Summary YETI Holdings, Inc. - YETI Reports Third Quarter 2023 Results investors.yeti.com
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One Line
YETI Holdings reported strong Q3 2023 sales, with a significant increase in direct-to-consumer sales, a decrease in wholesale sales, and positive growth in gross profit, highlighting strong consumer demand and successful product launches.
Slides
Slide Presentation (10 slides)
Key Points
- YETI Holdings, Inc. reported flat sales of $433.6 million in the third quarter of 2023 compared to the same period last year.
- Direct-to-consumer (DTC) channel sales increased by 14% to $259.5 million, while wholesale channel sales decreased by 16% to $174.1 million.
- Drinkware sales increased by 6% to $253.3 million, while Coolers & Equipment sales decreased by 8% to $171.5 million.
- Gross profit increased by 13% to $251.3 million, with a gross margin of 58.0%.
- YETI's CEO, Matt Reintjes, highlighted strong consumer demand for new product offerings and exceptional gross margin performance.
- YETI maintained its full-year sales outlook but updated its full-year adjusted EPS outlook to reflect continued gross margin expansion.
- The company expects adjusted sales to increase approximately 4% and adjusted operating income as a percentage of adjusted sales to be approximately 16.0%.
- YETI remains focused on innovation, brand investment, and reaching consumers through its omni-channel approach to drive future growth.
Summaries
87 word summary
YETI Holdings reported Q3 2023 sales of $433.6 million, with a 14% increase in direct-to-consumer sales and a 16% decrease in wholesale sales. Drinkware sales increased by 6% and Coolers & Equipment sales decreased by 8%. Gross profit increased by 13%, and the balance sheet showed increased cash and decreased inventory. CEO Matt Reintjes highlighted strong consumer demand, gross margin performance, and successful product launches. YETI maintained its sales outlook but updated its adjusted EPS outlook. The company remains focused on innovation, brand investment, and omni-channel growth.
90 word summary
YETI Holdings, Inc. reported Q3 2023 sales of $433.6 million, with a 14% increase in direct-to-consumer channel sales and a 16% decrease in wholesale channel sales. Drinkware sales increased by 6%, while Coolers & Equipment sales decreased by 8%. Gross profit increased by 13%, and the balance sheet showed increased cash and decreased inventory. CEO Matt Reintjes highlighted strong consumer demand, gross margin performance, and successful product launches. YETI maintained its sales outlook but updated its adjusted EPS outlook. The company remains focused on innovation, brand investment, and omni-channel growth.
201 word summary
YETI Holdings, Inc. reported flat sales of $433.6 million for the third quarter of 2023. Direct-to-consumer channel sales increased by 14% to $259.5 million, while wholesale channel sales decreased by 16% to $174.1 million. Drinkware sales increased by 6% to $253.3 million, while Coolers & Equipment sales decreased by 8% to $171.5 million. Gross profit increased by 13% to $251.3 million, with a gross margin of 58.0%. Adjusted gross profit, excluding recall-related costs, increased by $28.0 million to $250.4 million. Adjusted operating income and adjusted net income both decreased by 3%. YETI's balance sheet showed an increase in cash to $281.4 million and a decrease in inventory to $341.3 million. CEO Matt Reintjes highlighted strong consumer demand, exceptional gross margin performance, and successful product launches. YETI maintained its full-year sales outlook but updated its full-year adjusted EPS outlook to reflect continued gross margin expansion. The company expects adjusted sales to increase approximately 4% and adjusted operating income as a percentage of adjusted sales to be approximately 16.0%. YETI also anticipates an effective tax rate of approximately 25.1% and adjusted net income per diluted share of approximately $2.32. YETI remains focused on innovation, brand investment, and its omni-channel approach for future growth.
330 word summary
YETI Holdings, Inc. reported its financial results for the third quarter of 2023, showing flat sales of $433.6 million compared to the same period last year. Direct-to-consumer (DTC) channel sales increased by 14% to $259.5 million, while wholesale channel sales decreased by 16% to $174.1 million. Drinkware sales increased by 6% to $253.3 million, while Coolers & Equipment sales decreased by 8% to $171.5 million. Gross profit increased by 13% to $251.3 million, with a gross margin of 58.0%. Adjusted gross profit, which excludes the impact of recall-related costs, increased by $28.0 million to $250.4 million. Adjusted operating income decreased by 3% to $71.4 million, and adjusted net income decreased by 3% to $52.9 million. YETI's balance sheet showed an increase in cash to $281.4 million and a decrease in inventory to $341.3 million. YETI's CEO, Matt Reintjes, commented on the company's performance, stating that the third quarter results demonstrate the continued execution of YETI's growth playbook and strong brand and product interest. He highlighted the strong consumer demand for a diverse range of new product offerings and the exceptional gross margin performance due to lower inbound freight costs and product costs. Reintjes also mentioned the successful launch of the expanded line of Hopper M Series soft coolers and the debut of Ecommerce customization options outside of the U.S., which he believes will support future growth. Looking ahead, YETI maintained its full-year sales outlook but updated its full-year adjusted EPS outlook to the high-end of its prior range to reflect continued gross margin expansion. The company expects adjusted sales to increase approximately 4% and adjusted operating income as a percentage of adjusted sales to be approximately 16.0%. YETI also anticipates an effective tax rate of approximately 25.1% and adjusted net income per diluted share of approximately $2.32. Overall, YETI's third quarter results showed steady sales performance and strong gross profit margins. The company remains focused on innovation, brand investment, and reaching consumers through its omni-channel approach to drive future growth.