Press release
Stitch Fix Announces Third Quarter of Fiscal Year 2023 Financial Results
SAN FRANCISCO, June 06, 2023 (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, June 06, 2023 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the trusted online personal stylist, today announced its financial results for the third quarter of fiscal year 2023 ended April 29, 2023. Stitch Fix Interim CEO Katrina Lake said, “We continue to focus on delivering profitability and preserving cash flow, and I’m proud of how far we’ve come. This quarter we delivered adjusted EBITDA of $10.1 million, exceeding our guidance range and significantly expanding our free cash flow. We continue to focus on ways to drive efficiencies across our business, while at the same time invest in the core capabilities that have set Stitch Fix apart from the beginning – personalization powered by our industry-leading data science and AI. Looking forward, we’re confident that we have the right strategy in place to return us to profitable growth while realizing our mission to help our clients look and feel their best.” Third Quarter Key Metrics and Financial Highlights Net revenue of $394.9 million, a decrease of 20% year over yearActive clients of 3,476,000, a decrease of 431,000 or 11% year over yearNet revenue per active client (RPAC) of $502, a decrease of 9% year over yearNet loss of $21.8 million and diluted loss per share of $0.19Adjusted EBITDA of $10.1 million Key Business Updates Fiscal Q3 results exceeded expectations: Delivered revenue of approximately $395 million, which is at the high end of our guidance range.Continuing to realize the benefits of tight cost controls: Adjusted EBITDA of $10.1 million, exceeding our guidance range.Further balance sheet strengthening: Once again we generated positive free cash flow this quarter, delivering $21.9 million and ended the quarter with $244 million of cash and investments, and no bank debt. Strategic Business Review In Q3 we undertook a review of our operations and processes with a view to improving efficiencies, maintaining profitability and cash flow as well as identifying opportunities to enhance the client experience. First, with our renewed focus on our styling first model we have identified an opportunity to optimize our operations while enhancing the client experience. By moving to a three distribution center network, from our current five distribution center network, we will have greater depth and breadth of inventory available for our stylists to serve c...