NYSE$YETI
YETI Holdings Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
YETI's Q4 2022 results were impacted by voluntary recalls, but adjusted sales increased by 10% driven by DTC channel and international business growth.
YETI Holdings reported a 1% increase in net sales for Q4 2022, which includes an unfavorable impact from voluntary recalls. Adjusted sales, excluding the impact of these recalls, increased by 10%. The direct-to-consumer channel showed strong growth, while the wholesale channel was impacted by later-than-planned consumer demand. Gross profit and operating income were negatively affected by the recalls, but adjusted figures showed a smaller decrease.
- Sales increased 1% to $448.0 million, including a $38.4 million unfavorable impact from voluntary recalls; adjusted sales increased 10% to $486.4 million.
- Direct-to-consumer (DTC) channel sales increased 17% to $309.5 million, with adjusted DTC sales up 20% excluding recall impacts.
- Gross profit decreased 34% to $167.0 million, or 37.3% of sales, including a $97.0 million unfavorable impact from recalls.
- Net loss was $27.7 million, or 6.2% of sales, compared to net income of $72.9 million in the prior year quarter, impacted by the voluntary recalls.
Headline financials
Revenue & EPS history
YETI · Revenue · Quarterly
$448M
Revenue by segment
YETI · $896M total across 5 segments · Q4 2022
- Direct-to-consumer$310M+17.3%34.5%
- Drinkware$308M+7.9%34.4%
- Wholesale$139M-22.7%15.5%
- Coolers & Equipment$131M-13.9%14.6%
- Other$9.34M—1.0%
Forward guidance
YETI expects adjusted sales to increase between 3% and 5% in fiscal year 2023. Adjusted operating income as a percentage of adjusted sales is expected to be between 15% and 15.5%, with adjusted operating income decreasing between 3% and 8%. Adjusted net income per diluted share is projected to be between $2.12 and $2.23, reflecting a 5% to 10% decrease.
Tailwinds
- DTC and international businesses are expected to continue delivering strong results.
- Positive sell-through is expected to continue at wholesale.
- Gross margin tailwinds are expected to ramp throughout the year as lower freight costs work through inventory.
- Strong margin expansion and bottom-line growth are expected in the fourth quarter.
- The company anticipates to maintain its long-term growth aspirations.
Headwinds
- Wholesale order flow is expected to be cautious during the first half of the year.
- An estimated 500 basis point unfavorable impact is expected from the stop sale on products impacted by the proposed voluntary recalls.
- Limited sales growth is expected throughout the first three quarters of the year.
- Operating expenses are expected to increase as a percentage of sales to support international and DTC businesses.
- Adjusted operating income is expected to decrease between 3% and 8%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2022
+0.5%
Avg return
Earnings day
+1.6%
Avg return
5 days after
+2.2%
Avg return
30 days after
39%
14 / 36 earnings
Positive
+44.7%
Q3 2022
Best reaction
-18.8%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.8% | +9.2% | +31.5% | |
| Q4 2025 | -4.6% | -8.1% | -28.2% | |
| Q3 2025 | +5.3% | +15.2% | +29.9% | |
| Q1 2025 | +6.0% | +13.4% | +13.0% | |
| Q4 2024 | -0.9% | +1.4% | -15.1% | |
| Q3 2024 | +7.0% | +14.5% | +17.5% | |
| Q2 2024 | +10.7% | +12.6% | +0.8% | |
| Q1 2024 | +14.0% | +20.4% | +23.6% | |
| Q4 2023 | -18.8% | -20.0% | -23.1% | |
| Q3 2023 | +4.1% | +10.6% | +16.6% | |
| Q2 2023 | +13.5% | +15.6% | +19.5% | |
| Q1 2023 | -5.2% | -5.6% | -16.7% | |
| Q4 2022 | -3.5% | -1.9% | -1.6% | |
| Q3 2022 | +44.7% | +45.7% | +47.2% | |
| Q2 2022 | -17.3% | -21.4% | -34.3% | |
| Q1 2022 | +3.0% | +7.4% | +1.6% | |
| Q4 2021 | -8.0% | -10.3% | -5.0% | |
| Q3 2021 | -5.0% | +1.1% | -12.8% | |
| Q2 2021 | +1.6% | +2.2% | +0.8% | |
| Q1 2021 | +8.8% | +5.9% | +16.6% | |
| Q3 2020 | +14.3% | +8.2% | +22.2% | |
| Q2 2020 | -2.4% | -7.7% | -4.1% | |
| Q1 2020 | +6.7% | +0.3% | +31.4% | |
| Q4 2019 | -5.4% | -7.5% | -34.1% | |
| Q3 2019 | -5.2% | -8.2% | -8.3% | |
| Q2 2019 | -12.7% | -14.3% | -18.7% | |
| Q1 2018 | -8.9% | -7.9% | -22.2% | |
| Q1 2019 | -7.1% | -15.4% | -29.5% | |
| Q1 2017 | -1.9% | +2.5% | +11.1% | |
| Q2 2017 | -1.9% | +2.5% | +11.1% | |
| Q4 2016 | -1.9% | +2.5% | +11.1% | |
| Q2 2018 | -1.9% | +2.5% | +11.1% | |
| Q4 2018 | +22.4% | +28.0% | +59.6% | |
| Q4 2017 | -8.5% | -12.0% | -9.3% | |
| Q3 2017 | -8.5% | -12.0% | -9.3% | |
| Q3 2018 | -12.3% | -12.1% | -22.8% | |
| Q1 2016 | — | — | — | |
| Q1 2015 | — | — | — |
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