YETI Holdings, Inc. reported strong financial results for the full fiscal year 2024, with adjusted net sales increasing 9% to $1,838.7 million and adjusted earnings per diluted share rising 21% to $2.73. For the fourth quarter of 2024, adjusted net sales grew 7% to $555.4 million, and adjusted EPS increased 11% to $1.00.
International net sales were a significant growth driver, surging 31% for the full year 2024 to $339.4 million, demonstrating the effectiveness of the company's global expansion strategy. YETI also maintained a strong balance sheet, ending the year with $358.8 million in cash and reducing inventory by 8% to $310.1 million.
In a move to enhance shareholder value, YETI announced a $350 million increase to its share repurchase program, having already spent $200 million on accelerated share repurchases in 2024. The company also made strategic acquisitions, including Mystery Ranch, Butter Pat Industries, and technology for a unique powered cooler platform, to accelerate product roadmap initiatives.
For fiscal year 2025, YETI expects sales growth between 5% and 7%, along with adjusted operating margin expansion and strong free cash flow generation. However, the company increased its estimated recall expense reserve by $9.9 million in the fourth quarter due to higher than anticipated consumer recall participation rates.
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