Press release
Stitch Fix Announces First Quarter Fiscal Year 2022 Financial Results
SAN FRANCISCO, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the leading online personal shopping and styling service, has released its
About this update from Stitch Fix, Inc.
[{"type":"text","content":"SAN FRANCISCO, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the leading online personal shopping and styling service, has released its financial results for the first quarter of fiscal year 2022 ended October 30, 2021. Stitch Fix CEO Elizabeth Spaulding said, “In Q1 we delivered $581 million in net revenue, reflecting 19% year-over-year growth. Our revenue per active client topped $500 for the second quarter in a row, reaching a record $524 across our nearly 4.2 million clients. These quarterly results reflect a strong performance in our business from both Fix and Freestyle. With the launch of Stitch Fix Freestyle we are expanding and broadening our offering, and we are excited to continue to enhance the experience for clients through the introduction of new product features and expanded merchandise selections, increasing the number of purchase occasions we serve. Overall, we are pleased with the important progress we are making towards our vision of becoming the global destination for personal shopping.” First Quarter Key Metrics and Financial Highlights Net revenue of $581.2 million, an increase of 19% year over yearActive clients of 4,180,000, an increase of 417,000 or 11% year over yearNet revenue per active client of $524, an increase of 12% year over yearNet loss of $1.8 million and diluted loss per share of $0.02Adjusted EBITDA of $38.2 million Business Highlights Delivered strong top line revenue growth with continued momentum in Women's as well as in Kids, and in the U.K., where we nearly doubled revenue when compared to the first quarter of last yearQ1 saw the expansion of Freestyle to new clients, representing an evolution in our business. With Freestyle, we are expanding and broadening our personalized shopping offeringAdded over 20 new brands, including Adidas, DKNY, Vans and Rag & Bone Footwear, as well as launched new product lines such as our Elevate Black-owned brand grantees and Mohnton Made, our new sustainable and US-built basics lineGross margins were at an all-time high driven by improved product margins and shipping cost optimizationsDelivered strong adjusted EBITDA, reflecting sustained revenue growth, with strong gross margins, and lower marketing spend Financial Outlook Our financial outlook for the second quarter of fiscal 2022, which ends on January 29, 2022, is as follows: Q2’22N...