YETI Reports First Quarter 2022 Results

Matt Reintjes, President and Chief Executive Officer, commented, “Demand for the YETI brand remained strong in the first quarter, as we delivered above-plan sales growth of 19% year over year. Remarkably, our sales have nearly doubled since the same period in 2019. We are very encouraged with this performance when measured against the backdrop of ongoing and emerging challenges that continue to pressure consumer spending and sentiment. While cost pressures remain a heightened focus, we are reiterating our operating income and operating margin outlooks for the year. Additionally, we are increasing our EPS outlook reflecting the return of $100 million to shareholders through our share repurchase activity during the quarter.”

Mr. Reintjes continued, “We remain incredibly focused on delivering against our global strategic priorities in 2022. Highlights include the successful launch of product innovation in soft coolers and bags, the expansion of digital and in-person brand building initiatives, and the launch of our re-designed, mobile-focused e-commerce experience. As we have over the past two years, YETI will continue to be agile in our execution as we continue to drive long-term demand for the YETI brand.”

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.
*Direct-to-consumer (“DTC”) channel sales increased 23% to $156.0 million, compared to $126.8 million in the prior year quarter, led by strong performance in Drinkware. The DTC channel grew to 53% of sales, compared to 51% in the prior year period.
*Wholesale channel sales increased 14% to $137.7 million, compared to $120.8 million in the same period last year, driven by both Coolers & Equipment and Drinkware.
*Drinkware sales increased 24% to $184.0 million, compared to $148.9 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 sales increased 10% to $103.0 million, compared to $93.5 million in the same period last year, driven by strong performance in bags, outdoor living products, hard coolers and cargo.

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.

Selling, general, and administrative (“SG&A”) expenses increased 16% to $121.6 million, compared to $105.1 million in the first quarter of 2021. As a percentage of sales, SG&A expenses decreased 110 basis points to 41.4% from 42.5% in the prior year period, primarily driven by non-variable expense leverage on higher sales, partially offset by higher variable expenses by our increase in DTC sales mix during the quarter.

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; Net income per diluted share decreased 17% to $0.29, compared to $0.35 per diluted share in the prior year quarter.
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