Press release
Stitch Fix Announces Second Quarter of Fiscal Year 2024 Financial Results
SAN FRANCISCO, March 04, 2024 (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, March 04, 2024 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the trusted online personal styling service, today announced its financial results for the second quarter of fiscal 2024, ended January 27, 2024. “The original Stitch Fix vision, to create an easier and more enjoyable way for people to shop for clothing and accessories, remains both relevant and compelling,” said Matt Baer, Chief Executive Officer. “Our transformation efforts are grounded in fully realizing that vision and include both strengthening the foundation of our company and reimagining our client experience. I am encouraged by the progress we continue to make and am confident we have the right strategic priorities in place to set us up to drive sustainable, profitable growth.” 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. Second Quarter Fiscal 2024 Key Metrics and Financial Highlights Net revenue from continuing operations of $330.4 million, a decrease of 18% year-over-year.Active clients from continuing operations of 2,805,000, a decrease of 184,000, or 6%, quarter-over-quarter; and a decrease of 572,000, or 17%, year-over-year.Net revenue per active client (“RPAC”) from continuing operations of $515, a decrease of 3% year-over-year.Gross margin of 43.4%, an increase of 250 basis points year-over-year, which reflects improved inventory health and transportation leverage.Net loss from continuing operations of $35.0 million and diluted loss per share from continuing operations of $0.29.Adjusted EBITDA from continuing operations of $4.4 million, which reflects continued cost management discipline.Free cash flow from continuing operations was negative $26.1 million in the second fiscal quarter, as expected, due to the timing of receipts related to our inventory purchases in the first fiscal quarter.We ended the quarter with $229.8 million of cash, cash equivalents, and investments attributable to continuing operations; and no bank debt. Financial Outlook Our financial outlo...