YETI Holdings, Inc.
For the period ended Sep 27, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 27, 2025 · Filed Nov 6, 2025
YETI$44.97-4.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-28; filed 2025-08-07.
0001670592-25-000039
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-27; filed 2025-11-06.
0001670592-25-000048
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 111 previous paragraphs and 122 current paragraphs.
55 unchanged; 48 reworded; 15 added; 8 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
During the third quarter of 2025, we expanded our Drinkware category with the launch of the Rambler Ceramic Mug Collection in two sizes and introduced a new size of the Rambler Travel Bottle. We continued the expansion of our outdoor kitchen offerings with the launch of the Rambler Food Jars in two sizes. In our Coolers & Equipment category, we expanded our bags offerings with the introduction of a new size of the Cayo backpack. We also introduced new seasonal colorways across our Drinkware and Coolers & Equipment categories.
Current report
Acquisition
Current report
During the third quarter of 2025, we acquired certain assets, including designs, tooling, and intellectual property, related to the Helimix branded shaker bottle, for $38.0 million in cash. This transaction was accounted for as an asset acquisition.
Current report
During 2025, the United States implemented incremental tariffs on imports from many countries. Most of our products are produced in countries that are subject to these tariffs. As a result, the cost to import our products into the U.S. has increased. These increased costs have had a material negative impact on our gross margins and results of operations in 2025. If current tariff levels persist or worsen, we expect that tariffs will continue to have a negative impact on our gross margins and results of operations.
Current report
•DTC channel net sales increased $7.9 million, or 3%, to $288.7 million, compared to $280.8 million in the prior year quarter, primarily due to growth in our Amazon Marketplace business, Corporate Sales and YETI retail stores, partially offset by a decline in sales on our U.S. YETI website. DTC channel mix was 59% for both the third quarters of 2025 and 2024.
Current report
•Coolers & Equipment net sales increased by $22.8 million, or 12%, to $215.4 million, compared to $192.6 million in the same period last year, primarily driven by strong performance in soft coolers and bags.
Current report
Net sales in the U.S. decreased $2.8 million, or 1%, to $387.3 million for the three months ended September 27, 2025. Net sales in international locations increased $12.2 million, or 14%, to $100.4 million for the three months ended September 27, 2025 reflecting growth across all regions, led by Europe and Australia, as well as Japan, which launched in the second quarter of 2025. Net sales in international locations represented 21% and 18% of total net sales in the third quarter of 2025 and 2024, respectively.
Current report
•other impacts, which favorably impacted gross margin by 30 basis points.
Current report
•an increase in general and administrative expenses of $6.2 million (increasing SG&A as a percent of sales by 110 basis points) mainly due to growth investments in technology and facilities as well as asset impairments in the current year quarter;
Current report
•an increase in depreciation and amortization expense of $1.9 million (increasing SG&A as a percent of sales by 40 basis points) primarily related to our continued capital investments; and
Current report
Income tax expense was $13.7 million for the three months ended September 27, 2025, compared to $17.8 million for the three months ended September 28, 2024. The decrease in income tax expense was primarily due to lower income before income taxes. The effective tax rate was 26% for the three months ended September 27, 2025, compared to 24% for the three months ended September 28, 2024. The effective tax rate for the three months ended September 27, 2025 was unfavorably impacted by lower income before taxes and increased primarily due to the non-deductible portion of executive compensation and a lower tax benefit from our foreign-derived intangible income deduction.
Current report
•DTC channel net sales increased $14.5 million, or 2%, to $733.5 million, compared to $719.0 million in the prior year period, primarily due to growth in our Amazon Marketplace business, Corporate Sales and YETI retail stores, partially offset by a decline in sales on our U.S. YETI website. DTC channel mix was 57% and 56% for the nine months ended September 27, 2025 and September 28, 2024, respectively.
