Leslie’s Poolmart Lowers Profit Estimate

Leslie’s Poolmart, citing poor weather that slowed its swimming pool supplies business, said its second-quarter profit will trail the Chatsworth company’s expectations.

The disclosure sparked a selloff in Leslie’s stock, which plunged 35%, to $5 a share, last Wednesday. The stock closed Monday at $5.75 a share in NASDAQ trading.

Although Leslie’s sales in the quarter ended June 30 rose 18% from a year earlier, to $42.2 million, unseasonably cool June weather in the Midwest, Southeast and Northeast and rain in the south-central United States left its sales gain unexpectedly low, the company said.

Leslie’s said its same-store sales--sales of stores open at least a year--rose 4% in the second quarter. The company, which operates 130 retail pool-supplies outlets nationwide, expects to report detailed second-quarter results in about two weeks.