Stitch Fix, Inc. (NASDAQ:SFIX), the trusted online personal styling
service, today announced its financial results for the fourth
quarter and full year of fiscal 2023 ended July 29, 2023.
“Since joining Stitch Fix in late June, I have
spent time assessing every aspect of our business, operating model,
and organization; getting to know what our clients feel we do well
and where we can do better; and identifying opportunities to both
optimize in the short term and reimagine for the future,” said
Chief Executive Officer, Matt Baer. “Our current business results
are not indicative of what I believe this Company can deliver, and
I am committed to realizing the full potential of Stitch Fix and
driving long-term, profitable growth.”
Fourth Quarter Fiscal
2023 Key Metrics and Financial Highlights
- Net revenue of $375.8 million, a
decrease of 22% year-over-year
- Net loss of $28.7 million and
diluted loss per share of $0.24
- Adjusted EBITDA of $10.4
million
Full Year Fiscal 2023 Key Metrics and Financial
Highlights
- Net revenue of $1.6 billion, a
decrease of 21% year-over-year
- Active clients of 3,297,000, a
decrease of 498,000 or 13% year-over-year
- Net revenue per
active client (RPAC) of $497, a decrease of 9% year-over-year
- Net loss of
$172.0 million and diluted loss per share of $1.50
- Adjusted EBITDA of $16.8
million
Key Business Updates
- The fourth
quarter of fiscal 2023 results exceeded expectations: Delivered
revenue of $375.8 million in the fourth fiscal quarter.
- Continuing to
realize the benefits of our disciplined cost management: Adjusted
EBITDA of $10.4 million in the fourth fiscal quarter, which
exceeded our guidance range.
- Further balance
sheet strengthening: We generated positive free cash flow for the
third quarter in a row, delivering $17.7 million in the fourth
fiscal quarter and $38.8 million for the full fiscal year 2023. We
ended the year with $257.6 million of cash, cash equivalents,
and investments; and no bank debt.
- In June 2023, we
announced we were entering a consultation period to explore exiting
the market in the United Kingdom (“UK”). On August 24, 2023, we
ended the consultation period and made the decision to exit our
business in the UK and wind down our operations. We anticipate our
UK business will be reported as a discontinued operation in the
first quarter of fiscal 2024.
Financial Outlook
Our financial outlook for the first quarter of
fiscal 2024 ending October 28, 2023 is for our business in the
United States (“US”):
|
Q1’24 |
Net Revenue - US Business |
$355 million - $365 million |
(20)% - (18)% YoY decline |
Adjusted EBITDA - US
Business |
$2 million - $7 million |
1% - 2% margin |
|
|
|
Our financial outlook for the full fiscal year
2024 is for our US business. Additionally, our fiscal year is a
52-week or 53-week period ending on the Saturday closest to July
31. The fiscal year 2023 was a 52-week year and the fiscal year
2024 is a 53-week year, with the extra week occurring in the fourth
quarter ending August 3, 2024.
Our financial outlook for our US business
contemplates the 53-week period for fiscal year 2024:
|
Fiscal Year 2024 |
Net Revenue - US Business |
$1.30 billion - $1.37 billion |
(18)% - (14)% YoY |
(20)% - (15)% YoY adjusted to a 52-week period (1) |
Adjusted EBITDA - US
Business |
$5 million - $30 million |
0% - 2% margin |
|
|
|
(1) Full fiscal year 2024 net revenue for the US business has
been adjusted to remove the 53rd week for year-over-year
comparative purposes.
We expect to recognize net revenue in the UK of
approximately $7 million during the first quarter of fiscal 2024
and $8 million during the full fiscal year 2024, which reflects
both sales to clients and the liquidation of inventory.
