Yeti reports Q4 adjusted EPS 78c, consensus 79c

Reports Q4 adjusted revenue $486.4M excluding the impact of voluntary recalls, consensus $491.78M. CEO Matt Reintjes commented, "On top of a remarkable 29% increase in 2021, YETI delivered strong sales growth in 2022 with 13% reported sales growth and 16% adjusted sales growth. Our results reflect the impact of the proposed voluntary recalls that we recognized during the fourth quarter…Excluding the impact of the voluntary recalls, our Q4 results were in line with our expectations, driven by the strength of our direct-to-consumer channel and the momentum of our international business. In the wholesale channel, while we generated positive sell-through for the quarter, later-than-planned consumer demand impacted order volume and flow. In what was a dynamic environment in Q4, we remained focused on the premium positioning of our brand, while driving growth through new innovation, robust digital customer engagement, and by executing against strong consumer demand across our omni-channel. On an adjusted basis, the profitability of our business remained strong in 2022 despite the significant impact of lingering supply chain costs. Importantly, gross margins headwinds began easing during the fourth quarter as we expected, with year-over-year levels expected to turn positive and gain momentum as we move into the upcoming quarters. Finally, we finished the year with a very strong balance sheet and are in position to generate high levels of cash flow going forward, which will further support our continued global growth."