Yeti is 'Cautious' Heading into Holiday Sales Season. Investors Hate It.

Dow Jones05:32

Insulated mug and cooler maker Yeti disappointed Thursday with an earnings miss and lowered guidance. CEO Matt Reintjes said the company's "more cautious view of demand through the balance of the year" mirrored similar restraint among consumers.

The timing couldn't be worse, going into the busy holiday gifting season, when the company's $30 mugs and tumblers are popular stocking stuffers. Overall U.S. sales of its products rose less than 1% compared with the same period last year.

For the three months ending Oct. 3, net sales came in at $509.4 million, well below analyst estimates of $523.1 million. Adjusted earnings were 91 cents a share, well above estimates of 84 cents. But the company lowered its earnings guidance for full fiscal year to between $2.90 and $2.95 a share, down from $2.94 to $3.

"Demand was uneven during Q3, and our current expectation is that it will remain pressured in the fourth quarter, as we believe consumers are increasingly deal motivated," Reintjes said on the earnings call.

Shares fell 10% to $38.30 and are down 13% for the year amid slowing sales growth and increased competition from brands like Owala and Stanley.

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