Fourth Quarter 2023 Highlights
*Fourth quarter net sales increased 16%; Adjusted net sales increased 6%
*Fourth quarter net sales were highlighted by a 12% increase in Drinkware net sales and a 44% increase in International net sales; International adjusted net sales increased 39%
*Fourth quarter EPS of $0.90 compared to loss per share of $0.32 in the prior year quarter; Adjusted EPS of $0.90, growth of 15%
Fiscal Year 2023 Highlights
*Full year net sales increased 4%; Adjusted net sales increased 3%
*Full year EPS increased 88% to $1.94; Adjusted EPS decreased 5% to $2.25
*Cash increased 87% to $439 million compared to Fiscal 2022
Matt Reintjes, President and Chief Executive Officer, commented, “In the fourth quarter, we saw strength in a number of key areas of our business. Our Drinkware business grew 12%, pushing the category to over $1 billion in annual sales. Also, our international expansion continued in the fourth quarter, with our business outside the US growing 39%. Despite strong topline performance in these areas, our fourth quarter results were below our guidance, primarily as a result of more cautious and inconsistent spending on high-priced ticket items in our Coolers & Equipment category. Gross margins continued to expand in the fourth quarter, reaching an all-time high of over 60 percent, which supported a return of adjusted operating margin expansion. And we exited the year with our strongest balance sheet to-date, including a record cash position of nearly $440 million.”
Mr. Reintjes continued, “In 2023, we continued to show the strength of our customer base, the success of our product expansion, and the momentum behind our global brand. During the year, we evolved our diverse commercial channels to market through existing and new wholesale partners, continued to make investments in our DTC channels, and further developed our international markets. We delivered a robust lineup of new product innovation while maintaining our focus on durability, performance, and design. Importantly, we broadened and extended the reach of YETI drinkware with new offerings in hydration, coffee, barware and tabletop, which resonated with both new and existing customers. Additionally, we made foundational international investments across brand awareness, logistics, and DTC to support international growth into 2024 and beyond.”
details at: https://investors.yeti.com/news/news-details/2024/YETI-Reports-Fourth-Quarter-and-Fiscal-Year-2023-Results/default.aspx