Stitch Fix has not reconciled its adjusted
EBITDA outlook to GAAP net income (loss) because it does not
provide an outlook for GAAP net income (loss) due to the
uncertainty and potential variability of restructuring and net
wind-down costs associated with the UK business, net other income
(expense), provision for income taxes, and stock-based compensation
expense, which are reconciling items between adjusted EBITDA and
GAAP net income (loss). Because Stitch Fix cannot reasonably
predict such items, a reconciliation of the non-GAAP financial
measure outlook to the corresponding GAAP measure is not available
without unreasonable effort. We caution, however, that such items
could have a significant impact on the calculation of GAAP net
income (loss). For more information regarding the non-GAAP
financial measures discussed in this release, please see “Non-GAAP
Financial Measures” below.
Conference Call and Webcast
Information
Matt Baer, Chief Executive Officer of Stitch
Fix, and David Aufderhaar, Chief Financial Officer of Stitch Fix,
will host a conference call at 2:00 p.m. Pacific Time today to
discuss the Company’s financial results and outlook. A live webcast
of the call will be accessible on the investor relations section of
the Stitch Fix website at https://investors.stitchfix.com.
To access the call by phone, please register at
the following link:
Dial-In Registration:
https://register.vevent.com/register/BIefb1254531644c08ab19b70e535a0ed9
Upon registration, telephone participants will
receive the dial-in number along with a unique PIN number that can
be used to access the call. A replay of the webcast will also be
available for a limited time at
https://investors.stitchfix.com.
About Stitch Fix, Inc.
Stitch Fix combines the human touch of expert
stylists with the precision of advanced data science to make online
personal styling accessible to everyone. Stitch Fix helps millions
of clients across the United States and United Kingdom find
clothing and accessories they love through a unique model that can
extend far beyond the closet to define the future of shopping. For
more, visit https://www.stitchfix.com.
Forward-Looking Statements
This press release, the related conference call,
and webcast contain forward-looking statements within the meaning
of the federal securities laws. All statements other than
statements of historical fact could be deemed forward looking,
including but not limited to statements regarding our expectations
for future financial performance, including our profitability and
long-term targets; guidance on financial results and metrics for
the first quarter and full fiscal year of 2024; our ability to
deliver long term, profitable growth and positive free cash flow;
that the richness of our data allows us to leverage our assortment
to deliver compelling style and drive better margins; that we will
build upon personalization algorithms, artificial intelligence,
machine learning, and data science are as fundamental elements of
our model; that we will introduce more people to Stitch Fix and
drive market share gains; that we will further evolve the
application of both artificial intelligence and human touch to
advance this point of differentiation; that we will create new ways
of interacting with client; that we will continue to advance our
operational capabilities to be optimized for scale; that we have
effectively unlocked leverage potential for our business moving
forward; that the warehouse consolidation will have immediate cost
savings and that having inventory in fewer warehouses will make it
easier for stylists to build more relevant assortments for clients
and that we will realize inventory efficiencies as we scale; that
the combined, annualized cost savings related to the closure of
operations in the United Kingdom and the U.S. warehouse
consolidation will be approximately $50 million going forward; that
we will continue to identify opportunities to improve fixed and
variable costs to increase our contribution margin and fixed
leverage potential; that our focus on leverage and profitability,
along with the acquisition and engagement of high lifetime value
clients, will allow us to maintain profitability and provides a
solid foundation for our future growth strategy; and our
expectations regarding advertising spend. These statements involve
substantial risks and uncertainties, including risks and
uncertainties related to the current macroeconomic environment; our
ability to generate sufficient net revenue to offset our costs;
consumer behavior; our ability to acquire, engage, and retain
clients; our ability to provide offerings and services that achieve
market acceptance; our data science and technology, stylists,
operations, marketing initiatives, and other key strategic areas;
risks related to our inventory levels and management; risks related
to our supply chain, sourcing of materials and shipping of
merchandise; risks related to international operations; our ability
to forecast our future operating results; and other risks described
in the filings we make with the SEC. Further information on these
and other factors that could cause our financial results,
performance, and achievements to differ materially from any
results, performance, or achievements anticipated, expressed, or
implied by these forward-looking statements is included in filings
we make with the SEC from time to time, including in the section
titled “Risk Factors” in our Quarterly Report on Form 10-Q for the
fiscal quarter ended April 29, 2023. These documents are
available on the SEC Filings section of the Investor Relations
section of our website at: https://investors.stitchfix.com. We
undertake no obligation to update any forward-looking statements
made in this press release to reflect events or circumstances after
the date of this press release or to reflect new information or the
occurrence of unanticipated events, except as required by law. The
achievement or success of the matters covered by such
forward-looking statements involves known and unknown risks,
uncertainties, and assumptions. If any such risks or uncertainties
materialize or if any of the assumptions prove incorrect, our
results could differ materially from the results expressed or
implied by the forward-looking statements we make. You should not
rely upon forward-looking statements as predictions of future
events. Forward-looking statements represent our management’s
beliefs and assumptions only as of the date such statements are
made.
