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Oct 28, 2023
Stitch Fix Q1 2024 Earnings Report
Announced financial results for the first quarter of fiscal year 2024.
Key Takeaways
Stitch Fix reported net revenue of $364.8 million, a decrease of 18% year-over-year, but at the higher end of their guidance range. They also generated positive free cash flow for the fourth quarter in a row, delivering $16.9 million.
Net revenue from continuing operations was $364.8 million, an 18% year-over-year decrease.
Net loss from continuing operations was $26.2 million, with a diluted loss per share of $0.22.
Adjusted EBITDA from continuing operations was $8.6 million, exceeding the high end of guidance.
Active clients from continuing operations totaled 2,989,000, a 4% quarter-over-quarter decrease.
Forward Guidance
The financial outlook for the second quarter of fiscal year 2024 ending January 27, 2024 includes net revenue from continuing operations between $325 million and $335 million, representing a 19% - 16% YoY decline. Adjusted EBITDA from continuing operations is expected to be between $2 million and $7 million, with a 1%-2% margin.
Challenges Ahead
- Net Revenue from Continuing Operations $325 million - $335 million (19)% - (16)% YoY decline
- Adjusted EBITDA from Continuing Operations $2 million - $7 million 1% - 2% margin
- Fiscal Year 2024 Net Revenue from Continuing Operations $1.30 billion - $1.37 billion (18)% - (14)% YoY
- Adjusted EBITDA from Continuing Operations $10 million - $30 million 1% - 2% margin
Historical Earnings Impact
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Avg. Return Before/After Earnings
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