Press release
Stitch Fix Announces Fourth Quarter and Fiscal Year 2023 Financial Results
SAN FRANCISCO, Sept. 18, 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, Sept. 18, 2023 (GLOBE NEWSWIRE) -- 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-yearNet loss of $28.7 million and diluted loss per share of $0.24Adjusted 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-yearActive clients of 3,297,000, a decrease of 498,000 or 13% year-over-yearNet revenue per active client (RPAC) of $497, a decrease of 9% year-over-yearNet loss of $172.0 million and diluted loss per share of $1.50Adjusted 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...