On this page of StockholderLetter.com we present the latest annual shareholder letter from Leslie's, Inc. — ticker symbol LESL. Reading current and past LESL letters to shareholders can bring important insights into the investment thesis.
Annual
Report
2024
Our Mission
We are commited to providing consumers with
the expertise, service, and innovative products
necessary to enjoy clean, safe, and beautiful
pools and spas.
Our Values
Be Customer Focused
Own the Outcome
We create great experiences and lasting
relationships with those we serve. We
understand our customers    needs,
consider the impact on them in our
decisions, and strive to make every
experience easy, connected, and joyful.
We value outcomes over activity, and hold
ourselves and each other to the highest
standards for how we perform every day.
We proactively take ownership of how we
spend time, dollars, and energy.
Share Expertise
Welcome Everyone
:H DUH WKH OHDGLQJ H[SHUWV LQ RXU   HOG  QR 
matter our role. We take pride in what we
know, share it willingly, and help others
understand. As partners in pool care, we
act as trusted guides.
As champions of diversity, equity, and
inclusion, we create an environment
where everyone can proudly work
together, do their best, and have fun
along the way.
Invest in Innovation
Measure the Impact
We see every moment as an opportunity to
do better than the last time. We constantly
look to take leaps forward by investing in
big ideas and new technologies in every
aspect of the business.
We work to align across all stakeholders   
customers, shareholders, partners,
employees, and environment   and strive
WR PDNH D SRVLWLYH GL  HUHQFH IRU SHRSOH  
planet, and the business in every decision.
Dear Fellow
Shareholders,
Building a legacy in business     as in
life     is a complicated venture. It takes
a strong culture, commitment, and
perseverance. Since becoming Leslie   s
new CEO in September 2024, I have
quickly learned that our Company
has built a very strong legacy by
making a clear customer promise and
consistently delivering on customer   s
expectations. For over 60 years, Leslie   s
has made it our focus to be the customer   s    #1 choice   
for pool care. It all started in 1963 when Phil Leslie
opened a chain of swimming pool supply stores in the
Los Angeles area.
To this day, Leslie   s has focused on the customer,
making sure we have a strong assortment of
merchandise to meet the needs of local do-ityourself (DIY) and Professional (Pro) customers. Our
merchandise, including base and specialty chemicals,
equipment and cleaners, and recreational items
ensure clean, safe and enjoyable pools across the
country. Put simply, we enable fun and joy.
Leslie   s Value Proposition
Today, Leslie   s has grown to a 1,000-store chain across
39 states, providing pool owners and professionals
with what they need to make beautiful memories and
bring joy to the backyard. As I continue to visit stores
and spend time in the market, I see that serving our
customers with care and providing expert advice
GH  QHV ZKR ZH DUH DV D &RPSDQ\  
2XU PRVW YDOXDEOH R  HULQJ LV WKH H[SHUW SRRO 
and spa care advice from knowledgeable in-store
team members as well as professional equipment
LQVWDOODWLRQ DQG UHSDLUV IURP PRUH WKDQ     FHUWL  HG 
service technicians. It   s the contributions from our
team members that set us apart.
We have come a long way over the years, adding
capabilities and innovative technology, including
our AccuBlue   best-in-class commercial grade water
testing, which is backed by over 50 million water tests.
We believe the AccuBlue   water test, proprietary pool
score, and treatment plan is the most comprehensive
water testing solution in the industry. By providing it
IRU IUHH DW DOO /HVOLH  V VWRUHV  ZH R  HU D XQLTXH YDOXH 
proposition that drives customer loyalty. Since we
know convenience is important to our customer base,
we recently introduced AccuBlue Home  . This home
enabling customers to engage with
Leslie   s whenever, wherever, and
however they prefer to shop.
A Vision for the Future
After joining as CEO, I embarked on
a listening and learning tour, visiting
stores, distribution centers, and
commercial service centers across
more than half a dozen states,
including some of our biggest
markets. I spoke with customers,
team members, suppliers, and
shareholders, learning as much as
possible in a short period of time.
version of our commercial grade testing technology has
made it easier than ever for our customers to feel the
trust and care from the comfort of their own home.
In addition to free water tests, Leslie   s value
proposition also includes:
Free in-store inspection and repair of pool
equipment, such as pool cleaners. Pool owners simply
bring in the non-working item to a Leslie   s store, and a
FHUWL  HG RQ VWD   H[SHUW ZLOO DVVHVV DQG   [ LW  &XVWRPHUV 
only pay for the cost of parts and materials.
Free Pool Perks Program     allows for members to
receive rewards on purchases and services, shipping
EHQH  WV RQ OHVOLHVSRRO FRP RUGHUV  H[WHQGHG 
ZDUUDQWLHV RQ VHOHFW HTXLSPHQW  DQG H[FOXVLYH R  HUV 
and promotions.
Free expert advice from over 3,600 knowledgeable
associates, as well as helpful online resources
including more than 1,500 how-to articles and
YouTube online videos covering everything our
customers need to know to care for their pool.
As the only national omnichannel pool and spa
supply retailer, we operate an integrated ecosystem
of physical locations and a robust digital platform,
I learned that we are much more
than just a    pool company    or a    brick and mortar
retailer that sells pool supplies.    We are a pool solutions
company. Our singular focus is helping our customers
with their pool.
0\ OHDUQLQJV DQG WKH UH  HFWLRQV RQ WKH YDOXDEOH 
feedback that I have received has allowed me to lay
out a vision:
To be Customer   s #1 Choice
for Pool Care Solutions
We are uniquely positioned to achieve this vision. We
are developing a focused set of priorities centered
around three strategic themes: Customer Centricity,
Convenience, and Asset Utilization. While exciting
and positive changes are coming, we are striving
to    perform while we transform.    The Company is
entering a new era and we are working to pave the
ZD\ IRU ORQJ WHUP VXVWDLQDEOH JURZWK DQG SUR  WDELOLW\ 
as market conditions continue to normalize.
Strategic Themes
We discussed the three strategic themes around
which we are building initiatives to drive positive
change during our Fiscal Fourth Quarter 2024
earnings call. To recap:
 • shareholder letter icon 1/23/2025 Letter Continued (Full PDF)
 • stockholder letter icon 1/27/2023 LESL Stockholder Letter
 • stockholder letter icon 1/24/2024 LESL Stockholder Letter
 • stockholder letter icon More "Sporting Goods & Activities" Category Stockholder Letters
 • Benford's Law Stocks icon LESL Benford's Law Stock Score = 95


