Press release
Stitch Fix Announces Third Quarter of Fiscal Year 2024 Financial Results
SAN FRANCISCO, June 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, June 04, 2024 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ: SFIX), the trusted online personal styling service, today announced its financial results for the third quarter of fiscal 2024, ended April 27, 2024. “At Stitch Fix, we are on a mission to help people discover the styles they will love that fit perfectly so they always look and feel their best, and this commitment is at the heart of our transformation,” said Matt Baer, Chief Executive Officer, Stitch Fix. “Our Q3 revenue and adjusted EBITDA exceeded our expectations, which we believe signals that our transformation efforts are beginning to work. While we are still in early days, I am confident that our strategic focus on strengthening our foundation and reimagining the client experience will put us on the right path to deliver sustainable, 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 unaudited 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. Third Quarter Fiscal 2024 Key Metrics and Financial Highlights Net revenue of $322.7 million, a decrease of 16% year-over-year.Active clients of 2,633,000, a decrease of 172,000, or 6%, quarter-over-quarter; and a decrease of 655,000, or 20%, year-over-year.Net revenue per active client (“RPAC”) of $525, an increase of 2% year-over-year.Gross margin of 45.5%, an increase of 280 basis points year-over-year, which reflects improved product margins and transportation leverage.Net loss from continuing operations of $22.0 million and diluted loss per share from continuing operations of $0.18.Adjusted EBITDA of $6.7 million, which reflects continued cost management discipline.Free cash flow was $18.9 million in the third fiscal quarter.We ended the quarter with $244.5 million of cash, cash equivalents, and investments; and no debt. Financial Outlook Our financial outlook for our continuing operations for the fourth quarter of fiscal 2024 ending August 3, 2024, is as follows: Q4 2024Net Revenue$312 million – $322 million(14)% – (12)% YoY(21)% – (19)% YoY adjusted to a 1...