Why Yeti Stock Swooned in August
The cooler and drinkware specialist's second-quarter results looked strong at first glance.
Overview
A hot summer month seems like the ideal time for a company that specializes in coolers and large drink tumblers. Alas, that sure wasn't the case for Yeti Holdings (NYSE: YETI), which saw its stock price melt by more than 16% over the course of the month. Much of this had to do with the company's second-quarter results, which weren't as impressive as they first seemed.
For the quarter, Yeti managed to increase its net sales by 9% year over year to almost $484 million. The main driver of this growth was the company's coolers and equipment business, which posted a 16% increase to more than $232 million. Drinkware sales only inched up by 2% to slightly over $241 million. The "other" category was 13% higher at almost $11 million.
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Originally published at www.fool.com.