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Jan 02, 2021
YETI Q4 2020 Earnings Report
YETI's Q4 2020 net sales increased by 26%, gross margin expanded by 530 basis points, and EPS reached $0.71.
Key Takeaways
YETI reported a strong fourth quarter and fiscal year, with net sales increasing by 26% in Q4 and 19% for the full year. The company's gross margin expanded, and adjusted EPS grew significantly. YETI crossed $1 billion in net sales milestone driven by 19% topline growth.
Net sales increased 26% to $375.8 million in Q4.
Gross margin expanded 530 basis points, reaching nearly 60%.
Direct-to-consumer (DTC) channel net sales increased 46%, representing 58% of net sales.
Adjusted EPS increased 70% to $0.74.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
YETI expects net sales to increase between 15% and 17% for fiscal year 2021, with sales growth weighted to the first half of the year. They anticipate an operating income margin of approximately 18.5% and an adjusted operating income margin of approximately 20.0%.
Positive Outlook
- Net sales to increase between 15% and 17%.
- Sales growth weighted to the first half of the year.
- Operating income as a percentage of net sales of approximately 18.5%.
- Adjusted operating income as a percentage of net sales of approximately 20.0%.
- Net income per diluted share to be between $1.95 and $1.98.
Challenges Ahead
- An effective tax rate of approximately 24.5%.
- Capital expenditures between $55 million and $60 million.
- 52-week period, compared to a 53-week period in Fiscal 2020
- Earnings growth heavily weighted to the first and fourth quarter
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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