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YETI
🇺🇸 NYSE:YETI
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•
Mar 30, 2024

YETI Q1 2024 Earnings Report

YETI's Q1 2024 results were marked by balanced, double-digit growth across wholesale and direct-to-consumer channels, as well as Drinkware and Coolers & Equipment categories. International sales mix reached a record 19%, coupled with re-acceleration in domestic growth. Profitability continued to show strength with adjusted gross margin and adjusted operating margin expanding nearly 450 basis points during the period.

Key Takeaways

YETI Holdings, Inc. reported a 13% increase in net sales for Q1 2024, with significant growth in both wholesale and direct-to-consumer channels, as well as in the Coolers & Equipment and Drinkware categories. The company experienced gross margin and operating margin expansion, leading to a 50% increase in EPS and an 89% increase in adjusted EPS. The company maintains full year 2024 sales outlook and raises full year 2024 EPS outlook.

Net sales increased by 13%, driven by growth in Coolers & Equipment (15%) and Drinkware (13%).

Wholesale net sales increased by 13%, while direct-to-consumer net sales increased by 12%.

International net sales increased by 32%, and U.S. net sales increased by 9%.

Gross margin expanded by 360 basis points to 57.1%, and adjusted gross margin expanded by 450 basis points to 57.5%.

Total Revenue
$341M
Previous year: $303M
+12.7%
EPS
$0.34
Previous year: $0.18
+88.9%
Gross Margin
57.1%
Previous year: 53.5%
+6.7%
Adjusted Operating Margin
11.6%
Previous year: 7.2%
+61.1%
Net Income Margin
4.6%
Previous year: 3.5%
+31.4%
Gross Profit
$195M
Previous year: $162M
+20.3%
Cash and Equivalents
$174M
Previous year: $168M
+3.6%
Free Cash Flow
-$114M
Previous year: -$56.8M
+101.4%
Total Assets
$1.12B
Previous year: $1.01B
+11.3%

YETI

YETI

YETI Revenue by Segment

YETI Revenue by Geographic Location

Forward Guidance

YETI is maintaining its topline outlook for 2024, expecting adjusted sales to increase between 7% and 9%. With continued momentum in gross margin improvement and the execution of its accelerated share repurchase, the company has raised its full year bottom line range. Adjusted net income per diluted share is expected to be between $2.49 and $2.62.

Positive Outlook

  • Adjusted sales are expected to increase between 7% and 9%.
  • Adjusted operating income as a percentage of adjusted sales is expected to be between 16.0% and 16.5%.
  • The effective tax rate is projected to be approximately 25.3%.
  • Adjusted net income per diluted share is anticipated to be between $2.49 and $2.62, reflecting an 11% to 16% increase.
  • Diluted weighted average shares outstanding are expected to be approximately 86.1 million.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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