Current report
Net sales in the U.S. decreased $26.5 million, or 3%, to $1,026.4 million for the nine months ended September 27, 2025. Net sales in international locations increased $27.9 million, or 12%, to $258.4 million for the nine months ended September 27, 2025 reflecting growth across all regions, led by Europe and Canada, as well as Japan, which launched in the second quarter of
Current report
During the third quarter of 2025, we repurchased 4,278,800 shares of YETI’s common stock on the open market for approximately $150.0 million, at an average repurchase price of $35.02 per share. The repurchased common stock is held as treasury stock.
Current report
In total, we repurchased 5,023,372 shares of YETI’s common stock on the open market for approximately $172.8 million, at an average repurchase price of $34.41 per share, during the nine months ended September 27, 2025.
Removed paragraphs (8)
Previous report
During 2025, the United States implemented and then subsequently modified tariffs on imports from a number of countries, many of whom then imposed retaliatory tariffs on the United States. Tariffs raise the cost to import our products. As such, we expect tariffs to have a negative impact on our gross margins and results of operations for 2025. However, the ultimate degree of such negative impact is uncertain, as it depends on the level of tariffs in effect on each particular country, as well as the quantity and timing of our purchases from each affected country. For example, if tariffs on imports from China return to April 2025 levels, we would expect a further material negative impact on our gross margins and results of operations in 2025 due to the fact that a large percentage of our Drinkware manufacturing capacity will not be outside of China until the end of 2025.
Previous report
The ultimate impact of tariffs on our business and results of operations is uncertain. Nevertheless, we believe that our ongoing mitigation strategies, together with our strong cash position, inventory on hand and availability under our Revolving Credit Facility, will allow us to navigate this uncertain period and provide sufficient liquidity to fund our operations for at least the next twelve months and foreseeable future.
Previous report
•DTC channel net sales decreased $1.8 million, or 1%, to $248.6 million, compared to $250.4 million in the prior year quarter. DTC channel mix was 56% in the second quarter of 2025, compared to 54% in the second quarter of 2024.
Previous report
•Wholesale channel net sales decreased $15.8 million, or 7%, to $197.3 million, compared to $213.1 million in the same period last year, primarily due to a decline in both Drinkware and Coolers & Equipment.
Previous report
•Coolers & Equipment net sales decreased by $5.4 million, or 3%, to $200.6 million, compared to $205.9 million in the same period last year. Coolers & Equipment performance was primarily driven by growth in hard coolers that was more than offset by a decline in soft coolers during the quarter.
Previous report
Net sales in the U.S. decreased $19.1 million, or 5%, to $367.8 million for the three months ended June 28, 2025. Net sales in international locations increased $1.5 million, or 2%, to $78.1 million for the three months ended June 28, 2025 reflecting strong growth in Europe and our launch in Japan in the current year quarter. This was partially offset by conservative inventory purchases and caution from our wholesale partners in other international regions against robust consumer demand. Net sales in international locations represented 18% and 17% of total net sales in the second quarter of 2025 and 2024, respectively.
Previous report
The decreases in SG&A expenses were partially offset by higher general and administrative expenses of $4.0 million (increasing SG&A as a percent of sales by 130 basis points) mainly due to higher technology expenses related to growth investments and occupancy costs; and an increase in depreciation and amortization expense of $0.8 million (increasing SG&A as a percent of sales by 20 basis points).
Previous report
Income tax expense was $16.9 million for each of the three months ended June 28, 2025 and June 29, 2024. The effective tax rate was 25% for each of the three months ended June 28, 2025 and June 29, 2024.
Reworded paragraphs (48)
Previous wording
Our business is exposed to and impacted by macroeconomic factors, including but not limited to uncertainty surrounding inflationary pressures, consumer confidence and purchasing behaviors, foreign currency exchange rate fluctuations, geopolitical conflicts, and government actions and policies, including changes in interest rates, tax rates, and tariffs. We experienced the continuation of a challenging macroeconomic environment through the second quarter of 2025. If a number of macroeconomic factors continue or worsen, we expect our business and results of operations to be adversely impacted in 2025. We intend to continue to carefully monitor macroeconomic developments and manage our business accordingly.
