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YETI Reports Third Quarter 2018 Financial Results
Net sales increased 7%
Net income grew 51%
Adjusted Net Income increased 81%
Austin, Texas, November 29, 2018 –YETI Holdings, Inc. (NYSE: YETI) today reported financial results for its third quarter ended September 29, 2018.
Third Quarter 2018 Highlights as Compared to Third Quarter 2017
The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. A reconciliation of non-GAAP to GAAP financial information is provided at the end of this press release. The non-GAAP adjustments include, non-cash stock-based compensation expense; asset impairment charges; early extinguishment of debt; investments in new retail locations and international market expansion; transition to Cortec majority ownership; transition to the ongoing senior management team; and transition to a public company.
Matt Reintjes, President and Chief Executive Officer of YETI Holdings, Inc., commented, “We are pleased with our performance in the third quarter which resulted in a significant increase in both gross margin and net income. We continue to support and stoke a passionate customer base, design and develop superior product, and optimally balance our omni-channel distribution. Looking ahead, we remain committed to executing against our growth strategies through expanding our customer base as we drive brand awareness, introducing new and innovative products, accelerating DTC sales and expanding our international presence. YETI is an exceptional brand with enormous opportunity. I want to thank all of our customers and YETI employees whose passion has built YETI into the brand it is today.”
For the Three Months (Thirteen Weeks) Ended September 29, 2018:
Net sales increased 7% to $196.1 million compared with $183.0 million during the same period last year.
Wholesale channel net sales were approximately flat at $125.0 million compared to the same period last year with lower Coolers & Equipment net sales, offset by an increase in Drinkware net sales. The decrease in Coolers & Equipment net sales was due primarily to a prior year non-recurring disposition of certain prior generation, excess end of life soft cooler inventories. The increase in Drinkware net sales in the wholesale channel was a result of replenishment orders from retail partners due to strong product sell through, sales of new products, and additional colorways for existing products.
Net sales through the Company’s direct-to-consumer (“DTC”) channel increased 23%, to $71.2 million compared to $58.0 million during the same period last year. DTC sales were driven by an increase in customer purchases on the Company’s website, YETI.com, and YETI Authorized on the Amazon Marketplace, as well as increased consumer and corporate customized Drinkware, primarily from YETIcustomshop.com.
The following information was filed by Yeti Holdings, Inc. (YETI) on Thursday, November 29, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.