Leslies (NASDAQ:LESL) stock is falling on Friday after the company released its preliminary earnings report for the third quarter of 2023.
What’s disappointing investors today is the company’s estimate that Q3 adjusted earnings per share will range from 39 cents to 41 cents. That would be a major miss next to Wall Street’s estimate of 69 cents per share. It would also be a major drop from the 68 cents reported in the same period last year.
To go along with that, Leslies is expecting revenue of $611 million for its upcoming earnings report. Yet again, that’s not looking good next to analysts’ revenue estimate of $703.74 million for the quarter.
Mike Egeck, CEO of Leslies, said this about the results:
“Our fiscal third quarter results were well below our expectations as low double digit traffic declines in our Residential and Pro businesses drove negative comps across both discretionary and non-discretionary categories.”
Guidance Weighs on LESL Stock
In addition to the poor preliminary earnings, Leslies also updated its outlook for 2023. The company now expects adjusted EPS of between 28 cents and 32 cents on revenue between $1.43 billion and $1.45 billion. To put that in perspective, Wall Street is looking for an adjusted EPS of 77 cents on revenue of $1.6 billion for the year.
Finally, Leslies announced that Chief Financial Officer Steve Weddell is stepping down on Aug. 7. Replacing him is Scott Bowman, a veteran of the retail, manufacturing and CPG industries.
LESL stock is down 35.9% as of Friday morning.
There’s more stock market news for traders to read about below!
We’ve got all of the latest stock market coverage investors need to know about on Friday! That includes why shares of Theseus Pharmaceuticals (NASDAQ:THRX), Ainos (NASDAQ:AIMD) and Frequency Therapeutics (NASDAQ:FREQ) stock are moving today. All of that is ready to go with the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
