Press release
Stitch Fix Announces First Quarter of Fiscal Year 2023 Financial Results
SAN FRANCISCO, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the trusted online personal stylist, today announced its financial results
About this update from Stitch Fix, Inc.
[{"type":"text","content":"SAN FRANCISCO, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the trusted online personal stylist, today announced its financial results for the first quarter of fiscal year 2023 ended October 29, 2022. Stitch Fix CEO Elizabeth Spaulding said, “This quarter we made meaningful progress on our transformation journey despite a difficult macro environment. Through diligent cost savings and efficiencies we beat our adjusted EBITDA expectations for Q1 and have improved our adjusted EBITDA guidance for FY23. By enhancing our client experience, rightsizing our cost structure, evolving our marketing and deepening our differentiators of fit, discovery, and human relationships, we are positioning ourselves well to achieve profitability in the near term and a return to growth in the future.” First Quarter Key Metrics and Financial Highlights Net revenue of $455.6 million, a decrease of 22% year over yearActive clients of 3,709,000, a decrease of 471,000 or 11% year over yearNet revenue per active client (RPAC) of $525, approximately flat year over yearNet loss of $55.9 million and diluted loss per share of $0.50Adjusted EBITDA loss of $7.4 million Financial Outlook Our financial outlook for the second quarter of fiscal 2023, which ends on January 28, 2023, is as follows: Q2’23 Net Revenue$410 million - $420 million(21)% - (19)% YoY decline Adjusted EBITDA$(5) million - $5 million(1)% - 1% margin For the fiscal year ending July 29, 2023, we expect net revenue to be between $1.6 billion and $1.7 billion, and adjusted EBITDA to be between $(10) million and $10 million. 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 other expense, net, provision (benefit) 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 ...