YETI Holdings, Inc. reported significant financial results for the three and nine months ended September 28, 2024, reflecting a robust performance despite challenging macroeconomic conditions. The company achieved net sales of $478.4 million for the third quarter, a 10% increase from $433.6 million in the same period last year. For the nine months, net sales reached $1.283 billion, up 13% from $1.139 billion in the prior year. This growth was driven by strong demand across both wholesale and direct-to-consumer (DTC) channels, with DTC sales increasing by 10% and wholesale sales rising by 16%.

Gross profit for the third quarter was $277.7 million, an 11% increase from $251.3 million, maintaining a gross margin of 58%. For the nine months, gross profit rose to $736.8 million, up 17% from $628.0 million, with the gross margin improving to 57.4% from 55.1% in the previous year. The increase in gross margin was attributed to lower inbound freight rates and product costs, although it faced pressure from higher customization costs and strategic price decreases on certain products.

Operating income for the third quarter was $69.6 million, compared to $61.9 million in the prior year, while for the nine months, it increased to $162.9 million from $127.3 million. Net income for the third quarter was $56.3 million, up from $42.7 million, and for the nine months, it reached $122.5 million, compared to $91.3 million in the previous year. Basic earnings per share for the third quarter were $0.66, up from $0.49, and for the nine months, it increased to $1.44 from $1.05.

YETI's total current assets decreased to $846.3 million as of September 28, 2024, from $914.4 million at the end of 2023, while total liabilities also declined to $503.2 million from $573.6 million. Stockholders' equity increased to $770.0 million, up from $723.6 million, driven by rising retained earnings.

Strategically, YETI completed the acquisition of Mystery Ranch, LLC for $36.2 million in February 2024, enhancing its capabilities in the bags category. Additionally, the company launched new products, including a YETI-branded Cast Iron Skillet, following its acquisition of Butter Pat Industries, LLC. Despite facing challenges such as high inflation and supply chain disruptions, YETI continues to adapt and expand its product offerings while maintaining a strong financial position.