YETI Holdings, Inc. reported a 10% increase in net sales for the fiscal year ending December 28, 2024, reaching $1.83 billion, compared to $1.66 billion in the previous year. The company's gross profit also rose by 13% to $1.06 billion, resulting in a gross margin of 58.1%, up from 56.9% in 2023. Net income for the year was $175.7 million, reflecting a slight increase from $169.9 million in 2023. The growth in revenue was attributed to strong performance across both direct-to-consumer (DTC) and wholesale channels, with DTC sales accounting for 59% of total net sales.
The company experienced significant operational changes, including the acquisition of Mystery Ranch, a manufacturer of durable backpacks, and Butter Pat Industries, a cookware designer, in early 2024. These acquisitions are expected to enhance YETI's product offerings in the bags and cookware categories. Additionally, YETI launched several new products, including expanded drinkware options and redesigned coolers, which contributed to the overall sales growth. The company also faced challenges due to product recalls initiated in early 2023, which impacted sales in the previous fiscal year but showed improved consumer participation rates in 2024.
YETI's international sales grew by 31% to $339.4 million, representing 19% of total net sales, while U.S. sales increased by 7% to $1.49 billion. The company reported a total employee headcount of approximately 1,340 as of December 28, 2024, with 88% of its workforce based in the United States. The company continues to focus on expanding its geographic footprint and enhancing its brand presence in international markets.
Looking ahead, YETI anticipates continued growth driven by its strategic initiatives, including the expansion of its product lines and the enhancement of its DTC channel. However, the company remains cautious about potential macroeconomic challenges, including inflation and changing consumer spending patterns, which could impact future sales. YETI's management emphasized the importance of maintaining its brand image and customer loyalty as it navigates these market conditions. The company has also authorized a share repurchase program of up to $450 million, reflecting its commitment to returning value to shareholders.
About YETI Holdings, Inc.
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