Yeti Holdings Inc (NYSE:YETI) raised its forecast for the year. The company said it projects full-year adjusted earnings of $0.88 to $0.90 per share, versus earlier forecast of $0.79 to $0.82 per share, and sales of $778.8 million.
The Austin-based company reported Friday that net sales increased 19% to $241.2 million. Net sales in the direct-to-consumer channel increased 45% to $110.5 million, and net sales for the wholesale channel increased 4% to $130.7 million.
What’s more, YETI said, drinkware net sales increased 24% to $143.5 million, and coolers & equipment net sales increased 10% to $91.2 million.
CEO Matt Reintjes commented, "We delivered outstanding performance in all aspects of our business during the fourth quarter and fiscal year 2018. Sales and operating margin soundly exceeded our expectations and as a result, we are raising our fiscal 2018 outlook.
"We are excited about the strong growth across categories and geographies and the multiple opportunities that lie ahead, which include accelerating brand awareness, delivering product innovation, driving our direct-to-consumer business and expanding our presence globally.
"We believe these initiatives combined with our operational excellence will continue to deliver strong and consistently profitable growth."
YETI boasts its status as "a rapidly growing designer, marketer, retailer, and distributor of a variety of innovative, branded, premium products to a wide-ranging customer base. Our brand promise is to ensure each YETI product delivers exceptional performance and durability in any environment, whether in the remote wilderness, at the beach, or anywhere else life takes you."
Shares spiked $2.12, or 12.7%, to $18.84
