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YETI Recognizes $6.4 Million That Should’ve Been Expensed Last Year
Luxury cooler maker’s out-of-period adjustment is light on details.
May 11, 2022
In its latest quarterly filing YETI Holdings (YETI), an outdoor and recreational products maker, recognized millions of dollars in cost of goods sold (COGS) that should have been recognized in prior periods. The company did not say when those expenses should have been recognized, making it impossible to determine if not recognizing the expense helped the company meet or beat consensus estimates in a prior quarter:
“During the first quarter of 2022, we recognized $6.4 million in cost of goods sold for inbound freight expense recorded as an out-of-period adjustment.”
The company considers the adjustment immaterial to the interim and annual consolidated financial statements for the year ended January 1, 2022 and the financial statements of any previously filed interim or annual periods.
Despite the error, YETI’s CEO and CFO evaluated and concluded the company’s disclosure controls and procedures were effective as of April 2, 2022.
Related: NWL, PEL, LBY
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