The cooler and drinkware maker now expects adjusted sales growth of about 6% this year, down from a range of 7% to 8% previously
By Kelly Cloonan
Yeti Holdings lowered its full-year outlook as it expects consumers to remain cautious heading into the holiday quarter.
The updated forecast came as Yeti's third-quarter sales rose year-over-year but came in below Wall Street's expectations. Chief Executive Matt Reintjes said demand was uneven at times during the period, particularly in the U.S. and Canada.
"Looking ahead, we anticipate the consumer environment will remain cautious and put pressure on demand in Q4," Reintjes said.
The cooler and drinkware maker said Thursday it now expects adjusted sales growth of about 6% this year, down from a range of 7% to 8% previously. The company now guides for full-year adjusted earnings per share of $2.90 to $2.95, compared to a prior view of $2.94 to $3.
Analysts polled by FactSet are forecasting sales of $2.01 billion for the year, or up about 7.6%, and adjusted earnings of $2.98 a share.
The company's stock fell 14% to $37.01 in premarket trading.
Yeti's third-quarter profit came in at $44.4 million, or 60 cents a share, compared with $39.4 million, or 48 cents a share, a year earlier.
Adjusted earnings per share were 91 cents, compared with analyst estimates of 84 cents, according to FactSet.
Sales increased 4% to $509.4 million, compared with analyst estimates of $523.1 million.
By category, drinkware sales gained 8% to $284 million, while coolers and equipment sales were flat at $215.6 million.