Current wording
Our business is exposed to and impacted by macroeconomic factors, including but not limited to uncertainty surrounding inflationary pressures, consumer confidence and purchasing behaviors, foreign currency exchange rate fluctuations, geopolitical conflicts, and government actions and policies, including changes in interest rates, tax rates, and tariff rates. We have experienced a challenging macroeconomic and consumer spending environment through the third quarter of 2025 and expect such challenges to continue through the remainder of 2025.
Previous wording
We continue to pursue strategic options to mitigate the impact of tariffs. Importantly, we have continued our efforts to accelerate the diversification of our Drinkware manufacturing to additional countries beyond China, and we continue to expect a large majority of such manufacturing capacity to be outside of China by the end of 2025. The other strategic options to further mitigate tariff impacts that we are taking or evaluating include managing operating expenses, working capital and cash; negotiating with suppliers; evaluating pricing strategies; leveraging tariff exemptions where possible; and pursuing other supply chain optimization activities. During 2025, we continue to diversify our supply chain out of China. The disruption caused by this transition is impacting our ability to source certain products. As a result, we continue to expect that inventory constraints will adversely impact sales in 2025.
Current wording
We have been, and will continue, pursuing strategic options to mitigate the impact of tariffs. For example, in response to the elevated tariffs on imports from China announced earlier this year, we have continued our efforts to accelerate the diversification of our Drinkware manufacturing to additional countries beyond China. We continue to expect a large percentage of our Drinkware manufacturing capacity to be outside of China by the end of 2025. These accelerated diversification efforts have caused short-term supply chain disruptions, which have impacted our ability to source certain products. As a result, we have experienced inventory constraints that have adversely impacted sales in 2025, and we expect such impact to continue in the fourth quarter of 2025.
Previous wording
Fiscal Year. We have a 52- or 53-week fiscal year that ends on the Saturday closest in proximity to December 31, such that each quarterly period will be 13 weeks in length, except during a 53-week year when the fourth quarter will be 14 weeks. Our fiscal year ending January 3, 2026 (“2025”) is a 53-week period. The first quarter of our fiscal year 2025 ended on March 29, 2025, the second quarter ended on June 28, 2025, and the third quarter ends on September 27, 2025. Our fiscal year ended December 28, 2024 (“2024”) was a 52-week period. Unless otherwise stated, references to particular years, quarters, months and periods refer to our fiscal years and the associated quarters, months, and periods of those fiscal years. The unaudited condensed consolidated financial results presented herein represent the three and six months ended June 28, 2025 and June 29, 2024.
Current wording
Fiscal Year. We have a 52- or 53-week fiscal year that ends on the Saturday closest in proximity to December 31, such that each quarterly period will be 13 weeks in length, except during a 53-week year when the fourth quarter will be 14 weeks. Our fiscal year ending January 3, 2026 (“2025”) is a 53-week period. The first quarter of our fiscal year 2025 ended on March 29, 2025, the second quarter ended on June 28, 2025, and the third quarter ended on September 27, 2025. Our fiscal year ended December 28, 2024 (“2024”) was a 52-week period. Unless otherwise stated, references to particular years, quarters, months and periods refer to our fiscal years and the associated quarters, months, and periods of those fiscal years. The unaudited condensed consolidated financial results presented herein represent the three and nine months ended September 27, 2025 and September 28, 2024.
Previous wording
Net sales decreased $17.6 million, or 4%, to $445.9 million for the three months ended June 28, 2025, compared to $463.5 million for the three months ended June 29, 2024, reflecting caution from consumers and our retail partners, inventory constraints driven by our supply chain transition, and a more promotional drinkware market environment. Net sales for the second quarter of 2025 and 2024 also include $1.5 million and $2.3 million, respectively, of sales related to gift card redemptions in connection with recall remedies.
