Leslie's is the largest specialty retailer for pool and spa care in the U.S., selling pool chemicals, equipment, parts, and accessories to residential pool owners, pool service professionals, and commercial operators like hotels and apartment complexes. The core of the business is pool chemicals — chlorine, pH adjusters, and other treatments — which are recurring, non-discretionary purchases as long as someone owns a pool. Roughly 85% of the product mix is non-discretionary, giving Leslie's an annuity-like demand stream tied to the installed base of roughly 9 million residential pools in the U.S. Leslie's sells through over 1,000 retail stores concentrated in Sunbelt markets, an owned e-commerce platform, and third-party marketplaces. Stores also offer in-store water testing via the proprietary AccuBlue system, which generates a personalized chemical prescription and drives larger basket sizes. Over 55% of sales come from proprietary or exclusive products, which carry higher margins than third-party goods. Leslie's also owns chemical manufacturing and packaging facilities, providing a cost advantage on key products. The business is highly seasonal, with most sales and all earnings generated in the April–September period. Leslie's is currently in a turnaround after losing customers in FY25 due to pricing that drifted above competitors on key chemical items. Management is now cutting prices on core SKUs, closing 80–90 underperforming stores, rationalizing over 2,000 SKUs, and restructuring its distribution network — actions expected to deliver $7M–$12M in annualized EBITDA improvement. Debt reduction is the top capital allocation priority.