Stitch Fix,
Inc.Condensed Consolidated
Balance Sheets(Unaudited)(In thousands,
except share and per share amounts)
|
July 29, 2023 |
|
July 30, 2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
239,437 |
|
|
$ |
130,935 |
|
Short-term investments |
|
18,161 |
|
|
|
82,049 |
|
Inventory, net |
|
137,176 |
|
|
|
197,251 |
|
Prepaid expenses and other current assets |
|
30,014 |
|
|
|
39,456 |
|
Income tax receivable |
|
673 |
|
|
|
27,561 |
|
Total current assets |
|
425,461 |
|
|
|
477,252 |
|
Long-term investments |
|
— |
|
|
|
17,713 |
|
Income tax receivable, net of current portion |
|
— |
|
|
|
26,091 |
|
Property and equipment, net |
|
79,757 |
|
|
|
103,375 |
|
Operating lease right-of-use assets |
|
106,098 |
|
|
|
132,179 |
|
Other long-term assets |
|
3,162 |
|
|
|
7,925 |
|
Total assets |
$ |
614,478 |
|
|
$ |
764,535 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
99,317 |
|
|
$ |
143,934 |
|
Operating lease liabilities |
|
29,343 |
|
|
|
29,014 |
|
Accrued liabilities |
|
78,795 |
|
|
|
94,416 |
|
Gift card liability |
|
10,355 |
|
|
|
10,551 |
|
Deferred revenue |
|
11,551 |
|
|
|
14,441 |
|
Other current liabilities |
|
8,750 |
|
|
|
3,214 |
|
Total current liabilities |
|
238,111 |
|
|
|
295,570 |
|
Operating lease liabilities, net of current portion |
|
125,418 |
|
|
|
141,334 |
|
Other long-term liabilities |
|
3,639 |
|
|
|
4,980 |
|
Total liabilities |
|
367,168 |
|
|
|
441,884 |
|
Stockholders’ equity: |
|
|
|
Class A common stock, $0.00002 par value |
|
1 |
|
|
|
1 |
|
Class B common stock, $0.00002 par value |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
615,236 |
|
|
|
522,658 |
|
Accumulated other comprehensive income (loss) |
|
527 |
|
|
|
(3,527 |
) |
Accumulated deficit |
|
(338,413 |
) |
|
|
(166,440 |
) |
Treasury stock at cost |
|
(30,042 |
) |
|
|
(30,042 |
) |
Total stockholders’
equity |
|
247,310 |
|
|
|
322,651 |
|
Total liabilities and
stockholders’ equity |
$ |
614,478 |
|
|
$ |
764,535 |
|
|
Stitch Fix,
Inc.Condensed Consolidated Statements of
Operations and Comprehensive
Loss(Unaudited) (In thousands, except
share and per share amounts)
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|
July 29, 2023 |
|
July 30, 2022 |
|
July 29, 2023 |
|
July 30, 2022 |
Revenue, net |
$ |
375,798 |
|
|
$ |
481,903 |
|
|
$ |
1,638,423 |
|
|
$ |
2,072,812 |
|
Cost of goods sold |
|
213,058 |
|
|
|
289,240 |
|
|
|
946,902 |
|
|
|
1,164,338 |
|
Gross profit |
|
162,740 |
|
|
|
192,663 |
|
|
|
691,521 |
|
|
|
908,474 |
|
Selling, general, and
administrative expenses |
|
193,950 |
|
|
|
291,280 |
|
|
|
869,318 |
|
|
|
1,116,519 |
|
Operating loss |
|
(31,210 |
) |
|
|
(98,617 |
