YETI Reports First Quarter 2022 Results
For the Three Months Ended April 2, 2022: Sales increased 19% to $293.6 million, compared to $247.6 million during the same period last year. Gross profit increased 7% to $154.9 million, or 52.7% of sales, compared to $145.2 million, or 58.6% of sales, in the first quarter of 2021. The 590 basis point decrease in gross margin was primarily driven by higher inbound freight, including a 220 basis point impact of a non-recurring true-up of prior year freight costs, and an unfavorable impact of the non-renewal of the Global System of Preferences (“GSP”) program on import duties, partially offset by price increases and a favorable mix shift to our DTC channel. Operating income decreased 17% to $33.3 million, or 11.3% of sales, compared to $40.0 million, or 16.2% of sales during the prior year quarter. Net income decreased 16% to $25.7 million, or 8.7% of sales, compared to $30.5 million, or 12.3% of sales in the prior year quarter.