Pool Corporation, a distributor of swimming pool supplies, equipment and related leisure products, posted 13 per cent growth in net sales to $677.3 million in first quarter (Q1) FY20 that ended on March 31, 2020 compared to sales of $597.5 million in same period prior year. Net income for the quarter were $30.9 million (Q1 FY19: $32.7 million).

 

Pool Corporation, a distributor of swimming pool supplies, equipment and related leisure products, posted 13 per cent growth in net sales to $677.3 million in first quarter (Q1) FY20 that ended on March 31, 2020 compared to sales of $597.5 million in same period prior year. Net income for the quarter were $30.9 million (Q1 FY19: $32.7 million).#

“As evidenced by our first quarter results, we started the year with robust growth as underlying demand for our products has been strong. Beginning in the middle of March when stay-at-home orders were being issued, sales growth began to level off,” Peter Arvan, Pool Corporation president and CEO, said in a press release.

 

Pool Corporation, a distributor of swimming pool supplies, equipment and related leisure products, posted 13 per cent growth in net sales to $677.3 million in first quarter (Q1) FY20 that ended on March 31, 2020 compared to sales of $597.5 million in same period prior year. Net income for the quarter were $30.9 million (Q1 FY19: $32.7 million).#

The company attributed the first quarter sales to the strong demand for discretionary products by higher sales growth in construction materials and products used in the remodel and replacement of in-ground pools. Further the company reported that sales were favourably impacted by a pull forward of lower margin customer early-buy purchases from the second quarter into the first and by an additional selling day in the first quarter of 2020 compared to the first quarter of 2019.

 

Pool Corporation, a distributor of swimming pool supplies, equipment and related leisure products, posted 13 per cent growth in net sales to $677.3 million in first quarter (Q1) FY20 that ended on March 31, 2020 compared to sales of $597.5 million in same period prior year. Net income for the quarter were $30.9 million (Q1 FY19: $32.7 million).#

Gross profit increased 9 per cent in the first quarter to a record $189.6 million (Q1 FY19: $174.6 million). Selling and administrative expenses (operating expenses) and base business operating expenses increased 13 per cent to $147.0 million (Q1 FY19: 136.2 million). However, operating income for the reported period fell 7 per cent to $35.6 million.

 

Pool Corporation, a distributor of swimming pool supplies, equipment and related leisure products, posted 13 per cent growth in net sales to $677.3 million in first quarter (Q1) FY20 that ended on March 31, 2020 compared to sales of $597.5 million in same period prior year. Net income for the quarter were $30.9 million (Q1 FY19: $32.7 million).#

“At Pool Corp, the majority of our North American operations are and have been continuously open for business as we are designated 'essential' in almost all of our markets. In Europe, our operations closed for a short period in France, Spain and Italy, in order to comply with local authorities' orders,” Arvan said. 

 

Pool Corporation, a distributor of swimming pool supplies, equipment and related leisure products, posted 13 per cent growth in net sales to $677.3 million in first quarter (Q1) FY20 that ended on March 31, 2020 compared to sales of $597.5 million in same period prior year. Net income for the quarter were $30.9 million (Q1 FY19: $32.7 million).#

Entering 2020, Pool Corp was well positioned financially to deal with the impacts of the Covid-19 pandemic to our business.”