Yeti to launch food storage containers, cookware and integrate Mystery Ranch designs in the back half of 2024 and early 2025.
The American company reported net sales of $463.5 million (£356,338 million) in the quarter ending June 29. That’s an adjusted 9% increase, which excludes the $24.5 million (£18,835 million) sales decrease from last year’s cooler recall reserve adjustment, or an unadjusted 15% increase compared to the same quarter the previous year.
“Our innovation across our portfolio, in particular coolers, proved to be impactful, creating what we believe will be momentum going into the second half of the year and beyond,” said Yeti CEO Matthew Reintjes on the company’s August 8 earnings call. “Complementing our focus on coolers, we continue to drive expansion in our drinkware portfolio.”
Later this year, Yeti will launch cooler-compatible food organization and storage containers. It’s also working on integrating designs by Mystery Ranch, which Yeti acquired in January 2024.
In drinkware, Yeti’s French Press received industry accolades and strong consumer demand. Later this year, the company will launch its first line of cookware products, including three cast iron skillets ranging from $150 (£115) to $250 (£192).
International adjusted net sales increased by 34% and U.S. adjusted net sales increased by 5% in the quarter compared to last year.
Yeti’s net income increased by 32% to $50.4 million (£38,747 million), or 10.9% of sales, compared to $38.1 million (£29,283), or 9.5% of sales in the same quarter last year. Net income per diluted share was $0.59 (£0.45), compared to $0.44 (£0.34) in the prior-year quarter.
