Q1 2025 Yeti Holdings Inc Earnings Call Transcript
Key Points
- YETI Holdings Inc (YETI) delivered high-quality growth with strong gross and operating margins in the first quarter of 2025.
- The company saw excellent performance in Coolers & Equipment and international business, showcasing the impact of product innovation and global expansion strategies.
- YETI Holdings Inc (YETI) is on pace for a record number of new product releases in 2025, with over 30 new product introductions planned.
- The company has accelerated efforts to shift Drinkware production out of China, expecting 90% of US Drinkware capacity to be ex-China by the end of the year.
- YETI Holdings Inc (YETI) continues to invest in global growth, with new teams and facilities in Japan, the UK, and Europe to support future expansion.
- Drinkware sales decreased by 4% due to challenging market conditions in the US and supply chain diversification efforts impacting growth.
- The company expects a 300 basis point impact on growth for the year due to inventory supply disruptions from accelerated supply chain diversification.
- YETI Holdings Inc (YETI) anticipates a decline in gross margins by approximately 450 basis points due to the impact of tariffs.
- Operating income decreased by 11% in the first quarter, with FX having a significant impact on operating income growth.
- The company revised its full-year sales outlook to increase between 1% and 4%, down from previous expectations, due to supply chain disruptions and potential consumer demand softness.
Good morning, ladies and gentlemen, and welcome to the YETI Holdings first quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Thursday, May 8, 2025. I would now like to turn the conference call over to Maria Lycouris, Investor Relations for YETI. Please go ahead.
Good morning, and thank you for joining us to discuss YETI Holdings first quarter fiscal 2025 results. Leading the call today will be Matt Reintjes, President and CEO; and Mike McMullen, CFO. Following our prepared remarks, we'll open the call for your questions.
Before we begin, we'd like to remind you that some of the statements that we make today on this call may be considered forward-looking and such forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements.
For more information, please refer to the risk factors detailed in our most recently filed Form 10-K. We undertake no obligation to
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