YETI

2023 - 2 - 24

Post cover — Image courtesy of "Barron's"

Yeti Stock Sinks as Earnings Forecast Disappoints, Recalls Hit Sales (Barron's)

The maker of high-end coolers posts fourth-quarter sales of $448 million, while analysts had penciled in $492 million.

Yeti (ticker: YETI) YETI Yeti Holdings

YETI Reports Fourth Quarter and Fiscal Year 2022 Results (Business Wire)

YETI Holdings, Inc. (“YETI”) (NYSE: YETI) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2022. In add.

A replay will be available through March 9, 2023 by dialing 844-512-2921 (international callers, 412-317-6671). While adjusted gross margin is expected to expand during the year, this benefit is expected to be more than offset by increases in adjusted SG&A expense due to strategic investments and the unfavorable topline impact from the stop sale of the affected products by the voluntary recalls; We are working in cooperation with the CPSC and other relevant global regulatory authorities on the corrective action plan and hope to begin implementing the voluntary recalls in the coming weeks. Excluding the impact of the voluntary recalls, inventory was down $33.9 million on a sequential basis, making this the second consecutive quarter with a sequential decline in our inventory balance. As a percentage of adjusted sales, adjusted SG&A expenses decreased 100 basis points to 35.9% from 36.9% in the prior year period. - Coolers & Equipment sales increased 11% to $612.5 million, compared to $551.9 million in the same period last year. Excluding the impact of the voluntary recalls, wholesale channel adjusted sales increased 13% to $709.8 million. Excluding the impact of the voluntary recalls, DTC channel adjusted sales increased 18% to $923.9 million. As a percentage of adjusted sales, adjusted SG&A expenses increased 100 basis points to 36.0% from 35.0% in the prior year period. - Coolers & Equipment sales decreased 14% to $130.5 million, compared to $151.6 million in the same period last year. Excluding the impact of the voluntary recalls, DTC channel adjusted sales increased 20% to $315.7 million. (“YETI”) (NYSE: YETI) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2022.

EXEC: Yeti Confident On Return To Double-Digit Growth | SGB ... (SGB Media)

On a call with analysts, Matt Reintjes, Yeti's president and CEO, said he remained confident that the drinkware and cooler maker would return to its ...

DTC represented 57 percent of the overall sales mix in 2022, compared to 56 percent in 2021. And it’s a bit of why we talked about continuing to lean into the investment. The recall is expected to impact sales through the third quarter of 2023.

Yeti: Q4 Earnings Snapshot (mySanAntonio.com)

AUSTIN, Texas (AP) — AUSTIN, Texas (AP) — Yeti Holdings Inc. (YETI) on Thursday reported a loss of $27.7 million in its fourth quarter.

Yeti (YETI) Q4 2022 Earnings Call Transcript (Motley Fool)

Contents: Prepared Remarks; Questions and Answers; Call Participants. Prepared Remarks: Operator. Good morning and welcome to the YETI Holdings fourth quarter ...

And I think the strength of the sell-through that we continue to see overall as YETI, the strength of the sell-through that we've seen through our wholesale channel, not just in Q4 but throughout the year. So what I'd say is from a gross margin standpoint, it is equivalent with the rest of our D2C channel and yeti.com in terms of having one of the stronger gross margin profiles in our portfolio. We like the reach it provides for the Amazon consumer, that's where they start and that's where they want to shop. So what we saw in 2021 and really in 2020, with the disruption was, we had some force disruptions of the channels and then we had inventory constraints that caused us to make decisions on where we placed inventory. As we thought about how the year pace is out, we're thoughtful about the front half of the year, just how the consumer is going to behave. Good morning and what I would say, as we think about the return to growth, and you heard me say it and you heard Mike say, as we look across the product portfolio we have, the innovation pipeline, the opportunity to continue to engage with consumers in the U.S. Most importantly, we are diligently working to exit 2023 with a growth profile that is aligned with our long-term growth algorithm as well as our high aspirations for the brand in the years to come. We remain confident in our ability to return to our long-term target of double-digit growth in the fourth quarter and going forward. By category, we expect growth in drinkware to more than offset a decline in coolers and equipment given the impact of the proposed recalls. We are planning to return to wholesale growth in the fourth quarter, which includes our expectation that seasonal sell-in will revert to more traditional timing in 2023 versus the earlier ordering in our wholesale channel that we saw in Q3 of 2022. I believe we are well on our way to a product resolution and are working the path to bring these redesigned products back to market. However, the safety of our customers and the quality of our products remains imperative.

YETI Holdings slides as sales impacted by product recalls (Investing.com Australia)

By Sam Boughedda. YETI Holdings Inc (NYSE:YETI) shares fell as low as $34.80 per share on Thursday after it missed earnings, revenue, and guidance consensus ...

The financial impact of a previously disclosed recall of soft coolers with magnetic closures has significant impact on FY4Q and FY23 (details herein)," wrote the analysts. It also sees adjusted sales increasing between 3% and 5%, with adjusted sales growth weighted to the second half of the year, inclusive of an approximate 500 basis points' unfavorable impact on its growth rate from the stop sale of the affected products recall. They added that with an upside case dependent on adjusted earnings assumptions or looking forward to 2024, they see a risk of further selling pressure. YETI sees FY2023 earnings between $2.12 and $2.23 per share versus the consensus of $2.82. "DTC trends remained strong though wholesale was softer due to later season selling and lower reorders. This hurt YETI's wholesale channel sales, which decreased by 23%.