<PAGE>

                                                                    Exhibit 10.2

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
     REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THESE
     SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO
     DISTRIBUTION, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR
     HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR
     SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN
     OPINION OF COUNSEL DELIVERED TO THE COMPANY THAT REGISTRATION IS NOT
     REQUIRED UNDER SUCH ACT.


                          LESLIE'S POOLMART, INC.

                                  WARRANT



                         Dated as of June 11, 1997

                     WARRANTS TO PURCHASE COMMON STOCK

                      Certificate for 105,364 Warrants

                 ISSUED TO OCCIDENTAL PETROLEUM CORPORATION
                              ("OCCIDENTAL")
                                ----------

     LESLIE'S POOLMART, INC., a Delaware  corporation (the "Company"), hereby
certifies that Occidental is the registered owner of the number of Warrants set
forth above.

     Each Warrant entitles the persons who shall from time to time, of record or
beneficially, own any of the Warrants (collectively "Holders" and individually
"Holder") to purchase one (1) share (each such share being referred to herein as
a "Warrant Share" and all such shares being referred to herein, collectively, as
the "Warrant  Shares"), as adjusted from time to time as provided in Section 7
hereof, of the Common Stock, $0.001 par value per share, of the Company (the
"Common Stock") at the exercise price of $0.01 (one cent) per Warrant Share (the
"Exercise Price"), subject to the following terms and conditions.

     1.  Registration. The Company shall register each Warrant, upon records to
be maintained  by the Company for such purpose (such records being referred to
herein as the "Register"), in the name of the record holder of such Warrant from
time to time. The Company may deem and treat the registered holder of each
Warrant as the absolute owner thereof for the purpose of any exercise thereof or
any distribution to the Holder thereof, and for all other purposes, and the
Company shall not be affected by any notice to the contrary.

<PAGE>

     2.  Transfers and Exchanges.

          (a) Registration; Issuance of New Warrant Certificates. The Company
shall reflect in the Register the transfer of any Warrant represented hereby
upon the surrender of this Warrant Certificate, with the Form of Assignment
attached as Annex A hereto duly completed and signed (and with a signature
guarantee for the transfer of any Warrants by a registered holder other than
the initial registered holder of this Warrant Certificate), to the Company at
the office of the Company set forth in Section 11 hereof. Upon any such
registration of transfer, a new Warrant Certificate, in substantially the form
of this Warrant Certificate, evidencing the Warrants so transferred shall be
issued to the transferee of such Warrants and a new Warrant Certificate, in
substantially the form of this Warrant Certificate, evidencing the remaining
Warrants, if any, not so transferred, shall be issued to the Holder. The Company
shall at no time close the Register against the transfer of any Warrant or
Warrant Share in any manner that materially interferes with the timely exercise
of such Warrant.

          (b)  Warrants Exchangeable for Different Denominations. This Warrant
Certificate is exchangeable, upon the  surrender hereof by the Holder at the
office  of the  Company  set  forth in Section 11 hereof,  for new Warrant
Certificates, in substantially the form of this Warrant Certificate, evidencing
in the  aggregate  the right to purchase the number of Warrant Shares that may
then be purchased under this Warrant Certificate.  Each  such  new  Warrant
Certificate shall be dated the date of such exchange and represent the right to
purchase such number of Warrant Shares as shall be designated by the Holder at
the time of such surrender.

     3.  Duration and Exercise of Warrants.

          (a) Subject to all the terms and conditions hereinafter set forth
(including, without limitation, the terms and conditions in Section 16),
the Warrants may be exercised by the Holder at any time from the date hereof
until 5:00 p.m., Los Angeles time, on the tenth (10th) anniversary of the date
hereof (the "Expiration Time"). At the Expiration Time, each Warrant not
exercised prior thereto shall be and become void and of no value.

