YETI Reports Third Quarter 2021 Results

Matt Reintjes, President and Chief Executive Officer, commented, “YETI’s third quarter results continue to reflect robust demand for our brand. We delivered net sales growth of 23% on top of an exceptional 29% growth in the prior year’s period, powered by our innovative product portfolio with balanced performance across our channels and categories. Profitability remained strong amidst accelerating and wide-spread inflationary pressures, supporting better-than-expected earnings per share growth for the period.”

Mr. Reintjes concluded, “We are focused on building on the strong momentum in our business through the holidays and well into the future. While we are not immune to the confluence of supply chain disruptions and cost pressures that are pervasive in the market, our team’s ongoing execution has supported our ability to once again raise both our top and bottom line outlooks for the year. As we continue to move forward in this challenging environment, we remain highly committed to both actions and continued investments that will position YETI for both near- and long-term sustainable growth.”

For the Three Months Ended October 2, 2021
-Net sales increased 23% to $362.6 million, compared to $294.6 million during the same period last year.
*Direct-to-consumer (“DTC”) channel net sales increased 31% to $197.1 million, compared to $150.4 million in the prior year quarter, driven by strong performance in both Drinkware and Coolers & Equipment. The DTC channel grew to 54% of net sales, compared to 51% in the prior year period.
*Wholesale channel net sales increased 15% to $165.5 million, compared to $144.2 million in the same period last year, driven by both Drinkware and Coolers & Equipment.
*Drinkware net sales increased 24% to $205.0 million, compared to $165.9 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 net sales increased 20% to $149.0 million, compared to $124.2 million in the same period last year, driven by strong performance in bags, outdoor living products, soft coolers, and hard coolers.

-Gross profit increased 19% to $207.0 million, or 57.1% of net sales, compared to $174.0 million, or 59.1% of net sales, in the third quarter of 2020. The 200 basis point decrease in gross margin was primarily driven by higher inbound freight rates and the unfavorable impact of the non-renewal of the Global System of Preferences (“GSP”) program on import duties, partially offset by product cost improvements and all other impacts.

-Selling, general, and administrative (“SG&A”) expenses increased 33% to $138.3 million, compared to $103.9 million in the third quarter of 2020. The 2020 period included the benefit of cost reduction initiatives implemented in response to the uncertainties of COVID-19. As a percentage of net sales, SG&A expenses increased 280 basis points to 38.1% from 35.3% in the prior year period, primarily driven by higher marketing expenses.

-Operating income decreased 2% to $68.7 million, or 19.0% of net sales, compared to $70.1 million, or 23.8% of net sales, during the prior year quarter due to the aforementioned lower spending levels in 2020.
details at: https://investors.yeti.com/news/news-details/2021/YETI-Reports-Third-Quarter-2021-Results/default.aspx

Related Posts

The New Yorker Staff Has Unionized

The era of white-collar organized labor is fully upon us: the editorial staff of The New Yorker wants to unionize. This morning, organizers sent a letter to the magazine’s editor, David Remnick, asking that the institution and its corporate owner, Condé Nast, voluntarily recognize their membership in the NewsGuild of New York. (Publications ranging from the New York Times to Jacobin have bargaining units with the NewsGuild.) Organizers say that of the 115 or so union-eligible employees, nearly 90 percent have signed union cards. The group includes copy editors, web producers, fact-checkers, photo and design staff, the social-media and publicity teams, editorial assistants, and assistant editors. Management and senior-level employees are excluded, as are staff writers, whose job title would not escape the red pen of the magazine’s fact department: Writers at The New Yorker are nearly all independent contractors, rather than staff, and thus do not receive health care or other benefits, despite being largely prevented from writing for other outlets. The relatively few editorial staffers who’ve expressed concerns with the unionizing effort say they are worried about retaliation in an industry where reputation is the coin of the realm. Click Read More below for additional information.

Print Prospered In 2023, On Track To Repeat It This Year (mediapost.com)

Print media consumption rose in 2023, and this trend should continue in 2024, according to a study by Pew Research Center. MRI-Simmons reports that 80%+ of 100+ national magazines have lower readership than they did a decade ago. But, over the past two years, nearly 90% of those have maintained or actually increased readership. Catalogs are also growing apace. "Amazon’s Holiday Dash catalog which tops 100 pages, has been described as a mashup of the iconic Sears catalog and Highlights magazine," Pew writes.

Southern Living’s December Issue Ad Revenue Is Up 51% As Audience Continues To Grow Across Platforms

Meredith Corporation's Southern Living reports that its December issue ad revenue is up 51% from last year, its monthly year-to-date audience across digital, print and online has averaged 25.5 million, up 2% from 2019 (AAM, Sept. 2020) and its website experienced its highest trafficked November in its history with nearly 19 million visits, up 23% year over year. The December issue, on newsstands now, marks the 25th year of the brand's popular annual holiday white cake cover and feature story. Continuing to advance the brand's momentum, Southern Living will introduce enhanced paper stock, along with a refreshed design, beginning with the January/February 2021 issue. A new front-of-book section called "In Season" will debut to reflect readers' passionate interest in seasonal moments, experiences and celebrations, and a range of new columns will roll out in various issues throughout the year covering topics ranging from home and cooking to travel and beauty. Doug Olson, President of Meredith Magazines, said, "Southern Living's success underscores the brand's resonance with people across the South and beyond. The brand's rich heritage coupled with its modern take on the Southern lifestyle continues to appeal to marketers seeking the right environment to reach engaged consumers across the country. With our investment in improved paper, we're excited to provide an even better reader experience."
Back To Top
×Close search
Search