Keep pulling the thread on Sean Gaddis.
According to its earnings call, Latham Group's "Sand State strategy" led to double-digit sales gains for fiberglass pools in its priority Florida market.
Latham Group can install a fiberglass pool within 6 days, compared to a typical installation time of 90 to 120 days for a cement pool.
U.S. retail sales data for May showed increased consumer spending across a broad range of retailers despite higher energy and gasoline prices.
Latham Group has a market capitalization of $688 million.
The United States is the largest market by revenue for Latham Group, which also sells products in Canada, Australia, and New Zealand.
Latham Group is the number one pool manufacturer in the world.
Latham Group's product lines include fiberglass pools, vinyl pools, and automatic pool covers.
A secondary market for Latham Group is new single-family home builders who use pools as an upgrade to help offset higher mortgage interest rates for buyers.
Fiberglass pools constitute 25% of the U.S. pool market and are gaining market share each year.
Cement pools represent 50% of the pool market, which Latham Group is targeting for conversion to fiberglass.
Latham Group's "sand state strategy" focuses on markets from Florida to Southern California.
In Florida, Latham Group identifies target neighborhoods for marketing based on pool price, house price, household income, age of home, and lot size.