          (b)  Subject to the provisions of this Warrant Certificate, including
adjustments to the Exercise Price and to the number of Warrant Shares issuable
upon the exercise of each Warrant pursuant to Section 7 hereof, each holder of a
Warrant on or prior to the Expiration Time shall have the right to purchase from
the Company (and the Company shall be obligated to issue and sell to such holder
of a Warrant) at the Exercise Price one fully-paid Warrant Share, which shall be
nonassessable upon issuance.

          (c)  Subject to Sections 4, 9 and 10(a) hereof, upon (i) surrender of
this Warrant Certificate, together with the Form of Election to Purchase
attached as Annex B hereto (the "Form of Election to Purchase") duly completed
and signed, to the Company at the address provided in Section 11, and (ii)
payment of the Exercise Price, multiplied by the number of Warrant Shares then
issuable upon exercise of the Warrants being so exercised in immediately
available lawful money of the United States of America, the Company shall
promptly, but in any event within five (5) days of its receipt of the Form of
Election to Purchase, together with the

                                        2

<PAGE>

Warrant Certificate and receipt of payment of the Exercise Price, issue and
cause to be delivered to or upon the written order of the Holder, and in such
name or names as such Holder may designate (subject to Section 4 hereof), a
certificate for the Warrant Shares issued upon such exercise of such Warrants.
Any person so designated to be named in such certificate for such Warrant Shares
shall be deemed to have become the holder of record of such Warrant Shares as of
the Date of Election to Purchase such Warrants. The "Date of Election to
Purchase" as to any Warrant means the date on which the Company shall have
received (1) this Warrant Certificate, with the completed Form of Election to
Purchase and (2) payment of the Exercise Price for such Warrant.

          (d) Any part of the Warrants evidenced by this Warrant Certificate
shall be exercisable from time to time. If fewer than all the Warrants evidenced
by this Warrant Certificate are exercised at any time, the Company, at its
expense, shall issue to the registered holder a new Warrant Certificate, in
substantially the form of this Warrant Certificate, for the remaining number of
Warrants evidenced by this Warrant Certificate.

     4.  Payment of Taxes.

          (a) The Company shall pay all issuance and transfer  taxes and charges
that may be imposed on the Company or on the Warrants or the Warrant Shares in
respect of the transfer of Warrants, or the issuance or delivery of the
Certificates for Warrant Shares or other Securities in respect of the Warrant
Shares upon the exercise or conversion of Warrants; provided, however, that the
Company shall not be required to pay any such tax or other charge imposed in
respect of the transfer of Warrants, or the issuance or delivery of certificates
for Warrant Shares or other securities in respect of the Warrant Shares upon the
exercise of Warrants, to a person or entity other than a then-existing
registered holder of Warrants.

          (b) Upon exercise of the Warrant in whole or in part, the Holder shall
be required to pay to the Company (by cashier's or certified check) an amount
equal to all applicable federal and state withholding taxes that may become
payable by reason of such exercise.

     5.  Mutilated or Missing Warrant Certificate. If this Warrant Certificate
shall be mutilated, lost, stolen or destroyed, upon request by the registered
holder of the Warrants, the Company shall issue, in exchange for and upon
cancellation of the mutilated Warrant Certificate, or in substitution for the
lost, stolen or destroyed Warrant Certificate, a new Warrant Certificate, in
substantially the form of this Warrant Certificate, of like tenor and
representing the equivalent number of Warrants, but, in the case of loss, theft
or destruction, only upon receipt of evidence satisfactory to the Company of
such loss, theft or destruction of this Warrant Certificate and, if requested by
the Company, indemnity also satisfactory to it.

     6.  Reservation and Issuance of Warrant Shares.

          (a)  The Company shall at all times have authorized, and reserve and
keep available, exclusively for the purpose of enabling it to satisfy any
obligation to issue Warrant Shares upon the exercise of the Warrants, the number
of Warrant Shares deliverable upon exercise of the Warrants. The Company shall
take all corporate action necessary to enable the

                                        3

<PAGE>

Company to validly and legally issue, at the Exercise Price, Warrant Shares that
are fully paid and nonassessable.

