YETI Q1 Earnings Top Estimates; Raises FY22 EPS Outlook - YETI Holdings (NYSE:YETI)

YETI Holdings Inc YETI reported first-quarter FY22 sales growth of 19% year-on-year, to $293.6 million, beating the consensus of $290.33 million.
Net sales from the Direct-to-consumer channel increased 23% Y/Y, the Wholesale channel rose 14%, Drinkware sales gained 24%, and Coolers & Equipment rose 10%.
Adjusted EPS of $0.33 beat the analyst consensus of $0.32.
Gross profit increased 7% Y/Y to $154.9 million, and gross margin contracted 590 basis points to 52.7%.
The operating margin contracted 490 basis points to 11.3%, and operating income for the quarter declined 17% to $33.3 million.
Selling, general, and administrative expenses increased 16% to $121.6 million.
The company held $100.3 million in cash and equivalents as of April 2, 2022.
Outlook: YETI's FY22 sales outlook for 18% - 20% growth remains unchanged.
The company raised its adjusted EPS outlook to $2.86 - $2.91 from $2.82 - $2.86, above the consensus of $2.85.
Price Action: YETI shares are trading higher by 2.91% at $45.25 in premarket on Wednesday.