Press release
Stitch Fix Announces Fourth Quarter and Full Fiscal Year 2021 Financial Results
SAN FRANCISCO, Sept. 21, 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, Sept. 21, 2021 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the leading online personal shopping and styling service, has released its financial results for the fourth quarter and full fiscal year 2021 ended July 31, 2021. Stitch Fix CEO Elizabeth Spaulding said, “In Q4 we delivered $571 million in net revenue, reflecting 29% year-over-year growth, helping us cross $2 billion in annual net revenue for the first time. These results reflect strong performance across our business, in Women’s, Kids and the UK. Today, we are proud to serve almost 4.2 million clients, and with the launch of Stitch Fix Freestyle in August we are significantly increasing our addressable market and we’re energized by the opportunity ahead. As we look forward, we are focused on continuing to expand and transform our offering, and drive awareness of Stitch Fix as the destination for personalized shopping, styling and inspiration, leveraging our unique combination of data science, and creative human judgement.” Fourth Quarter Key Metrics and Financial Highlights Net revenue of $571.2 million, an increase of 29% year over yearActive clients of 4,165,000, an increase of 643,000 or 18% year over yearNet revenue per active client of $505, an increase of 4% year over yearNet income of $21.5 million and diluted earnings per share of $0.19Adjusted EBITDA of $55.4 million Full Year Financial Highlights Net revenue of $2.1 billion, an increase of 22.8% year over yearNet loss of $8.9 million and diluted loss per share of $0.08Adjusted EBITDA of $64.9 million Business Highlights Delivered strong top line revenue growth, driven by momentum in Women’s Fix, outsized growth in Kids and the UK, and continued acceleration in our Freestyle channelDrove positive trends in client engagement and retention, with keep rates reaching all-time highs, client churn rates ending the year at all-time lows, and revenue per active client above $500 for the first timeContinued to evolve the client experience across Fix, and direct buy (now Freestyle); released numerous feature enhancements such as expanded branded shops, and rolled out Fix Preview to 100% of our Men’s and Women’s clients. As of August, Freestyle is open to everyoneDelivered strong adjusted EBITDA, driven by outperformance in revenue, as well as all time high gross margins, achieved through gains in p...