) |
|
|
(177,797 |
) |
|
|
(208,045 |
) |
Interest income |
|
2,132 |
|
|
|
231 |
|
|
|
6,220 |
|
|
|
930 |
|
Other income (expense),
net |
|
1,041 |
|
|
|
(1,259 |
) |
|
|
1,094 |
|
|
|
(2,355 |
) |
Loss before income taxes |
|
(28,037 |
) |
|
|
(99,645 |
) |
|
|
(170,483 |
) |
|
|
(209,470 |
) |
Provision (benefit) for income
taxes |
|
622 |
|
|
|
(3,303 |
) |
|
|
1,490 |
|
|
|
(2,349 |
) |
Net loss |
$ |
(28,659 |
) |
|
$ |
(96,342 |
) |
|
$ |
(171,973 |
) |
|
$ |
(207,121 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
Change in unrealized gain (loss) on available-for-sale securities,
net of tax |
|
251 |
|
|
|
202 |
|
|
|
1,738 |
|
|
|
(2,050 |
) |
Foreign currency translation |
|
908 |
|
|
|
(1,053 |
) |
|
|
2,316 |
|
|
|
(4,888 |
) |
Total other comprehensive income
(loss), net of tax |
|
1,159 |
|
|
|
(851 |
) |
|
|
4,054 |
|
|
|
(6,938 |
) |
Comprehensive loss |
$ |
(27,500 |
) |
|
$ |
(97,193 |
) |
|
$ |
(167,919 |
) |
|
$ |
(214,059 |
) |
Net loss attributable to common
stockholders: |
|
|
|
|
|
|
|
Basic |
$ |
(28,659 |
) |
|
$ |
(96,342 |
) |
|
$ |
(171,973 |
) |
|
$ |
(207,121 |
) |
Diluted |
$ |
(28,659 |
) |
|
$ |
(96,342 |
) |
|
$ |
(171,973 |
) |
|
$ |
(207,121 |
) |
Loss per share attributable to
common stockholders: |
|
|
|
|
|
|
|
Basic |
$ |
(0.24 |
) |
|
$ |
(0.89 |
) |
|
$ |
(1.50 |
) |
|
$ |
(1.90 |
) |
Diluted |
$ |
(0.24 |
) |
|
$ |
(0.89 |
) |
|
$ |
(1.50 |
) |
|
$ |
(1.90 |
) |
Weighted-average shares used
to compute loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
Basic |
|
117,006,653 |
|
|
|
108,762,589 |
|
|
|
114,684,980 |
|
|
|
108,762,589 |
|
Diluted |
|
117,006,653 |
|
|
|
108,762,589 |
|
|
|
114,684,980 |
|
|
|
108,762,589 |
|
|
Stitch Fix,
Inc.Condensed Consolidated Statements of Cash
Flow(Unaudited)(In thousands)
|
For the Twelve Months Ended |
|
July 29, 2023 |
|
July 30, 2022 |
Cash Flows from
Operating Activities |
|
|
|
Net loss |
$ |
(171,973 |
) |
|
$ |
(207,121 |
) |
Adjustments to reconcile net
loss to net cash provided by operating activities: |
|
|
|
Change in inventory reserves |
|
(17,954 |
) |
|
|
16,552 |
|
Stock-based compensation expense |
|
104,492 |
|
|
|
128,485 |
|
Depreciation and amortization |
|
43,296 |
|
|
|
37,185 |
|
Asset impairment |
|
18,190 |
|
|
|
6,154 |
|
Other |
|
2,118 |
|
|
|
(235 |
) |
Change in operating assets and liabilities: |
|
|
|
Inventory |
|
78,359 |
|
|
|
(2,594 |
) |
Prepaid expenses and other assets |
|
14,459 |
|
|
|
8,110 |
|
Income tax receivables |
|
52,979 |
|
|
|
1,069 |
|
Operating lease right-of-use assets and liabilities |
|
(3,854 |
) |
|
|
4,301 |
|
Accounts payable |
|
(44,256 |
) |
|
|
71,349 |
|