Current wording
Net sales increased $9.3 million, or 2%, to $487.8 million for the three months ended September 27, 2025, compared to $478.4 million for the three months ended September 28, 2024. Net sales for each of the third quarters of 2025 and 2024 include $2.7 million of sales related to gift card redemptions in connection with recall remedies.
Previous wording
•DTC channel net sales increased $6.6 million, or 2%, to $444.8 million, compared to $438.2 million in the prior year period, due to growth in Coolers & Equipment.
Current wording
•Wholesale channel net sales increased $1.4 million, or 1%, to $199.0 million, compared to $197.6 million in the same period last year, primarily due to growth in Coolers & Equipment.
Previous wording
•Drinkware net sales decreased by $10.1 million, or 4%, to $236.4 million, compared to $246.5 million in the prior year quarter. Drinkware growth in our international regions was more than offset by a decline in our U.S. region, reflecting a challenging market and inventory constraints driven by our supply chain transition in the current year quarter.
Current wording
•Drinkware net sales decreased by $11.2 million, or 4%, to $263.8 million, compared to $275.0 million in the prior year quarter. Drinkware growth in our international regions was more than offset by a decline in our U.S. region, reflecting a promotional market environment and inventory constraints driven by our supply chain transition in the current year quarter.
Previous wording
Gross profit decreased $6.7 million, or 3%, to $257.6 million, compared to $264.3 million in the prior year quarter. Gross margin rate increased 80 basis points to 57.8% from 57.0% in the prior year quarter, primarily due to the following factors:
Current wording
Gross profit decreased $5.2 million, or 2%, to $272.5 million, compared to $277.7 million in the prior year quarter. Gross margin rate decreased 210 basis points to 55.9% from 58.0% in the prior year quarter, primarily due to the following factors:
Previous wording
•higher tariff costs, which unfavorably impacted gross margin by 180 basis points; and
Current wording
•higher tariff costs, which unfavorably impacted gross margin by 320 basis points; and
Previous wording
•lower product costs, which favorably impacted gross margin by 110 basis points;
Current wording
•lower product costs, which favorably impacted gross margin by 60 basis points;
Previous wording
•the impact of selective price increases on certain drinkware products implemented during the second quarter of 2025, which favorably impacted gross margin by 70 basis points;
Current wording
•the impact of selective price increases on certain drinkware products implemented during the second quarter of 2025, which favorably impacted gross margin by 50 basis points;
Previous wording
•lower inbound freight, which favorably impacted gross margin by 20 basis points.
Current wording
•lower inbound freight, which favorably impacted gross margin by 30 basis points;
Previous wording
•the absence in the current year quarter of the amortization of inventory fair value step-up in connection with the Mystery Ranch acquisition, which favorably impacted gross margin by 70 basis points; and
Current wording
•the absence in the current year quarter of the amortization of inventory fair value step-up in connection with the Mystery Ranch acquisition, which favorably impacted gross margin by 20 basis points; and
Previous wording
SG&A expenses decreased $1.3 million, or 1%, to $195.5 million for the three months ended June 28, 2025, compared to $196.9 million for the three months ended June 29, 2024. As a percentage of net sales, SG&A expenses increased 140 basis points to 43.9% from 42.5% in the prior year quarter. The decrease in SG&A expenses was primarily driven by:
Current wording
SG&A expenses increased $10.1 million, or 5%, to $218.2 million for the three months ended September 27, 2025, compared to $208.1 million for the three months ended September 28, 2024. As a percentage of net sales, SG&A expenses increased 120 basis points to 44.7% from 43.5% in the prior year quarter. The increase in SG&A expenses was primarily driven by:
Previous wording
•a decrease in employee compensation and benefits expenses of $1.7 million (no impact on SG&A as a percent of sales) mainly due to lower incentive compensation costs, partially offset by an increase in non-cash stock-based compensation expense; and
Current wording
•an increase in employee compensation and benefits expenses of $3.1 million (increasing SG&A as a percent of sales by 40 basis points) primarily due to an increase in non-cash stock-based compensation expense;
Previous wording
The increases in SG&A expenses were partially offset by a decrease in distribution and fulfillment expenses of $4.6 million (decreasing SG&A as a percent of sales by 40 basis points) mainly due to lower outbound freight fees, partially offset by higher online marketplace fees associated with higher Amazon Marketplace net sales and higher third-party logistics fees; and a decrease in marketing and advertising expenses of $0.3 million (no impact on SG&A as a percent of sales).
