YETI Holdings, Inc. (NYSE:YETI) Q3 2024 Earnings Conference Call November 7, 2024 8:00 AM ET

Company Participants

Maria Lycouris - IR
Matt Reintjes - President and CEO
Mike McMullen - CFO

Conference Call Participants

Peter Benedict - Baird
Alexia Morgan - Piper Sandler
Randy Konik - Jefferies LLC
Philip Blee - William Blair
Peter McGoldrick - Stifle
Savannah Sommer - Goldman Sachs

Operator

Good morning, ladies and gentlemen. And welcome to the YETI Holdings Third Quarter 2024 Earnings Conference Call [Operator Instructions]. This call is being recorded on Thursday November 7, 2024. I would now like to turn the conference over to Maria Lycouris, Investor Relations for YETI. Please go ahead.

Maria Lycouris

Good morning. And thank you for joining us to discuss YETI Holdings' third quarter fiscal 2024 results. Leading the call today will be Matt Reintjes, President and CEO; and Mike McMullen, CFO. Following our prepared remarks, we'll open the call for your questions. Before we begin, we'd like to remind you that some of the statements that we make today on this call may be considered forward-looking and such forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. For more information, please refer to the risk factors detailed in our most recent filed Form 10-K. We undertake no obligation to revise or update any forward-looking statements made today as a result of new information, future events or otherwise, except as required by law. Unless otherwise stated, our financial measures discussed on this call will be on a non-GAAP basis. We use non-GAAP measures as we believe they more accurately represent the true operational performance and underlying results of our business. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the press release or in the presentation posted this morning to our Investor Relations section of our Web site at yeti.com. And now I'd like to turn the call over to Matt.

Matt Reintjes

Thanks, Maria, and good morning. YETI wrapped another strong quarter with growing brand engagement, performance across our broadening product portfolio and outstanding growth in our international business, all driven by the consistent successful execution of our strategic priorities. Our net sales were up 10% in the quarter with growth across all channels. On the product side, innovation continues to be a catalyst with drinkware delivering several highly anticipated launches in bar and tableware, underscoring the expansion opportunities we see. In coolers and equipment, we saw good performance from both legacy and newer product, including several newly launched accessories that complement our existing line up. On the international front, we saw our fourth consecutive quarter of over 30% growth outside of the US while also delivering solid growth in a more challenging US market where we continue to see high quality but more discerning buyers. Taken together, YETI's brand strength, strong product innovation cadence and global growth position us to remain on track to deliver on our full year top and bottom line outlook. As a reminder, our top line outlook takes into consideration an expectation of more intentional consumer buying in Q4 as we closely watch spending in this shortened holiday season.