*Fourth Quarter Net Sales Increased 18%; Full Year Increased 29%
*Full Year Operating Margin of 19.5%; Adjusted Operating Margin of 20.9%
*Fourth Quarter EPS Increased 15%; Adjusted EPS Increased 18%
*Full Year EPS Increased 36%; Adjusted EPS Increased 37%
YETI Holdings, Inc. (“YETI”) (NYSE: YETI) today announced its financial results for the fourth quarter and fiscal year ended January 1, 2022. The 13-week fourth quarter and 52-week fiscal year ended January 1, 2022 are compared to the 14-week fourth quarter and 53-week fiscal year ended January 2, 2021.
YETI reports its financial performance in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and as adjusted on a non-GAAP basis. Please see “Non-GAAP Financial Measures,” and “Reconciliation of GAAP to Non-GAAP Financial Information” below for additional information and reconciliations of the non-GAAP financial measures to the most comparable GAAP financial measures.
Matt Reintjes, President and Chief Executive Officer, commented, “2021 was an incredible year for YETI, achieving several milestones during our fourth year as a public company. Today we are reporting nearly 30% net sales growth, adjusted operating margin expansion to approximately 21%, and balance sheet strength with over $300 million of cash on hand. We drove demand across our omni-channel with 35% growth in our DTC business, delivered strong performance in both our product categories of drinkware and coolers and equipment, and approached a 10% international sales mix. This performance was capped by fourth quarter net sales growth of 18%, exceeding the high-end of our outlook despite the many supply chain challenges facing the entire industry. Looking forward, as we continue to maneuver through the varied supply chain disruptions and pressures, I remain incredibly confident in the demand for the YETI brand.”
For the Twelve Months Ended January 1, 2022 (52 Weeks)
Net sales increased 29% to $1,411.0 million, compared to $1,091.7 million in the prior year.
*DTC channel net sales increased 35% to $784.7 million, compared to $580.9 million in the prior year period, driven by both Drinkware and Coolers & Equipment. The DTC channel grew to 56% of net sales, compared to 53% in the prior year.
*Wholesale channel net sales increased 23% to $626.3 million, compared to $510.9 million in the same period last year, primarily driven by both Drinkware and Coolers & Equipment.
*Drinkware net sales increased 32% to $832.4 million, compared to $628.6 million in the prior year period, due to 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 24% to $551.9 million, compared to $446.6 million in the same period last year. The strong performance was driven by growth in bags, outdoor living products, soft coolers and hard coolers.
Gross profit increased 30% to $816.1 million, or 57.8% of net sales, compared to $628.8 million, or 57.6% of net sales in the prior year. Improvements in gross margin of 210 basis points were primarily driven by lower inventory reserves as well as a favorable mix shift to our DTC channel and product cost improvements, largely offset by 190 basis points of contraction primarily driven by higher inbound freight rates and the unfavorable impact of the non-renewal of the GSP program on import duties.
details at: https://investors.yeti.com/news/news-details/2022/YETI-Reports-Fourth-Quarter-and-Fiscal-Year-2021-Results/default.aspx