By Dean Seal
Yeti Holdings Inc. posted a smaller first-quarter profit this year as higher freight costs and rising selling, general and administrative expenses weighed down a 19% increase in sales.
The maker of coolers and insulated drinkware reported net income of $25.7 million, or 29 cents a share, for the quarter ended April 2, a drop from $30.5 million, or 35 cents a share, in the same period a year ago.
Stripping out one-time items, adjusted earnings were 33 cents a share. Analysts polled by FactSet had been expecting 32 cents a share.
First-quarter sales jumped 19% to $293.6 million, just above Wall Street estimates of $291 million. The Austin, Texas-based company said its drinkware sales increased 24% compared with last year thanks to an expansion of its product offerings and strong demand for customization.
The cost of goods sold for the quarter was $138.8 million, compared with $102.4 million in 2021. Chief Executive Matt Reintjes said Yeti is still dealing with cost headwinds that accelerated in the second half of last year.
Write to Dean Seal at [email protected]
Credit: www.marketwatch.com /