Yeti Soars on Strong Q2 Earnings and Upgraded Outlook

YETI Holdings, Inc. reported its financial results for the second quarter of 2023, with net sales decreasing by 4% but adjusted net sales increasing by 2%. The company's gross margin continued to expand, and it raised the low end of its full-year adjusted net sales outlook range while increasing its full-year adjusted EPS outlook. YETI's performance was driven by strong demand for hydration solutions, including coolers and drinkware. The company is also focused on innovation and has a pipeline of new products in development. Despite the impact of product recalls, YETI remains optimistic about its growth prospects and has strengthened its balance sheet with a growing cash balance and expanded credit facility.