Press release
Stitch Fix Announces First Quarter of Fiscal Year 2024 Financial Results
SAN FRANCISCO, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the trusted online personal styling service, today announced its financial
About this update from Stitch Fix, Inc.
[{"type":"text","content":"SAN FRANCISCO, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the trusted online personal styling service, today announced its financial results for the first quarter of fiscal 2024, ended October 28, 2023. “The original vision of Stitch Fix is as powerful, relevant and compelling today as it was when the company was launched, and I am confident that our best days are ahead of us,” said Matt Baer, Chief Executive Officer. “This quarter's results are encouraging, and I'm pleased with the progress we have made to date. We continue to focus on optimizing the business in the short term while working to reimagine our business and operating model with the goal of delivering sustainable and profitable growth in the future.” During the first quarter of fiscal 2024, we ceased operations of our UK business and met the accounting requirements for reporting the UK business as a discontinued operation. Accordingly, our condensed consolidated financial statements reflect the results of the UK business as a discontinued operation for all periods presented. Unless otherwise noted, amounts and disclosures below relate to our continuing operations. First Quarter Fiscal 2024 Key Metrics and Financial Highlights Net revenue from continuing operations of $364.8 million, a decrease of 18% year-over-year, but at the higher end of our first quarter 2024 guidance range.Net loss from continuing operations of $26.2 million and diluted loss per share from continuing operations of $0.22.Adjusted EBITDA from continuing operations of $8.6 million, which exceeded the high end of our first quarter 2024 guidance and reflects benefits from our disciplined cost management.Active clients from continuing operations of 2,989,000, a decrease of 132,000, or 4%, quarter-over-quarter; and a decrease of 515,000, or 15%, year-over-year.Net revenue per active client (“RPAC”) from continuing operations of $506, a decrease of 6% year-over-year.We generated positive free cash flow from continuing operations for the fourth quarter in a row, delivering $16.9 million in the first fiscal quarter. We ended the quarter with $262.3 million of cash, cash equivalents, and investments attributable to continuing operations; and no bank debt.On December 4, 2023, we entered into a credit agreement with Citibank, N.A., which provides for a $50.0 million revolving credit f...