YETI reported that net sales jumped by roughly 42 percent to $247.6 million in the three months ended April 3, 2021 from $174.4 million in the three months ended March 28, 2020.
In announcing its first-quarter 2021 results, the outdoor products company reported that direct-to-consumer (D2C) channel net sales soared by 59 percent to $126.8 million from $79.6 million in the prior year quarter. YETI said the D2C channel expanded to just over half of net sales, up from 46 percent in the prior year period.
YETI also reported that wholesale channel net sales climbed by 27 percent to $120.8 million from $94.8 million in the same timeframe last year.
In addition, YETI reported that gross profit surged by 57 percent to $145.2 million, or 58.6 percent of net sales, from $92.5 million, or 53 percent of net sales, in the first quarter of 2020.
All in, the company posted 38 cents in adjusted net income per diluted share, up from 11 cents in the prior year quarter.
“Building upon the outstanding financial performance in the first quarter, we are focused on investments that will accelerate our future growth through global product and channel expansion, innovative marketing, and growing digital capabilities including enhanced data analytics,” President and CEO Matt Reintjes said in an announcement.
YETI also said that net sales for fiscal 2021 are now anticipated to rise in the range of 20 percent to 22 percent, up from the past outlook of in the range of 15 percent to 17 percent.
“The YETI momentum carried over from 2020 and on display to start 2021 showcases the passion for the brand and the relevance of our product portfolio as consumers continue to participate in the significant growth in active, outdoor lifestyles,” Reintjes said in the announcement.
The news comes as YETI reported that net sales had soared by 26 percent in the fourth quarter.
“This strong quarter culminated a year that saw YETI cross the $1 billion in net sales milestone driven by 19 percent topline growth,” Reintjes said in an announcement at the time.
May 13, 2021 at 03:16PM