Shares of Leslie’s fell in post-market trading Monday after competitor Pool Corp. cut its outlook for the year amid expectations of a weak start to summer season.
The stock was recently down 4.4% to $4.18. The stock has dropped about 37% since the beginning of the year, as of Monday’s close.
Pool, a distributor of pool supplies, said pool units are expected to be down 15% to 20% and sales likely to decline about 6.5% this year as it operates in an environment marked by “persistently weak demand for new pool construction.”
The company’s commentary suggests its competitors, including Leslie’s, will publish similar results in the coming months.
In May, Leslie’s posted a wider loss for the March quarter and an 11% drop in sales but backed its outlook for the year.