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EX - 99.1 2 yeti - 20210513xex991.htm EX - 99.1 YETI YETI Reports First Quarter 2021 Results Net Sales Increased 42 % Gross Margin Expanded 560 Basis Points EPS Increased to $ 0.35 from $ 0.10 Adjusted EPS Increased to $ 0.38 from $ 0.11 Raises 2021 Outlook Austin , Texas , May 13 , 2021 - YETI Holdings , Inc. ( " YETI " ) ( NYSE : YETI ) today announced its financial results for the first quarter ended April 3 , 2021 . YETI reports its financial performance in accordance with accounting principles generally accepted in the United States of America ( " GAAP " ) and as adjusted on a non - GAAP basis . Please see " Non - GAAP Financial Measures , " and " Reconciliation of GAAP to Non - GAAP Financial Information ” below for additional information and reconciliations of the non - GAAP financial measures to the most comparable GAAP financial measures . Exhibit 99.1 Matt Reintjes , President and Chief Executive Officer , commented , " YETI had an exceptional start to the year with first quarter net sales growth of 42 % fueled by continued strong demand for the brand throughout the period . Significant gross margin expansion powered nearly a 700 - basis point improvement in operating margin for the period , contributing to a more than three - fold increase in earnings per share . " Mr. Reintjes added , " 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 . We believe that these efforts will not only foster a deep connection between our brand and consumers both digitally and , as the world reopens more fully , in a direct , personal way but will also support our plans for long - term , sustainable growth . " ● Mr. Reintjes concluded , " After the strong start to 2021 , we are raising both our full year net sales and earnings per share outlooks to 20 % and 22 % growth , respectively , versus the prior year . 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 . We believe we are well - positioned to generate and build upon this customer enthusiasm for the brand now and into the future . " For the Three Months Ended April 3 , 2021 Net sales increased 42 % to $ 247.6 million , compared to $ 174.4 million during the same period last year . ● • Direct - to - consumer ( “ DTC " ) channel net sales increased 59 % to $ 126.8 million , compared to $ 79.6 million in the prior year quarter , driven by strong performance in both Coolers & Equipment and Drinkware . The DTC channel grew to 51 % of net sales , compared to 46 % in the prior year period . ● Wholesale channel net sales increased 27 % to $ 120.8 million , compared to $ 94.8 million in the same period last year , driven by both Coolers & Equipment and Drinkware . • Drinkware net sales increased 32 % to $ 148.9 million , compared to $ 112.6 million in the prior year quarter , primarily driven by the continued expansion of our Drinkware product offerings , including the introduction of new colorways and sizes , and strong demand for customization . Coolers & Equipment net sales increased 57 % to $ 93.5 million , compared to $ 59.5 million in the same period last year , driven by strong performance in hard coolers , soft coolers , outdoor living products , bags , and cargo . 1