Surprise MSD% Comp = Lower Prices Working; Look For Sustainability

研报英文原文证据摘录

Surprise MSD% Comp = Lower Prices Working; Look For Sustainability

USA | Hardlines

Leslie’s, Inc. EquityMayResearch13, 2026

TARGET | ESTIMATE CHANGESurprise MSD% Comp = Lower Prices Working;

RATING HOLDLook For Sustainability

PRICE $1.43^

F2Q results came in far above Street expectations on both the top-line and

EBITDA. We were pleasantly surprised by the magnitude and immediacy of PRICE TARGET | % TO PT $1.60 ($1.30) | +12%

customer file growth, which sets up a potentially more constructive pool season 52W HIGH-LOW $18.56 - $0.87

for LESL this year. That said, we'd like to see sustained performance through the FLOAT (%) | ADV MM (USD) 98.8% | 0.25

upcoming periods and more evidence of market share recapture before turning MARKET CAP $13.3M

more constructive. Reiterate Hold. TICKER LESL ^Prior trading day's closing price unless otherwise

noted.

Price: After-hours price

Higher Customer File Drives a +6.6% Comp. F'2Q comps marked the highest reading since F'4Q22,

fueled by +8% customer file growth spanning new, retained, and reactivated buyers, with the

reactivated 2021-2024 cohorts surging >25%. Though we view the comp inflection favorably, we FY (Sep) CHANGE TO JEFe JEF vs CONS

acknowledge that easy compares over a multi-year window is a low hurdle. 2026 2027 2026 2027

REV +2% +2% +5% +5%

'Price Drop' Campaign in Sunbelt Markets Delivering Strong Results. The 'Price Drop' campaign

EPS -73% -9% -33% -160%

launched in March, is resonating, driving +DD% transaction growth, 350+ bps of conversion lift, and

+DD% water test growth at retail stores, a strong early signal that management's pricing efforts are

landing with consumers. 2026 ($) Q1A Q2A Q3 Q4 FY

EPS (5.24) (5.36) 5.34 2.11 (3.14)

West Carrying the Comp, Watching for Regional Broadening.