Yeti Holdings Q2 Earnings Top Estimates; Raises FY21 Guidance - YETI Holdings (NYSE:YETI)

Yeti Holdings Inc YETI reported second-quarter FY21 sales growth of 44.9% year-on-year, to $357.7 million, beating the analyst consensus of $327.31 million.
Net sales from the Direct-to-consumer channel increased 48% Y/Y, the Wholesale channel rose 41%, Drinkware sales gained 69%, and Coolers & Equipment rose 23%.
Gross profit increased 52% Y/Y to $209.1 million, and gross margin expanded 280 basis points to 58.5%.
The operating margin expanded 140 basis points 20.2%, and operating income for the quarter rose 56% to $72.4 million.
Selling, general, and administrative expenses increased 50% to $136.7 million.
The company held $233.8 million in cash and equivalents as of July 3, 2021. Net cash provided by operating activities for the six months amounted to $22.2 million.
Adjusted EPS of $0.68 beat the analyst consensus of $0.55.
Outlook: Yeti raised FY21 sales guidance to 26%-28% from 20%-22%, versus the consensus of $1.34 billion.
The company also raised the FY21 adjusted EPS outlook to $2.42 - $2.46 (previous $2.28 - $2.32), versus the consensus of $2.35.
Price action: YETI shares are trading higher by 1.92% at $101.63 on the last check Thursday.