YETI Q1 2021 Earnings Report
Key Takeaways
YETI Holdings, Inc. announced exceptional first quarter results with a 42% increase in net sales, fueled by strong demand. Gross margin expansion powered a nearly 700-basis point improvement in operating margin, contributing to a more than three-fold increase in earnings per share. The company is raising its full-year net sales and earnings per share outlooks to 20% and 22% growth, respectively.
Net sales increased by 42% to $247.6 million compared to the same period last year.
Direct-to-consumer (DTC) channel net sales increased 59% to $126.8 million.
Gross profit increased 57% to $145.2 million, with gross margin expanding by 560 basis points to 58.6%.
Operating income increased 148% to $40.0 million, representing 16.2% of net sales.
YETI
YETI
YETI Revenue by Segment
Forward Guidance
YETI raises 2021 outlook for net sales and earnings per share, expecting growth between 20% and 22% respectively.
Positive Outlook
- Net sales are expected to increase between 20% and 22%.
- Operating income as a percentage of net sales is expected to be approximately 19%.
- Adjusted operating income as a percentage of net sales is expected to be approximately 20.5%.
- Effective tax rate is expected to be approximately 24.0%.
- Adjusted net income per diluted share is expected to be between $2.28 and $2.32.
Revenue & Expenses
Visualization of income flow from segment revenue to net income