The company that specializes in drinkware and coolers announced a new wholesale partnership with Lowe's and reported a 33% increase in inventory to mitigate looming tariffs.
, among others, but CEO Matt Reintjes said the company wanted to expand into the do-it-yourself space.
The company's direct-to-consumer net sales increased 31% during the third quarter to $92.90 million, compared with $71.20 million in the year-earlier period.Yeti increased its inventory levels in the third quarter, particularly in drinkware, in advance of Trump administration tariffs on Chinese production, currently scheduled to take effect on Dec. 15.
"We brought in inventory earlier in the year to support fourth quarter in advance of the earlier rumored implementation of the drinkware tariffs," CEO Matt Reintjes said in a phone interview with CNBC after the earnings report. "We'll work that down through the fourth quarter."
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