11:02 ET--Yeti Holdings' insulated water bottles aren't the go-to hydration solution anymore, having lost market share to trendier brands such as Owala and Stanley. Yeti CEO Matt Reintjes says on a call with analysts Thursday that the trend-driven momentum and share swapping that has played out in the drinkware category over the past few years poses a significant headwind. "But it has been more than counterbalanced by strong execution of our diversification and innovation strategy across the rest of the platform," Reintjes says. "This is why we continue to show overall drinkware growth, versus what this significant drag would otherwise suggest." Drinkware sales ticked up 2% in 2Q, a slowdown from 5% growth in 1Q. Shares tumble 11%.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.