Press release
Stitch Fix Announces Fourth Quarter and Fiscal Year 2022 Financial Results
SAN FRANCISCO, Sept. 20, 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, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the trusted online personal stylist, today announced its financial results for the fourth quarter and fiscal year 2022 ended July 30, 2022. Stitch Fix CEO Elizabeth Spaulding said, “This year marked an important moment in Stitch Fix’s history. We launched Freestyle, which combined with our original Fix offering, broadens our ecosystem and expands our total addressable market.” Spaulding added, “Today’s macroeconomic environment and its impact on retail spending has been a challenge to navigate, but we remain committed to working through our transformation and returning to profitability. We are also capitalizing on every customer touchpoint to build long-term relationships and reignite net active client growth. Even in retail’s dynamism, our core differentiators — fit, discovery, and human relationships — remain as relevant as ever, and will further cement our place as the global destination for personalized online shopping and styling.” Fourth Quarter Key Metrics and Financial Highlights Net revenue of $481.9 million, a decrease of 16% year over yearActive clients of 3,795,000, a decrease of 370,000 or 9% year over yearNet revenue per active client (RPAC) of $546, an increase of 8% year over yearNet loss of $96.3 million and diluted loss per share of $0.89Adjusted EBITDA loss of $31.8 million Full Year Key Metrics and Financial Highlights Net revenue of $2.1 billion, a decrease of 1.4% year over yearNet loss of $207.1 million and diluted loss per share of $1.90Adjusted EBITDA loss of $19.5 million Financial Outlook Our financial outlook for the first quarter of fiscal 2023, which ends on October 29, 2022, is as follows: Q1’23Net Revenue$455 million - $465 million(22)% - (20)% YoY declineAdjusted EBITDA$(15) million - $(10) million(3)% - (2)% margin For the fiscal year ending July 29, 2023, we expect net revenue to be between $1.76 billion and $1.86 billion, and adjusted EBITDA to be between $(45) million and $(25) 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, income tax provision (benefit), and stock-based compensation expense, which are reconciling items between Adj...