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YETI Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 28, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $478.4 million from $433.6 million in the same quarter the previous year. The increase is attributed to growth in both the Direct-to-Consumer and Wholesale channels.
Gross profit for the quarter was $277.7 million, compared to $251.3 million in the previous year, with the gross margin remaining flat at 58%.
Selling, general, and administrative expenses increased to $208.1 million from $189.4 million, primarily due to higher employee costs and investments in marketing.
Net income for the quarter was $56.3 million, up from $42.7 million in the previous year. The effective tax rate for the quarter was 24%, compared to 26% in the previous year.
Cash provided by operating activities was $35.8 million, while cash used in investing and financing activities was $87.0 million and $107.5 million, respectively.
YETI had a cash balance of $280.5 million as of September 28, 2024. The company completed the acquisition of Mystery Ranch, LLC (YETI+0.08%) and Butter Pat Industries, LLC during the first quarter of 2024.
The filing also details the impact of product recalls initiated in 2023, which had no adjustments recorded for the current year.
YETI's Board of Directors authorized a share repurchase program of up to $300 million, with $200 million remaining available under the program as of September 28, 2024.
The company continues to focus on expanding its product offerings and international presence, with international sales representing 18% of total net sales for the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the YETI Holdings Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.