Pool Corporation, Covington, La., a wholesale distributor of swimming pool and related backyard products, reported its first-quarter 2023 sales were $1.2 billion, down 15% from the prior-year period.
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Profit for the quarter was down 43.3% from the prior-year period.
“Our southern markets experienced more typical weather during the quarter and generated encouraging results,” said Peter D. Arvan, president and CEO. “However, higher precipitation and cooler temperatures suppressed results in our western markets, hampering new pool construction activities and sales of maintenance-related products.
“These conditions continued into late March when we saw a considerable impact on our biggest sales month of the quarter. Headwinds from economic conditions, including tightening financial markets and higher interest rates, further weighed on new pool construction. Going forward, we remain committed to our strategic goals of organic growth of our sales center network and key working capital investments that provide our customers convenient access to our broad assortment of products and tools to help them grow.”