Accrued liabilities |
|
(19,109 |
) |
|
|
(2,641 |
) |
Deferred revenue |
|
(2,899 |
) |
|
|
(3,679 |
) |
Gift card liability |
|
(197 |
) |
|
|
649 |
|
Other liabilities |
|
4,179 |
|
|
|
(2,189 |
) |
Net cash provided by operating activities |
|
57,830 |
|
|
|
55,395 |
|
Cash Flows from
Investing Activities |
|
|
|
Proceeds from sale of property
and equipment |
|
842 |
|
|
|
— |
|
Purchases of property and
equipment |
|
(19,012 |
) |
|
|
(46,351 |
) |
Purchases of securities
available-for-sale |
|
(258 |
) |
|
|
(94,420 |
) |
Sales of securities
available-for-sale |
|
6,523 |
|
|
|
45,351 |
|
Maturities of securities
available-for-sale |
|
76,231 |
|
|
|
105,653 |
|
Net cash provided by investing activities |
|
64,326 |
|
|
|
10,233 |
|
Cash Flows from
Financing Activities |
|
|
|
Proceeds from the exercise of
stock options, net |
|
161 |
|
|
|
1,534 |
|
Payments for tax withholdings
related to vesting of restricted stock units |
|
(15,583 |
) |
|
|
(31,742 |
) |
Repurchase of common
stock |
|
— |
|
|
|
(30,042 |
) |
Other |
|
(117 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(15,539 |
) |
|
|
(60,250 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
1,885 |
|
|
|
(4,228 |
) |
Net increase in cash and cash
equivalents |
|
108,502 |
|
|
|
1,150 |
|
Cash and cash equivalents at
beginning of period |
|
130,935 |
|
|
|
129,785 |
|
Cash and cash equivalents at
end of period |
$ |
239,437 |
|
|
$ |
130,935 |
|
Supplemental
Disclosure |
|
|
|
Cash paid for income
taxes |
$ |
1,111 |
|
|
$ |
868 |
|
Supplemental
Disclosure of Non-Cash Investing and Financing
Activities |
|
|
|
Purchases of property and
equipment included in accounts payable and accrued liabilities |
$ |
1,226 |
|
|
$ |
2,443 |
|
Capitalized stock-based
compensation |
$ |
6,421 |
|
|
$ |
7,626 |
|
|
Non-GAAP Financial Measures
We report our financial results in accordance
with generally accepted accounting principles in the United States
(“GAAP”). However, management believes that certain non-GAAP
financial measures provide users of our financial information with
additional useful information in evaluating our performance. We
believe that adjusted EBITDA is frequently used by investors and
securities analysts in their evaluations of companies, and that
this supplemental measure facilitates comparisons between
companies. We believe free cash flow is an important metric because
it represents a measure of how much cash from operations we have
available for discretionary and non-discretionary items after the
deduction of capital expenditures. These non-GAAP financial
measures may be different than similarly titled measures used by
other companies.
