication:PR Newswire
Date:May 6, 1993
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