YETI Reports First Quarter 2024 Results

Matt Reintjes, President and Chief Executive Officer, commented, “First quarter results were highlighted by balanced, double-digit growth across both our wholesale and direct-to-consumer channels, as well as our Drinkware and Coolers & Equipment categories. This performance was punctuated by our international sales mix reaching a record 19% coupled with re-acceleration in domestic growth. Profitability continued to show strength with both adjusted gross margin and adjusted operating margin expanding nearly 450 basis points during the period. Additionally, we completed our previously announced acquisitions, and entered into a $100 million accelerated share repurchase agreement.”

Mr. Reintjes continued, “We remain confident as we move into the second quarter and second half of the year. We are well positioned in Coolers & Equipment to leverage new innovation, expanded color options, and impactful product marketing. On top of that, we continue to see strong demand for our diverse range of Drinkware, as our brand continues to grow both domestically and internationally.”

First Quarter 2024 Results:
*Sales and adjusted sales both increased 13% to $341.4 million, compared to $302.8 million during the same period last year.
*Gross profit increased 20% to $194.8 million, or 57.1% of sales, compared to $161.9 million, or 53.5% of sales, in the first quarter of 2023. The 360 basis point increase in gross margin was primarily due to lower inbound freight costs and lower product costs.
*Operating income increased 71.0% to $25.8 million, or 7.6% of sales, compared to $15.1 million, or 5.0% of sales during the prior year quarter.
*Net income increased 50% to $15.9 million, or 4.6% of sales, compared to $10.6 million, or 3.5% of sales in the prior year quarter; Net income per diluted share was $0.18, compared to $0.12 in the prior year quarter.
details at: https://investors.yeti.com/news/news-details/2024/YETI-Reports-First-Quarter-2024-Results/default.aspx

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