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Apr 03, 2021
YETI Q1 2021 Earnings Report
YETI reported strong first quarter results, driven by robust demand and significant gross margin expansion.
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
YETI Revenue by Geographic Location
Revenue by Segment
Direct-to-Consumer Revenue
CapyFin.comWholesale Revenue
CapyFin.comDrinkware Revenue
CapyFin.comCoolers & Equipment Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com 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