Leslie’s Poolmart Posts 13% Drop in Net Income
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Leslie’s Poolmart saw its net income drop 13% in the third quarter, in large part because of a change in its tax rate.
The Chatsworth-based swimming pool supplies concern posted net income of $4.2 million, down from a $4.8-million profit a year ago. In the quarter that ended Sept. 28, Leslie’s saw its sales jump 12% to $63.7 million, up from $56.9 million last year.
The company said its effective tax rate jumped sharply in the quarter because of a change in its tax reserves.
For the nine-month period, Leslie’s posted a 17% rise in net income to $8.3 million, compared with $7.1 million a year earlier, while sales climbed 18% to $170.6 million, up from $144.2 million.
The company has 259 retail stores in 27 states, and it operates a mail-order catalog.
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