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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