Mon, Feb 24, 9:34 PM (62 days ago)
**YETI Holdings, Inc. (YETI) 2024 10-K Summary** For the fiscal year ending December 28, 2024, YETI reported net sales of $1,829,873,000, a 10% increase from $1,658,713,000 in 2023. Gross profit rose to $1,063,284,000, yielding a gross margin of 58.1%, up from 56.9% the previous year. Net income was $175,689,000, slightly higher than $169,885,000 in 2023, with earnings per share of $2.05 (diluted). Operating expenses increased by 14% to $817,908,000, primarily due to higher employee compensation and marketing costs. The company successfully integrated its acquisition of Mystery Ranch, enhancing its product line in the bags category. YETI faced challenges from product recalls, impacting sales by approximately $8.8 million in 2024. Financially, YETI maintained a strong condition with cash reserves of $358,795,000 and a credit facility of $300,000,000. The company initiated a $300 million share repurchase program, with $100 million remaining as of year-end. Risks include reliance on third-party manufacturers, potential market volatility, and economic conditions affecting consumer spending. The outlook remains cautiously optimistic, focusing on international expansion and innovation in product offerings.