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Pool Corporation posts 7% net sales growth in FY19

Feb '20
Pic: Pool Corporation
Pic: Pool Corporation
Pool Corporation, a distributor of swimming pool supplies, equipment and related leisure products, posted 7 per cent increase in net sales to a record high of $3.2 billion in fiscal 2019 that ended December 31, 2019 compared to $3 billion in FY18. Net sales in Q4 FY19 increased 7 per cent to $582.2 million compared to $543.1 million same period prior year. 
Net income increased 12 per cent to $261.6 million in FY19 compared to $234.5 million in 2018. Net income increased from $16.8 million in Q4 FY18 to $18.0 million in Q4 FY19.
Base business sales increased 5 per cent reportedly driven by company's expansion in commercial and building material products and healthy demand for discretionary products, such as construction materials and products used in the remodel and replacement of in-ground pools.   
Company's gross profit grew 6 per cent to $924.9 million in FY19 compared to $870.2 million in FY18. Gross margin was relatively flat year over year at 28.9 per cent in 2019 compared to 29.0 per cent in 2018.
Gross margin decreased 27.8 per cent in the fourth quarter FY19 compared to same period prior year.
Selling and administrative expenses (operating expenses) increased 5 per cent to $583.7 million in FY19 compared to $556.3 million in FY18, with base business operating expenses up 3 per cent over 2018. 
The increase in base business operating expenses was reportedly attributable to higher growth-driven labour and freight expenses, as well as greater facility-related costs.
Operating income for the year increased 9 per cent to $341.2 million, up from $313.9 million in 2018. 
Operating income in Q4 FY19 decreased 1 per cent to $25.8 million compared to $26.0 million in the same period prior year.
The company for FY20 has reported that it will continue to focus on their operating priorities and making strategic investments that benefit customers, employees and shareholders. Pool Corporation believes that their competitive advantages continue to grow and underlying demand throughout their industry remains strong.

Fibre2Fashion News Desk (JL)

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