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Dec 30, 2023
YETI Q4 2023 Earnings Report
YETI's Q4 2023 financial performance showed growth in key areas but fell short of guidance due to cautious spending on high-priced items. Despite this, gross margins expanded, and the company ended the year with a strong balance sheet.
Key Takeaways
YETI reported a 16% increase in net sales for the fourth quarter, driven by strong growth in Drinkware and International segments. However, results were below guidance due to cautious spending on Coolers & Equipment. Gross margins expanded, and the company's balance sheet ended the year strong.
Net sales increased by 16%, with adjusted net sales up by 6%.
Drinkware sales grew by 12%, reaching over $1 billion in annual sales.
International net sales increased by 44%, with adjusted international net sales up by 39%.
EPS was $0.90, with adjusted EPS also at $0.90, a 15% increase.
YETI
YETI
YETI Revenue by Segment
YETI Revenue by Geographic Location
Revenue by Segment
Drinkware Revenue
CapyFin.comCoolers & Equipment Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
YETI anticipates adjusted sales to increase between 7% and 9% and adjusted operating income as a percentage of adjusted sales to be approximately 16.0% for fiscal year 2024. The company also expects adjusted net income per diluted share between $2.45 and $2.50.
Positive Outlook
- Anticipates sales growth across all categories, channels, and geographies.
- Expects positive reaction to innovation across the entire product portfolio in 2024.
- Projects both adjusted gross margin and adjusted operating margin expansion.
- Forecasts strong earnings per share growth.
- Plans to strategically invest in teams and business across the globe.
Challenges Ahead
- Uncertainties of the current environment necessitate a cautious approach.
- Balances caution with ongoing opportunities to drive growth.
- Effective tax rate of approximately 25.3% (compared to 24.8% in the prior year period).
- Capital expenditures of approximately $60 million primarily to support investments in technology and new product innovation.
- Share repurchase program may be suspended or discontinued at any time.
Revenue & Expenses
Visualization of income flow from segment revenue to net income