Pool Corp, a distributor of swimming pool supplies, equipment and related leisure products, has announced its full year result for FY20 ended on December 31, 2020. Company reported a record 23 per cent sales growth to $3.93 billion compared to sales of $3.19 billion in previous fiscal. Net income jumped 40 per cent to $366.7 million ($261.6 million).
“As the pandemic forced families to spend more time at home in 2020, they sought out opportunities to create or expand existing home-based outdoor living and entertainment spaces. This created unprecedented demand throughout our markets. Our scale and execution, combined with favourable weather conditions, drove truly remarkable results for the year, including an exceptionally strong fourth quarter,” Peter D Arvan, president and CEO at Pool Corporation, said in a press release.
Gross profit for the year rose 22 per cent to $1.1 billion ($924.9 million). Selling and administrative expenses (operating expenses) increased 14 per cent to $666.9 million ($583.7 million). Operating income grew 36 per cent to $464.0 million ($341.2 million).
“Long-term demand within our industry remains strong, and we believe results in 2021 will continue to benefit from robust consumer interest in outdoor living. Building on the momentum that we gained in 2020, our guidance range assumes strong growth in the first half of the year,” Arvan said. “In the second half of the year, we expect to face tougher year-over-year comparisons and inherent industry capacity constraints, although we remain encouraged by positive industry outlooks.”
Fibre2Fashion News Desk (JL)
Pool Corp, a distributor of swimming pool supplies, equipment and related leisure products, has announced its full year result for FY20 ended on December 31, 2020. Company reported a record 23 per cent sales growth to $3.93 billion compared to sales of $3.19 billion in previous fiscal. Net income jumped 40 per cent to $366.7 million ($261.6 million).