LESL Shareholder/Stockholder Letter Transcript:

Annual
Report
2024

Our Mission
We are commited to providing consumers with
the expertise, service, and innovative products
necessary to enjoy clean, safe, and beautiful
pools and spas.

Our Values
Be Customer Focused
Own the Outcome
We create great experiences and lasting
relationships with those we serve. We
understand our customers    needs,
consider the impact on them in our
decisions, and strive to make every
experience easy, connected, and joyful.
We value outcomes over activity, and hold
ourselves and each other to the highest
standards for how we perform every day.
We proactively take ownership of how we
spend time, dollars, and energy.
Share Expertise
Welcome Everyone
:H DUH WKH OHDGLQJ H[SHUWV LQ RXU   HOG  QR 
matter our role. We take pride in what we
know, share it willingly, and help others
understand. As partners in pool care, we
act as trusted guides.
As champions of diversity, equity, and
inclusion, we create an environment
where everyone can proudly work
together, do their best, and have fun
along the way.
Invest in Innovation
Measure the Impact
We see every moment as an opportunity to
do better than the last time. We constantly
look to take leaps forward by investing in
big ideas and new technologies in every
aspect of the business.
We work to align across all stakeholders   
customers, shareholders, partners,
employees, and environment   and strive
WR PDNH D SRVLWLYH GL  HUHQFH IRU SHRSOH  
planet, and the business in every decision.

