The following is a summary of the YETI Holdings, Inc. (YETI) Q1 2024 Earnings Call Transcript:
Financial Performance:
YETI reported Q1 sales of $341 million, a growth of 13%, with a balanced performance across channels and categories, supported by new offerings and partnerships.
Gross profit increased by 22% to $196 million, and net income grew by 89% to $29 million.
International sales saw a robust growth of 32%.
YETI executed a $100 million accelerated share repurchase plan.
Margins improved significantly: gross margins by 450 basis points, and operating margins by 440 basis points.
The company predicts full-year adjusted earnings per diluted share increase of 11% to 16%.
Business Progress:
YETI is expanding brand reach, product range, and its global business, with partnerships, acquisitions (like Mystery Ranch and Butter Pat), and new product launches.
YETI is set to open six new retail locations, and it plans to evaluate strategic capital allocation opportunities in the future.
The company is investing in technology tools and supply chain infrastructure for future growth.
The company foresees acceleration in bags innovation by 2025, specifically due to the Mystery Ranch acquisition.
Plans are in place to focus on D2C sales and corporate sales to drive international product penetration.
Just as domestically, YETI is working with wholesale partners internationally for better shelf space and wider product offerings.
More details: YETI Holdings IR
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