Our non-GAAP financial measures should not be
considered in isolation from, or as substitutes for, financial
information prepared in accordance with GAAP. There are several
limitations related to the use of our non-GAAP financial measures
as compared to the closest comparable GAAP measures. Some of these
limitations include:
- adjusted EBITDA excludes interest
income and other income (expense), net, as these items are not
components of our core business;
-
adjusted EBITDA does not reflect our provision (benefit) for income
taxes, which may increase or decrease cash available to us;
-
adjusted EBITDA excludes the recurring, non-cash expenses of
depreciation and amortization of property and equipment and,
although these are non-cash expenses, the assets being depreciated
and amortized may have to be replaced in the future;
- adjusted EBITDA
excludes the non-cash expense of stock-based compensation, which
has been, and will continue to be for the foreseeable future, an
important part of how we attract and retain our employees and a
significant recurring expense in our business;
- adjusted EBITDA
excludes costs incurred related to discrete restructuring plans and
other one-time costs that are fundamentally different in strategic
nature and frequency from ongoing initiatives. We believe exclusion
of these items facilitates a more consistent comparison of
operating performance over time, however these costs do include
cash outflows; and
- free cash flow
does not represent the total residual cash flow available for
discretionary purposes and does not reflect our future contractual
commitments.
Adjusted EBITDA
We define adjusted EBITDA as net loss excluding
interest income, other income (expense), net, provision (benefit)
for income taxes, depreciation and amortization, stock-based
compensation expense, and restructuring and other one-time costs.
The following table presents a reconciliation of net loss, the most
comparable GAAP financial measure, to adjusted EBITDA for each of
the periods presented:
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
(in thousands) |
|
July 29, 2023 |
|
July 30, 2022 |
|
July 29, 2023 |
|
July 30, 2022 |
Net loss |
|
$ |
(28,659 |
) |
|
$ |
(96,342 |
) |
|
$ |
(171,973 |
) |
|
$ |
(207,121 |
) |
Add (deduct): |
|
|
|
|
|
|
|
|
Interest income |
|
|
(2,132 |
) |
|
|
(231 |
) |
|
|
(6,220 |
) |
|
|
(930 |
) |
Other (income) expense, net |
|
|
(1,041 |
) |
|
|
1,259 |
|
|
|
(1,094 |
) |
|
|
2,355 |
|
Provision (benefit) for income taxes |
|
|
622 |
|
|
|
(3,303 |
) |
|
|
1,490 |
|
|
|
(2,349 |
) |
Depreciation and amortization(1) |
|
|
9,852 |
|
|
|
9,566 |
|
|
|
39,541 |
|
|
|
35,011 |
|
Stock-based compensation expense(2) |
|
|
24,275 |
|
|
|
31,068 |
|
|
|
104,492 |
|
|
|
127,373 |
|
Restructuring and other one-time costs(3) |
|
|
7,443 |
|
|
|
26,206 |
|
|
|
50,578 |
|
|
|
26,206 |
|
Adjusted
EBITDA |
|
$ |
10,360 |
|
|
$ |
(31,777 |
) |
|
$ |
16,814 |
|
|
$ |
(19,455 |
) |
|
(1) For the three months ended July 29,
2023, depreciation and amortization excluded $1.1 million reflected
in “Restructuring and other one-time costs.” For the twelve months
ended July 29, 2023, depreciation and amortization excluded
$2.8 million reflected in “Restructuring and other one-time
costs.”(2) For the three months and twelve months ended
July 30, 2022, stock-based compensation expense excluded $1.1
million reflected in “Restructuring and other one-time costs.”(3)
For the three months ended July 29, 2023, restructuring
charges were $7.4 million, with no other one-time costs. For the
twelve months ended July 29, 2023, restructuring charges were
$44.7 million and other one-time costs were $5.8 million in
retention bonuses for continuing employees. For both the three and
twelve months ended July 30, 2022, restructuring charges were
$17.7 million and other one-time costs were $8.5 million in
retention bonuses for continuing employees.