Current wording
•an increase in distribution and fulfillment expenses of $0.9 million (decreasing SG&A as a percent of sales by 10 basis points) primarily due to higher third-party logistics fees and higher online marketplace fees associated with higher Amazon Marketplace net sales, partially offset by lower outbound freight expenses.
Previous wording
Interest income, net was $0.6 million for the six months ended June 28, 2025. Interest income, net was $0.1 million for the six months ended June 29, 2024. The change versus the prior year quarter was primarily due to a decrease in interest expense.
Current wording
Interest expense, net was $0.1 million for the three months ended September 27, 2025. Interest income, net was $0.4 million for the three months ended September 28, 2024. The change versus the prior year quarter was primarily due to a decrease in interest income.
Previous wording
Other income was $7.1 million for the six months ended June 28, 2025, compared to other expense of $3.7 million for the six months ended June 29, 2024. The change versus the prior year period was primarily due to foreign currency gains on intercompany balances for the six months ended June 28, 2025 versus foreign currency losses on intercompany balances for the six months ended June 29, 2024.
Current wording
Other expense was $1.2 million for the three months ended September 27, 2025. Other income was $4.1 million for the three months ended September 28, 2024. The change versus the prior year quarter was primarily due to foreign currency losses on intercompany balances for the three months ended September 27, 2025 versus foreign currency gains on intercompany balances for the three months ended September 28, 2024.
Previous wording
Six Months Ended June 28, 2025 Compared to June 29, 2024
Current wording
Nine Months Ended September 27, 2025 Compared to September 28, 2024
Previous wording
Net sales decreased $7.9 million, or 1%, to $797.0 million for the six months ended June 28, 2025, compared to $804.9 million for the six months ended June 29, 2024. Net sales for the six months ended June 28, 2025 and June 29, 2024 also include $2.4 million and $4.3 million, respectively, of sales related to gift card redemptions in connection with recall remedies.
Current wording
Net sales increased $1.5 million to $1,284.8 million for the nine months ended September 27, 2025, compared to $1,283.3 million for the nine months ended September 28, 2024. Net sales for the nine months ended September 27, 2025 and September 28, 2024 included $5.1 million and $7.1 million, respectively, of sales related to gift card redemptions in connection with recall remedies.
Previous wording
•Wholesale channel net sales decreased $14.5 million, or 4%, to $352.2 million, compared to $366.7 million in the same period last year, primarily due to a decline in Drinkware, partially offset by growth in Coolers & Equipment.
Current wording
•Wholesale channel net sales decreased $13.1 million, or 2%, to $551.3 million, compared to $564.3 million in the same period last year, primarily due to a decline in Drinkware, partially offset by growth in Coolers & Equipment.
Previous wording
•Drinkware net sales decreased by $19.1 million, or 4%, to $442.0 million, compared to $461.1 million in the prior year period. Drinkware growth in our international regions was more than offset by a decline in our U.S. region, reflecting a challenging market and inventory constraints driven by our supply chain transition in the current year period.
Current wording
•Drinkware net sales decreased by $30.3 million, or 4%, to $705.8 million, compared to $736.1 million in the prior year period. Drinkware growth in our international regions was more than offset by a decline in our U.S. region, reflecting a promotional market environment and inventory constraints driven by our supply chain transition in the current year period.
