YETI Holdings, Inc. (NYSE: YETI) reported Q2 EPS of $0.41, $0.25 better than the analyst estimate of $0.16. Revenue for the quarter came in at $246.9 million versus the consensus estimate of $188.58 million.

Matt Reintjes, President and Chief Executive Officer, commented, “I would first like to thank our YETI employees, customers, suppliers and wholesale partners for their unwavering support in this unprecedented and dynamic environment. I am pleased with how our teams have adapted to and remained highly effective with work-from-home, which we expect will remain in place for the foreseeable future.”

Mr. Reintjes continued, “Whether setting up in the backyard or chasing new adventures in the outdoors, YETI remains the brand of choice for active outdoor pursuits. We delivered a strong overall second quarter performance in the face of the significant market disruption. The results are a testament to the resilience of demand for our brand and the power of our diverse omni-channel strategy, led by the strength of our direct-to-consumer business which saw 61% growth in the quarter. Throughout this challenging period, we also delivered both gross margin and operating income margin expansion for the quarter while fully paying down our revolver and ending the period with a leverage ratio under 1.0 times.”

Mr. Reintjes concluded, “As we plan for the balance of the year, we will remain focused on actively addressing the changing environment while continuing to make strategic investments to drive our brand and innovation. Managing the flexibility of our supply chain and logistics will be a focus as we look to position our inventory to match demand across our channels. Based on the level of continued market uncertainty, we are not providing a 2020 outlook at this time.”

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