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 CHATSWORTH, Calif., Aug. 3 /PRNewswire/ -- Leslie's Poolmart (NASDAQ: LESL) today announced operating results for the second quarter and six-month period ended June 30, 1993.
 Sales for the quarter moved up 30.2 percent to $54,936,000 compared with $42,200,000 for the same period a year ago, and comparable store sales registered a 14.3 percent increase over 1992. Net income for the period rose 32.8 percent to $6,010,000, or $1.02 per share, vs. net income of $4,524,000, or $.78 per share, during the second quarter of last year. Leslie's operated 158 retail stores at June 30, 1993, compared with 130 at June 30, 1992.
 For the first six months of 1993, Leslie's sales rose 26.5 percent to $66,570,000, compared with sales of $52,643,000 during the same period in 1992. Comparable store sales increased 11.2 percent over the same period last year, while mail order sales grew by 14.7 percent. Net income rose 36.6 percent to $2,379,000, or $.40 per share, vs. $1,742,000, or $.30 per share for the first six months of 1992. Gross profits as a percentage of sales declined slightly for the period because of a strategy of more aggressive pricing on key items. Operating income grew by 31.1 percent, to $10,119,000, during the second quarter and 36.1 percent, to $4,480,000, for the six months.
 "Leslie's second-quarter performance substantiates the aggressive growth and competitive pricing strategy we have been following," commented Brian P. McDermott, president and chief executive officer of Leslie's Poolmart.
 McDermott explained, "We believe that four main factors accounted for our strong results. First we increased the frequency of our direct mail advertising pieces, stimulating response from our customers. In addition, we have initiated a more stringent policy of everyday low prices on key categories, such as chemicals and chlorine, which has generated a consistent flow of customers. Third, sales of commercial pool products increased well in excess of 80 percent over the same period last year as we continue to refine our programs and build this category. Finally, and as anticipated, our new store merchandising format allowed sales staff to spend more time with the customers, which improved customer service and increased the average dollar amount per transaction. All of these positive developments occurred within the context of a far more normal weather pattern than we experienced during the critical second quarter a year ago."
 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.
 Financial Summary
 (In Thousands, Except Per Share Amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Retail stores sales $49,116 $37,531 $59,537 $46,816
 Mail-order 4,416 3,735 5,110 4,457
 Other 1,404 934 1,923 1,370
 Total sales $54,936 $42,200 $66,570 $52,643
 Gross profit 23,878 18,669 27,391 22,177
 Selling, general
 and administra-
 tive expenses 13,615 10,800 22,575 18,581
 Amortization of
 costs 144 153 336 305
 Income from
 operations 10,119 7,716 4,480 3,291
 Interest expense 266 177 580 389
 Income before
 income taxes 9,853 7,539 3,900 2,902
 Income tax
 provision 3,843 3,015 1,521 1,160
 Net income $6,010 $4,524 $2,379 $1,742
 Income per
 common share $1.02 $.78 $.40 $.30
 average shares
 outstanding 5,866,537 5,809,235 5,945,408 5,805,530
 Comparable store
 sales +14.3 pct +3.8 pct +11.2 pct +1.4 pct
 -0- 8/3/93
 /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/

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

EH-MF -- LA023 -- 8953 08/03/93 13:56 EDT
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Publication:PR Newswire
Date:Aug 3, 1993

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