Previous wording
•Coolers & Equipment net sales increased by $14.9 million, or 5%, to $340.8 million, compared to $325.8 million in the same period last year, primarily driven by strong performance in bags and hard coolers, partially offset by a decline in soft coolers.
Current wording
•Coolers & Equipment net sales increased by $37.7 million, or 7%, to $556.2 million, compared to $518.4 million in the same period last year, primarily driven by strong performance in bags, soft coolers, and hard coolers.
Previous wording
Net sales in the U.S. increased $23.6 million, or 4%, to $639.0 million for the six months ended June 28, 2025. Net sales in international locations increased $15.8 million, or 11%, to $158.0 million for the six months ended June 28, 2025 reflecting strong growth in Europe, Canada, and our launch in Japan in the second quarter or 2025. Net sales in international locations represented 20% and 18% of total net sales in the first six months of 2025 and 2024, respectively.
Current wording
Net sales in international locations represented 20% and 18% of total net sales in the first nine months of 2025 and 2024, respectively.
Previous wording
Gross profit increased $0.2 million to $459.3 million compared to $459.1 million in the prior year period. Gross margin rate increased 60 basis points to 57.6% from 57.0% in the same period last year, primarily due to the following factors:
Current wording
Gross profit decreased $5.0 million to $731.8 million compared to $736.8 million in the prior year period. Gross margin rate decreased 40 basis points to 57.0% from 57.4% in the same period last year, primarily due to the following factors:
Previous wording
•higher tariff costs, which unfavorably impacted gross margin by 110 basis points;
Current wording
•higher tariff costs, which unfavorably impacted gross margin by 190 basis points;
Previous wording
•a decrease in the mix of Drinkware net sales, which unfavorably impacted gross margin by 40 basis points; and
Current wording
•a decrease in the mix of Drinkware net sales, which unfavorably impacted gross margin by 60 basis points; and
Previous wording
•the unfavorable impact of foreign currency exchange rates, which unfavorably impacted gross margin by 20 basis points.
Current wording
•the unfavorable impact of foreign currency exchange rates, which unfavorably impacted gross margin by 10 basis points.
Previous wording
•lower product costs, which favorably impacted gross margin by 110 basis points;
Current wording
•lower product costs, which favorably impacted gross margin by 90 basis points;
Previous wording
•the absence in the current year quarter of the amortization of inventory fair value step-up in connection with the Mystery Ranch acquisition, which favorably impacted gross margin by 60 basis points;
Current wording
•the absence in the current year quarter of the amortization of inventory fair value step-up in connection with the Mystery Ranch acquisition, which favorably impacted gross margin by 50 basis points;
Previous wording
•the impact of selective price increases on certain drinkware products implemented during the second quarter of 2025, which favorably impacted gross margin by 40 basis points; and
Current wording
•the impact of selective price increases on certain drinkware products implemented during the second quarter of 2025, which favorably impacted gross margin by 40 basis points;
Previous wording
•lower inbound freight, which favorably impacted gross margin by 20 basis points.
Current wording
•lower inbound freight, which favorably impacted gross margin by 20 basis points; and
Previous wording
•other impacts, which unfavorably impacted gross margin by 10 basis points.
Current wording
•other impacts, which favorably impacted gross margin by 20 basis points.