Dear Fellow
Shareholders,
Building a legacy in business     as in
life     is a complicated venture. It takes
a strong culture, commitment, and
perseverance. Since becoming Leslie   s
new CEO in September 2024, I have
quickly learned that our Company
has built a very strong legacy by
making a clear customer promise and
consistently delivering on customer   s
expectations. For over 60 years, Leslie   s
has made it our focus to be the customer   s    #1 choice   
for pool care. It all started in 1963 when Phil Leslie
opened a chain of swimming pool supply stores in the
Los Angeles area.
To this day, Leslie   s has focused on the customer,
making sure we have a strong assortment of
merchandise to meet the needs of local do-ityourself (DIY) and Professional (Pro) customers. Our
merchandise, including base and specialty chemicals,
equipment and cleaners, and recreational items
ensure clean, safe and enjoyable pools across the
country. Put simply, we enable fun and joy.
Leslie   s Value Proposition
Today, Leslie   s has grown to a 1,000-store chain across
39 states, providing pool owners and professionals
with what they need to make beautiful memories and
bring joy to the backyard. As I continue to visit stores
and spend time in the market, I see that serving our
customers with care and providing expert advice
GH  QHV ZKR ZH DUH DV D &RPSDQ\  
2XU PRVW YDOXDEOH R  HULQJ LV WKH H[SHUW SRRO 
and spa care advice from knowledgeable in-store
team members as well as professional equipment
LQVWDOODWLRQ DQG UHSDLUV IURP PRUH WKDQ     FHUWL  HG 
service technicians. It   s the contributions from our
team members that set us apart.
We have come a long way over the years, adding
capabilities and innovative technology, including
our AccuBlue   best-in-class commercial grade water
testing, which is backed by over 50 million water tests.
We believe the AccuBlue   water test, proprietary pool
score, and treatment plan is the most comprehensive
water testing solution in the industry. By providing it
IRU IUHH DW DOO /HVOLH  V VWRUHV  ZH R  HU D XQLTXH YDOXH 
proposition that drives customer loyalty. Since we
know convenience is important to our customer base,
we recently introduced AccuBlue Home  . This home

enabling customers to engage with
Leslie   s whenever, wherever, and
however they prefer to shop.
A Vision for the Future
After joining as CEO, I embarked on
a listening and learning tour, visiting
stores, distribution centers, and
commercial service centers across
more than half a dozen states,
including some of our biggest
markets. I spoke with customers,
team members, suppliers, and
shareholders, learning as much as
possible in a short period of time.
version of our commercial grade testing technology has
made it easier than ever for our customers to feel the
trust and care from the comfort of their own home.
In addition to free water tests, Leslie   s value
proposition also includes:
Free in-store inspection and repair of pool
equipment, such as pool cleaners. Pool owners simply
bring in the non-working item to a Leslie   s store, and a
FHUWL  HG RQ VWD   H[SHUW ZLOO DVVHVV DQG   [ LW  &XVWRPHUV 
only pay for the cost of parts and materials.
Free Pool Perks Program     allows for members to
receive rewards on purchases and services, shipping
EHQH  WV RQ OHVOLHVSRRO FRP RUGHUV  H[WHQGHG 
ZDUUDQWLHV RQ VHOHFW HTXLSPHQW  DQG H[FOXVLYH R  HUV 
and promotions.
Free expert advice from over 3,600 knowledgeable
associates, as well as helpful online resources
including more than 1,500 how-to articles and
YouTube online videos covering everything our
customers need to know to care for their pool.
As the only national omnichannel pool and spa
supply retailer, we operate an integrated ecosystem
of physical locations and a robust digital platform,
I learned that we are much more
than just a    pool company    or a    brick and mortar
retailer that sells pool supplies.    We are a pool solutions
company. Our singular focus is helping our customers
with their pool.
0\ OHDUQLQJV DQG WKH UH  HFWLRQV RQ WKH YDOXDEOH 
feedback that I have received has allowed me to lay
out a vision:
To be Customer   s #1 Choice
for Pool Care Solutions
We are uniquely positioned to achieve this vision. We
are developing a focused set of priorities centered
around three strategic themes: Customer Centricity,
Convenience, and Asset Utilization. While exciting
and positive changes are coming, we are striving
to    perform while we transform.    The Company is
entering a new era and we are working to pave the
ZD\ IRU ORQJ WHUP VXVWDLQDEOH JURZWK DQG SUR  WDELOLW\ 
as market conditions continue to normalize.
Strategic Themes
We discussed the three strategic themes around
which we are building initiatives to drive positive
change during our Fiscal Fourth Quarter 2024
earnings call. To recap:



shareholder letter icon 1/23/2025 Letter Continued (Full PDF)
 

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