Free Cash Flow
We define free cash flow as cash flows provided
by (used in) operating activities reduced by purchases of property
and equipment that are included in cash flows provided by (used in)
investing activities. The following table presents a reconciliation
of cash flows provided by (used in) operating activities, the most
comparable GAAP financial measure, to free cash flow for each of
the periods presented:
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
(in thousands) |
|
July 29, 2023 |
|
July 30, 2022 |
|
July 29, 2023 |
|
July 30, 2022 |
Net cash provided by (used in) operating activities |
|
$ |
21,088 |
|
|
$ |
(39,060 |
) |
|
$ |
57,830 |
|
|
$ |
55,395 |
|
Deduct: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(3,388 |
) |
|
|
(7,670 |
) |
|
|
(19,012 |
) |
|
|
(46,351 |
) |
Free cash
flow |
|
$ |
17,700 |
|
|
$ |
(46,730 |
) |
|
$ |
38,818 |
|
|
$ |
9,044 |
|
Net cash provided by investing
activities |
|
$ |
28,786 |
|
|
$ |
37,247 |
|
|
$ |
64,326 |
|
|
$ |
10,233 |
|
Net cash used in financing
activities |
|
$ |
(4,860 |
) |
|
$ |
(3,806 |
) |
|
$ |
(15,539 |
) |
|
$ |
(60,250 |
) |
|
Operating Metrics
(in thousands) |
|
July 29, 2023 |
|
April 29, 2023 |
|
January 28, 2023 |
|
October 29, 2022 |
|
July 30, 2022 |
Active clients |
|
3,297 |
|
3,476 |
|
3,574 |
|
3,709 |
|
3,795 |
|
|
|
|
|
|
|
|
|
|
|
Active Clients
We define an active client as a client who
checked out a Fix or was shipped an item via Freestyle in
the preceding 52 weeks, measured as of the last day of that period.
A client checks out a Fix when she indicates what items she is
keeping through our mobile application or on our website. We
consider each Women’s, Men’s, or Kids account as a client, even if
they share the same household.
Net Revenue per Active
Client
We calculate net revenue per active client based
on net revenue over the preceding four fiscal quarters divided by
the number of active clients, measured as of the last day of the
period. Net revenue per active client was $497 and $546 as of
July 29, 2023, and July 30, 2022, respectively.
Supplemental Unaudited Financial
Information for the UK Business
On August 24, 2023, we ended the consultation
period and made the decision to shut down our operations in the UK.
We anticipate our UK business will be reported as a discontinued
operation in the first quarter of fiscal 2024. In order to assist
investors in understanding the impact of the UK business on the
Company’s historical financial results, the following table
provides unaudited historical financial information of our UK
business, which is inclusive of related restructuring charges:
|
|
For the Three Months Ended |
(in thousands) |
|
July 29, 2023 |
|
April 29, 2023 |
|
January 28, 2023 |
|
October 29, 2022 |
Revenue, net - UK Business |
|
$ |
11,059 |
|
|
$ |
11,495 |
|
|
$ |
11,496 |
|
|
$ |
11,852 |
|
Gross profit - UK
Business(1) |
|
|
1,868 |
|
|
|
4,228 |
|
|
|
5,361 |
|
|
|
4,451 |
|
Gross margin - UK
Business(1) |
|
|
16.9 |
% |
|
|
36.8 |
% |
|
|
46.6 |
% |
|
|
37.6 |
% |
Selling, general, and
administrative expenses - UK Business(2,3) |
|
|
10,106 |
|
|
|
8,455 |
|
|
|
8,789 |
|
|
|
11,045 |
|
(1) For the three months ended July 29,
2023, gross profit includes $0.6 million of restructuring charges,
recognized within cost of goods sold on the consolidated statements
of operations and comprehensive loss.(2) For the three months ended
July 29, 2023, selling, general, and administrative expenses
includes $4.1 million of restructuring charges.(3) Includes
depreciation and amortization expense related to the UK business of
$0.2 million for the three months ended July 29, 2023, and
$0.3 million for each of the three months ended April 29,
2023, January 28, 2023, and October 29, 2022.
IR Contact: |
PR Contact: |
|
|
ir@stitchfix.com |
media@stitchfix.com |
Stitch Fix (NASDAQ:SFIX)
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부터 4월(4) 2024 으로 5월(5) 2024
Stitch Fix (NASDAQ:SFIX)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024