          (b)  The Company covenants that all Warrant Shares will, upon issuance
in accordance with the terms of this Warrant Certificate, be (i) duly
authorized, validly issued, fully paid and nonassessable and (ii) free from all
taxes or other governmental charges with respect to the issuance thereof (not
including income taxes payable by the holders of Warrants being exercised in
respect of gains thereon) and from all liens, charges and security interests
created by the Company.

     7.  Adjustments. If the Company shall at any time subdivide the outstanding
shares of Common Stock into a greater number of shares, or pay to holders of
Common Stock any dividend payable in shares of Common Stock, the number of
Warrant Shares in effect immediately prior to such subdivision or dividend shall
be proportionately increased, and conversely, if the outstanding shares of
Common Stock shall be combined into a smaller number of shares, the number of
Warrant Shares in effect immediately prior to such combination shall be
proportionately reduced; and, in either case the Exercise Price shall be
adjusted proportionately; provided, however, that the Exercise Price shall in
all events be no less than the par value of the Warrant Shares.

     8.  No Stock Rights. The Holder of this Warrant Certificate, as such, shall
not be entitled to vote or be deemed the holder of Common Stock or any other
securities of the Company which may at any time be issuable on the exercise
hereof, nor shall anything contained herein be construed to confer upon the
Holder of this Warrant Certificate, as such, the rights of a stockholder of the
Company or the right to vote for the election of directors or upon any matter
submitted to stockholders at any meeting thereof, or to give or withhold consent
to any corporate action, to exercise any preemptive right, to receive notice of
meetings or other actions affecting stockholders (except as provided herein), or
to receive dividends or subscription rights or otherwise, until the Date of
Election to Purchase Warrants shall have occurred.

     9.  Fractional Warrants and Fractional Warrant Shares. The Company may, but
shall not be required to, issue fractional Warrant Shares. If any fraction of a
Warrant Share would, except for the provisions of this Section 9, be issuable to
the Holder of this Warrant Certificate upon exercise of any Warrants, the
Company may, at its election, pay to such Holder an amount in cash equal to the
amount by which (a) the Fair Market Value (determined pursuant to the
Stockholders Agreement) of one share of Common Stock exceeds (b) the Exercise
Price, multiplied by such fraction. The Holder of a Warrant Certificate, by the
acceptance of the Warrant Certificate, expressly waives the right to receive any
fractional Warrant Shares upon exercise of a Warrant. The Holder of a Warrant
Certificate shall be entitled to receive fractional Warrants and fractional
Warrant Shares at the election of the Company.

     10.  [Intentionally deleted.]

     11.  Notices.  All  notices, requests, demands and other communications
relating to this Warrant Certificate shall be in writing, including by
telecopier, telex, telegram or cable, addressed, if to the registered holder
hereof, to it at the address furnished by the registered holder

                                        4

<PAGE>

to the Company, and if to the Company, at its office at 20630 Plummer Street,
Chatsworth, California 91311, Attention: President, or to such other address as
any party shall notify the other party in writing, and shall be effective, in
the case of written notice by mail, three days after placement into the mails
(first class, postage prepaid), and in the case of notice by telex, telecopier,
telegram or cable, on the same day as sent.

     12. Binding Effect. This Warrant Certificate shall be binding upon and
inure to the sole and exclusive benefit of the Company, its permitted successors
and permitted assigns, and the registered holder or holders from time to time of
the Warrants and the Warrant Shares.

     13. Survival of Rights and Duties. Unless earlier terminated or canceled in
whole or in part pursuant to Section 16 of this Warrant Certificate, this
Warrant Certificate and unexercised Warrants represented hereby shall terminate
and be of no further force and effect on the earlier of the Expiration Time or
the date on which all the Warrants shall have been exercised, except that the
provisions of Sections 4, 6(b) and 10 of this Warrant Certificate shall continue
in full force and effect after any such termination or cancellation.

     14. Governing Law. This Warrant Certificate shall be construed in
accordance with and governed by the internal laws of the State of Delaware
applicable to contracts executed and to be performed wholly within such state,
without regard to the principles of conflicts or choice of law.

