YETI Reports Third Quarter 2021 Results

Matt Reintjes, President and Chief Executive Officer, commented, “YETI’s third quarter results continue to reflect robust demand for our brand. We delivered net sales growth of 23% on top of an exceptional 29% growth in the prior year’s period, powered by our innovative product portfolio with balanced performance across our channels and categories. Profitability remained strong amidst accelerating and wide-spread inflationary pressures, supporting better-than-expected earnings per share growth for the period.”

Mr. Reintjes concluded, “We are focused on building on the strong momentum in our business through the holidays and well into the future. While we are not immune to the confluence of supply chain disruptions and cost pressures that are pervasive in the market, our team’s ongoing execution has supported our ability to once again raise both our top and bottom line outlooks for the year. As we continue to move forward in this challenging environment, we remain highly committed to both actions and continued investments that will position YETI for both near- and long-term sustainable growth.”

For the Three Months Ended October 2, 2021
-Net sales increased 23% to $362.6 million, compared to $294.6 million during the same period last year.
*Direct-to-consumer (“DTC”) channel net sales increased 31% to $197.1 million, compared to $150.4 million in the prior year quarter, driven by strong performance in both Drinkware and Coolers & Equipment. The DTC channel grew to 54% of net sales, compared to 51% in the prior year period.
*Wholesale channel net sales increased 15% to $165.5 million, compared to $144.2 million in the same period last year, driven by both Drinkware and Coolers & Equipment.
*Drinkware net sales increased 24% to $205.0 million, compared to $165.9 million in the prior year quarter, primarily driven by the continued expansion of our Drinkware product offerings, including the introduction of new colorways and sizes, and strong demand for customization.
*Coolers & Equipment net sales increased 20% to $149.0 million, compared to $124.2 million in the same period last year, driven by strong performance in bags, outdoor living products, soft coolers, and hard coolers.

-Gross profit increased 19% to $207.0 million, or 57.1% of net sales, compared to $174.0 million, or 59.1% of net sales, in the third quarter of 2020. The 200 basis point decrease in gross margin was primarily driven by higher inbound freight rates and the unfavorable impact of the non-renewal of the Global System of Preferences (“GSP”) program on import duties, partially offset by product cost improvements and all other impacts.

-Selling, general, and administrative (“SG&A”) expenses increased 33% to $138.3 million, compared to $103.9 million in the third quarter of 2020. The 2020 period included the benefit of cost reduction initiatives implemented in response to the uncertainties of COVID-19. As a percentage of net sales, SG&A expenses increased 280 basis points to 38.1% from 35.3% in the prior year period, primarily driven by higher marketing expenses.

-Operating income decreased 2% to $68.7 million, or 19.0% of net sales, compared to $70.1 million, or 23.8% of net sales, during the prior year quarter due to the aforementioned lower spending levels in 2020.
details at: https://investors.yeti.com/news/news-details/2021/YETI-Reports-Third-Quarter-2021-Results/default.aspx

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