Previous wording
SG&A expenses increased by $9.7 million, or 3%, to $375.6 million for the six months ended June 28, 2025 compared to $365.9 million for the six months ended June 29, 2024. As a percentage of net sales, SG&A expenses increased by 160 basis points to 47.1% for the six months ended June 28, 2025 compared to 45.5% for the six months ended June 29, 2024. The increase in SG&A expenses was primarily driven by:
Current wording
SG&A expenses increased by $19.8 million, or 3%, to $593.8 million for the nine months ended September 27, 2025 compared to $574.0 million for the nine months ended September 28, 2024. As a percentage of net sales, SG&A expenses increased by 150 basis points to 46.2% for the nine months ended September 27, 2025 compared to 44.7% for the nine months ended September 28, 2024. The increase in SG&A expenses was primarily driven by:
Previous wording
•an increase in general and administrative expenses of $9.6 million (increasing SG&A as a percent of sales by 120 basis points) mainly due to higher technology expenses related to growth investments, occupancy costs, and advisory and legal fees, partially offset by the absence of asset impairments;
Current wording
•an increase in general and administrative expenses of $15.8 million (increasing SG&A as a percent of sales by 130 basis points) mainly due to growth investments in technology and facilities as well as higher advisory and legal fees;
Previous wording
•an increase in employee compensation and benefits expenses of $3.3 million (increasing SG&A as a percent of sales by 60 basis points) mainly due to an increase in non-cash stock-based compensation expense; and
Current wording
•an increase in employee compensation and benefits expenses of $6.3 million (increasing SG&A as a percent of sales by 40 basis points) primarily due to an increase in non-cash stock-based compensation expense; and
Previous wording
•an increase in depreciation and amortization expense of $1.7 million (increasing SG&A as a percent of sales by 20 basis points).
Current wording
•an increase in depreciation and amortization expense of $3.6 million (increasing SG&A as a percent of sales by 30 basis points) primarily related to our continued capital investments.
Previous wording
•a decrease in distribution and fulfillment expenses of $3.4 million (decreasing SG&A as a percent of sales by 10 basis points) mainly due to lower outbound freight expenses, partially offset by higher online marketplace fees associated with higher Amazon Marketplace net sales;
Current wording
•a decrease in distribution and fulfillment expenses of $3.7 million (decreasing SG&A as a percent of sales by 30 basis points) mainly due to lower outbound freight fees, partially offset by higher third-party logistics fees and higher online marketplace fees associated with higher Amazon Marketplace net sales; and
Previous wording
•a decrease in marketing and advertising expenses of $1.0 million (no impact on SG&A as a percent of sales).
Current wording
•a decrease in marketing and advertising expenses of $2.3 million (decreasing SG&A as a percent of sales by 20 basis points).
Previous wording
Interest income, net was $0.3 million for the three months ended June 28, 2025. Interest expense, net was $0.5 million for the three months ended June 29, 2024. The change versus the prior year quarter was primarily due to an increase in interest income and a decrease in interest expense.
Current wording
Interest income, net was $0.6 million for the nine months ended September 27, 2025. Interest income, net was $0.5 million for the nine months ended September 28, 2024. The change versus the prior year quarter was primarily due to a decrease in interest expense, partially offset by a decrease in interest income.
Previous wording
Other income increased to $5.8 million for the three months ended June 28, 2025, compared to other income of $0.4 million for the three months ended June 29, 2024. The change versus the prior year quarter was primarily due to higher foreign currency gains on intercompany balances.
Current wording
Other income was $6.0 million for the nine months ended September 27, 2025, compared to other income of $0.4 million for the nine months ended September 28, 2024. The change versus the prior year period was primarily due to higher foreign currency gains on intercompany balances.
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Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
In addition to diversifying Drinkware manufacturing beyond China, to mitigate the impact of tariffs we are also managing operating expenses, working capital and cash; negotiating with suppliers; evaluating pricing strategies; leveraging tariff exemptions where possible; and pursuing other supply chain optimization activities.
Current report — wording carried from elsewhere
•a decrease in the mix of Drinkware net sales, which unfavorably impacted gross margin by 80 basis points.
Current report — wording carried from elsewhere
The increases in SG&A expenses were partially offset by lower marketing and advertising expenses of $2.0 million (decreasing SG&A as a percent of sales by 60 basis points).
Current report — wording carried from elsewhere
The increases in SG&A expenses were partially offset by: