Q3 2024 Traeger Inc Earnings Call Transcript
Key Points
- Traeger Inc (COOK) reported a 4% revenue growth in the third quarter, driven by a 32% increase in the grills category.
- The company achieved a significant improvement in profitability, with gross margin expanding by 440 basis points.
- Traeger Inc (COOK) raised its fiscal 2024 financial guidance, expecting sales between $595 million to $605 million and adjusted EBITDA of $78 million to $81 million.
- The company experienced strong consumer demand during the Labor Day promotion, leading to better-than-expected sell-through and replenishment sales.
- Traeger Inc (COOK) reported a 20% increase in unaided brand awareness compared to 2022, indicating strong brand health and consumer engagement.
- The accessories category experienced a decline, with revenues decreasing by 31%, primarily due to lower sales at Meter.
- Consumables revenues declined by 11% in the third quarter, attributed to a shift in revenue pacing.
- The company faces challenges in the consumer demand backdrop, which remains mixed, particularly for big-ticket and home-related goods purchases.
- Traeger Inc (COOK) noted a reduction in average selling prices for grills, partially due to a mix shift towards lower-priced products.
- The company anticipates continued pressure on Meter's e-commerce sales, impacting the accessories category in the fourth quarter.
Hello and welcome to the Trager third quarter, 2024 earnings conference call. My name is Alex and I'll be coordinating the call today.(operator instruction)
I now hand it over to your host, Nick Bti, Vice President of Investor Relations. Please go ahead.
Good afternoon, everyone. Thank you for joining Trigger's call to discuss the third quarter, 2024 results which were released this afternoon and can be found on our website at investors dot trigger dotcom. I'm Nick Backus, Vice President of Investor Relations at Trigger with me on the call today are Jeremy Andrews, our Chief Executive Officer and Don Bloss, our Chief Financial Officer.
Before we get started. I want to remind everyone that management's remarks on this call may contain forward-looking statements within the meaning of the safe harbor provisions of the private securities litigation Reform Act of 1,995. These statements are based on current expectations and views of future events including but not limited to outlook as the revenue
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