Yahoo Finance YETI Holdings, Inc. (NYSE:YETI) Q1 2024 Earnings Call Transcript
YETI Holdings, Inc. (NYSE:YETI) Q1 2024 Earnings Call Transcript May 9, 2024
YETI Holdings, Inc. misses on earnings expectations. Reported EPS is $0.1819 EPS, expectations were $0.25. YETI Holdings, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day and welcome to the YETI Holdings First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. And now I would like to turn the conference over to Tom Shaw, the Vice President of Investor Relations. Please go ahead.
Thomas Shaw: Good morning and thanks for joining us to discuss YETI Holdings' first quarter fiscal 2024 results. Leading the call today will be Matt Reintjes, President and CEO; and Mike McMullen, CFO. Following our prepared remarks, we'll open the call for your questions. Before we begin, we'd like to remind you that some of the statements that we make today on this call may be considered forward-looking and such forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. For more information, please refer to the risk factors detailed in our most recently filed Form 10-K. We undertake no obligation to revise or update any forward-looking statements made today as a result of new information, future events or otherwise, except as required by law.
Unless otherwise stated, our financial measures discussed on this call will be on a non-GAAP basis. We use non-GAAP measures as we believe they more accurately represent the true operational performance and underlying results of our business. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the press release or in the presentation posted this morning to our Investor Relations section of our website at yeti.com. And now I'd like to turn the call over to Matt.
Matthew Reintjes: Thanks, Tom and good morning. YETI delivered a great start to 2024 as evidenced by our strong first quarter results. We saw positive global demand for our brand and our broadening range of products and we had great execution across multiple fronts, driving double-digit growth in both our wholesale and DTC channels as well as our Coolers & Equipment and Drinkware categories. Our wholesale performance was supported by sell-in and sell-through relative to the year ago period, while our DTC business showed continued growth across e-commerce, corporate sales, Amazon and YETI retail. In Coolers, with our new innovation and expanded awareness campaign, we believe we are well positioned for the upcoming seasonal demand.
In Drinkware, our range of bottles and tumblers continue to deliver strength within the category. By geography, International growth exceeded 30% year-over-year to reach a YETI high of 19% of total sales, even as our domestic growth was nearly 10%. Behind the strength of the brand, the growing product portfolio and global expansion, we are on track to deliver on our full year top-line outlook. Given the combination of inbound freight recovery, product cost improvements driven by outstanding work by our supply chain and operations team and strong price discipline, we're pleased to report profitability to build upon our historical strength, delivering a 450 basis point improvement in gross margins. Following our top-line performance and gross margin strength, our adjusted operating margin also expanded by 440 basis points for the period.
See also
20 Best Japanese Whiskies in 2024 and
Top 15 Natural Gas Producing Countries in the World in 2024.
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