     15. Modification and Waiver. This Warrant Certificate and any term hereof
may be changed, waived, discharged or terminated only by an instrument in
writing signed by the Holder and the Company against which enforcement of such
change, waiver, discharge or termination is sought.

     16. Reorganization, Reclassification, Consolidation, Merger or Sale. If any
capital reorganization or reclassification of the capital stock of the Company,
any consolidation or merger of the Company with another entity, or the sale of
all or substantially all of the Company's assets to another entity shall be
effected in such a way that holders of Common Stock shall be entitled to receive
stock, securities, cash or other assets with respect to or in exchange for
Common Stock, then, as a condition of such reorganization, reclassification,
consolidation, merger or sale, lawful and adequate provisions shall be made
whereby the Holder shall thereafter have the right to purchase and receive upon
the basis and the terms and conditions specified in this Warrant Certificate and
in lieu of the shares of Common Stock immediately theretofore purchasable and
receivable upon the exercise of the rights represented hereby, such shares of
stock, securities, cash or other assets as may be issued or payable in such
reorganization, reclassification, consolidation, merger or sale with respect to
or in exchange for the number of shares of Common Stock purchasable and
receivable upon the exercise of the rights represented hereby had such rights
been exercised immediately prior thereto, and in any such case appropriate
provision shall be made with respect to the rights and interests of the Holder
to the end and that the provisions hereof (including without limitation
provisions for adjustments of the Exercise Price and of the number of shares of
Common stock purchasable and receivable upon the exercise of this Warrant) shall
thereafter be applicable, as nearly as may be, in relation to any shares of
stock, securities or assets thereafter deliverable upon the exercise hereof. The

                                        5

<PAGE>

Company will not effect any such consolidation, merger or sale, unless prior to
the consummation thereof the successor corporation (if other than the Company)
resulting from such consolidation or merger or the corporation purchasing such
assets shall assume by written instrument, executed and mailed or delivered to
the Holder at the last address thereof appearing in the Register, the
obligation to deliver to such Holder such shares of stock, securities or assets
as, in accordance with the foregoing provisions, such Holder may be entitled to
purchase. Notwithstanding the foregoing, in the event that, as a result of a
transaction described in this Section 16, a Change of Control (as defined in
the Stockholders Agreement) shall occur, then effective as of the date of
consummation of the Change of Control, this Warrant shall terminate and shall
represent only the right to receive, upon surrender and payment of the exercise
price therefor, the stock, securities, cash or other assets to which the holder
would have been entitled had this Warrant been exercised immediately prior to
consummation of such Change of Control.

     17. Notices of Certain Events. In case: (a) the Company shall authorize the
issuance to all holders of shares of Common Stock of rights, options or warrants
to subscribe for or purchase shares of Common Stock or of any other subscription
rights or warrants; (b) the Company shall authorize the distribution to all
holders of shares of Common Stock of assets, including cash, evidences of its
indebtedness or other securities; (c) of any consolidation or merger to which
the Company is a party and for which approval of any stockholders of the Company
is required, or of the conveyance or transfer of the properties and assets of
the Company substantially as an entirety, or of any reclassification or change
of Common Stock issuable upon exercise of the Warrants, or of the commencement
of a tender offer or exchange offer for shares of Common Stock; (d) of the
voluntary or involuntary dissolution, liquidation or winding up of the Company;
or (e) any event requiring an adjustment pursuant to Section 7 hereof, then the
Company shall cause to be given to the Holder at least 10 business days prior to
the applicable record date hereinafter specified, or the date of the event in
the case of events for which there is no record date, notice stating (i) the
date as of which the holders of record of shares of Common Stock to be entitled
to receive any such rights, options, warrants or distribution are to be
determined, or (ii) the initial expiration date set forth in any tender offer or
exchange offer for shares of Common Stock, or (iii) the date on which any such
consolidation, merger, conveyance, transfer, dissolution, liquidation or winding
up is expected to become effective or consummated, and the date as of which it
is expected that holders of record of shares of Common Stock shall be entitled
to exchange such shares for securities or other property, if any, deliverable
upon such reclassification, consolidation, merger, conveyance, transfer,
dissolution, liquidation or winding up.

