YETI Holdings, Inc. (NYSE: YETI) reported Q1 EPS of $0.11, $0.04 better than the analyst estimate of $0.07. Revenue for the quarter came in at $174.41 million versus the consensus estimate of $166.03 million.

• Net Sales Increased 12%
• Gross Margin Expanded 370 Basis Points
• EPS of $0.10; Adjusted EPS of $0.11
• Provides Action Plan In Response To The COVID-19 Pandemic
• Withdraws Full Year Fiscal 2020 Outlook

“YETI entered 2020 with tremendous momentum as a brand and delivered a great first quarter. Our results were particularly robust through mid-March, with quarter-to-date sales up 21% year-over-year with strength in both wholesale and DTC,” said Matt Reintjes, President and Chief Executive Officer. “As the COVID-19 pandemic drove unprecedented disruption and volatility in the marketplace, our results were sharply impacted with sales declining 25% in the final two weeks of the quarter. As we adjusted to the uncertainty of the global crisis, our first and foremost responsibility has been to ensure the safety of our employees and community. This focus along with the decisive actions outlined today help preserve what we value the most as an organization – nurturing a powerful, innovative and lasting brand; maintaining financial strength and flexibility; and driving a positive impact across our YETI community.”

Mr. Reintjes concluded, “In adjusting to today’s dynamic and challenging environment, we understand that not all decisions are easy. These discrete actions announced today allow us to focus on the controllable elements of our business. With an unrelenting focus on our brand and innovation, the long-term opportunity for YETI remains bright and we look forward to supporting people and the pursuits they enjoy with YETI as we move forward together.”

Withdrawal of Fiscal 2020 Outlook

With the high degree of uncertainty persisting with the duration and impact of the COVID-19 pandemic, YETI is withdrawing its full year fiscal 2020 outlook last provided on February 13, 2020.

For earnings history and earnings-related data on YETI Holdings, Inc. (YETI) click here.