Cool Weather Causes Drop in Leslie’s Poolmart Profit

Leslie’s Poolmart, a Chatsworth retailer of swimming pool supplies, said its profit fell 2% in the second quarter ended June 30, while first-half earnings declined 57%.

The company had previously said it expected second-quarter results to be below expectations. Nonetheless, after announcing its earnings last week, its stock fell $2.38 in one day to close at $7.63. The stock closed Monday at $7.50.

Leslie’s Poolmart said its second-quarter earnings fell to $2.96 million from $3.04 million a year earlier, while revenues increased 12% to $35.8 million from $32.1 million.

For the six months ended June 30, the company’s profit was $234,000, compared with $539,000 in the first half of 1990. Revenues rose 12% to $46.1 million from $41.1 million.

Leslie’s said its sales in the second quarter--traditionally its strongest selling period--were below expectations because of unseasonably cool weather in California and rain in the South-Central states.