     18. Information Regarding Adjustments. The Company shall keep a record of
any adjustment to the Warrant Shares or the Exercise Price pursuant hereto,
together with a record as to the method of calculation and the facts upon which
such calculations are based. Such information shall be provided to the Holder
upon request. The Company will include such information in the notices given
pursuant to Section 17.

                                        6

<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be
executed under its corporate seal by its officers thereunto duly authorized as
of the date hereof, and the Holder has caused this Warrant Certificate to be
executed and delivered by its duly authorized representative.


                             LESLIE'S POOLMART, INC.

                             By:  /s/ Brian P. McDermott
                                  ----------------------------------------------
                                  Name: Brian P. McDermott
                                        ----------------------------------------
                                  Title: President and Chief Executive Officer
                                         ---------------------------------------


                             OCCIDENTAL PETROLEUM CORPORATION

                             By:  /s/
                                  ----------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------


                                        7

<PAGE>

                                     ANNEX A
                                     -------

                               FORM OF ASSIGNMENT

FOR VALUE RECEIVED,                                    hereby sells, assigns and
transfers to each assignee set forth below all the rights of the undersigned in
and to the number of Warrants (as deemed in and evidenced by the foregoing
Warrant Certificate) set opposite the name of such assignee below and in and to
the foregoing Warrant Certificate with respect to such Warrants and the shares
of common stock, $. par value per share, of Leslie's Poolmart, Inc. issuable
upon exercise of such Warrants:

   Name of Assignee                Address                  Number of Warrants
   ----------------                -------                  ------------------











If the aggregate number of such Warrants shall not constitute all the Warrants
evidenced by the foregoing Warrant Certificate, the undersigned requests that a
new Warrant Certificate evidencing the Warrants not so assigned be issued in
the name of and delivered to the undersigned.


                                          Name of
                                          Holder (Print):
                                                         -----------------------

Dated:                                   (By:)
      ----------------, -----                 ----------------------------------
                                         (Title:)
                                                 -------------------------------

[SIGNATURE GUARANTEE]                     ATTEST:
(Not Required for Initial Registered
holder)

                                          --------------------------------------
                                                  [Assistant] Secretary


                                        8

<PAGE>

                                     ANNEX B
                                     -------

                          FORM OF ELECTION TO PURCHASE

(To Be Executed by the Holder if the
Holder Desires to Exercise Warrants
Evidenced by the foregoing Warrant Certificate)

To Leslie's Poolmart, Inc.:

The undersigned hereby irrevocably elects to exercise               Warrants (as
deemed in and evidenced by the foregoing Warrant Certificates) for, and to
purchase thereunder,               shares of common stock, $       par value per
share, of Leslie's Poolmart,  Inc., issuable upon exercise of such Warrants and
delivery of  $              in cash and any applicable taxes payable by the
undersigned pursuant to such Warrant Certificate.

The undersigned requests that certificates for such shares be issued in the
name of the following:

                                            PLEASE INSERT SOCIAL SECURITY NUMBER
                                            OR TAX IDENTIFICATION NUMBER


                                            ------------------------------------
                                            ------------------------------------
                                            ------------------------------------
                                            (Please print name and address)


--------------------------------------------------------------------------------

If such number of Warrants shall not constitute all the Warrants evidenced by
the foregoing Warrant  Certificate,  the undersigned requests that a new Warrant
Certificate  evidencing  the  Warrants not so exercised be issued in the name of
and delivered to the following:


--------------------------------------------------------------------------------
(Please print name and address)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------


Dated:                                       Name of Holder
      -------------,-----                    (Print):
                                                     ---------------------------

[SIGNATURE GUARANTEE]                        (By:)
                                                  ------------------------------
(Not Required for Initial Registered Holder)                   (Title:)