- YETI Holdings Inc (NYSE:YETI) reported first-quarter FY22 sales growth of 19% year-on-year, to $293.6 million, beating the consensus of $290.33 million.
- Net sales from the Direct-to-consumer channel increased 23% Y/Y, the Wholesale channel rose 14%, Drinkware sales gained 24%, and Coolers & Equipment rose 10%.
- Adjusted EPS of $0.33 beat the analyst consensus of $0.32.
- Gross profit increased 7% Y/Y to $154.9 million, and gross margin contracted 590 basis points to 52.7%.
- The operating margin contracted 490 basis points to 11.3%, and operating income for the quarter declined 17% to $33.3 million.
- Selling, general, and administrative expenses increased 16% to $121.6 million.
- The company held $100.3 million in cash and equivalents as of April 2, 2022.
- Outlook: YETI's FY22 sales outlook for 18% - 20% growth remains unchanged.
- The company raised its adjusted EPS outlook to $2.86 - $2.91 from $2.82 - $2.86, above the consensus of $2.85.
- Price Action: YETI shares are trading higher by 2.91% at $45.25 in premarket on Wednesday.
