YETI’s first quarter results modestly exceeded Wall Street’s revenue and non-GAAP profit expectations, driven by strong demand in the Coolers & Equipment category and continued international momentum. CEO Matt Reintjes highlighted that growth was strongest in hard coolers and bags, while drinkware sales saw declines as the company navigated a challenging U.S. market and compared against a robust prior year. Management attributed the quarter’s performance to ongoing product innovation, solid execution in global markets, and supply chain initiatives, but also noted increased operational complexity due to macroeconomic uncertainty and shifting consumer behavior.

Is now the time to buy YETI? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions YETI’s Q1 Earnings Call

• Randy Konik (Jefferies) asked about the pace and impact of new product introductions. CEO Matt Reintjes said, “This year, we expect about 30 new products versus 24 in 2024,” and expects this pace to continue as supply chain transitions complete.
• Brooke Roach (Goldman Sachs) inquired about underperforming drinkware categories and the timing of recovery. Reintjes responded that strategy focuses on diversifying the portfolio to reduce concentration risk and expects durable demand to return as innovation continues.
• Peter Benedict (Baird) questioned mitigation efforts for tariff impacts, particularly regarding pricing. Reintjes explained that selective price increases are used but the main mitigation is supply chain relocation, with supplier support also helping manage rising costs.
• Jim Duffy (Stifel) asked for specifics on supply chain diversification regions and operational execution. Reintjes highlighted expanding production in Southeast Asia and improving automation, while McMullen noted inventory will remain tight through the transition.
• Anna Glaessgen (B. Riley Securities) sought clarity on inventory allocation amid constraints. Reintjes explained inventory is allocated across channels based on supply availability and demand, with some innovations launching outside the U.S. first due to limited supply.

Catalysts in Upcoming Quarters

In the coming quarters, our analysts will monitor (1) the pace and impact of YETI’s supply chain transition on product availability and cost structure, (2) the effectiveness of new product launches across both established and emerging international markets, and (3) how well margin pressures from tariffs are offset by operational efficiencies and supplier negotiations. The outcome of tariff policy developments and consumer demand trends will also be key variables to watch.

YETI currently trades at $30.77, up from $27.97 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).

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