Shares of outdoor products company Yeti Holdings (NYSE: YETI) fell on Thursday after the company reported financial results for the fourth quarter of 2023 that were below Wall Street's expectations. Moreover, management wasn't as upbeat about 2024 as investors would have hoped. As a result, Yeti stock was down 15% as of 11:15 a.m. ET.

Yeti makes premium coolers, drinkware, and other products. As consumers' budgets become more stretched due to inflation, premium brands such as Yeti are experiencing headwinds for sales. Adjusting for a recall last year, the company's full-year net sales were only up 3% year over year in 2023.

These sales for Yeti were below expectations. Profits were below expectations as well. Diluted earnings per share (EPS) for the year were up 88% compared to 2022. But again, 2022 was negatively impacted by a recall. Adjusting for this and other items, non-GAAP EPS was down 5% year over year in 2023.

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Source Fool.com