YETI Q4 Earnings Beat Estimates; Guides FY22 EPS Below Consensus

YETI Holdings Inc YETI reported fourth-quarter FY21 sales growth of 18% year-on-year, to $443.13 million, beating the analyst consensus of $442.34 million.
Net sales from the Direct-to-consumer channel increased 21% Y/Y, the Wholesale channel rose 13%, Drinkware sales gained 21%, and Coolers & Equipment rose 13%.
Adjusted EPS of $0.87 beat the analyst consensus of $0.83.
Gross profit increased 13% Y/Y to $254.8 million, and gross margin contracted 230 basis points to 57.5%.
The operating margin contracted 50 basis points 21.2%, and operating income for the quarter rose 15% to $93.7 million.
Selling, general, and administrative expenses increased 12% to $161.1 million.
The company held $312.2 million in cash and equivalents as of January 1, 2022. Net cash provided by operating activities for the twelve months amounted to $146.5 million.
"Despite the expectation of significant supply chain cost headwinds throughout the year, we remain focused on prioritizing strategic investments to support the long-term sustainable growth of the YETI brand," said CEO Matt Reintjes.
Outlook: The company expects FY22 net sales to increase 18% - 20%, with sales growth weighted to the second half of the year.
The company expects adjusted EPS of $2.82 - $2.86, below the consensus of $2.93.
Price Action: YETI shares closed lower by 1.55% at $65.51 on Wednesday.

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