Stitch Fix Q2 2023 Earnings Report
Key Takeaways
Stitch Fix reported a decrease in net revenue and active clients compared to the previous year. However, the company's adjusted EBITDA was $3.8 million, at the high end of their guidance range. They are refocusing on their styling-first model and aim to achieve profitability and preserve liquidity.
Net revenue was $412.1 million, a 20% decrease year-over-year.
Active clients totaled 3,574,000, an 11% decrease year-over-year.
Net revenue per active client was $516, a 6% decrease year-over-year.
The company's net loss was $65.6 million, with a diluted loss per share of $0.58.
Stitch Fix
Stitch Fix
Forward Guidance
For Q3 2023, Stitch Fix expects net revenue between $385 million and $395 million, representing a 22% to 20% year-over-year decline. Adjusted EBITDA is projected to be between negative $5 million and positive $5 million. For the full fiscal year 2023, they anticipate net revenue between $1.625 billion and $1.645 billion, and adjusted EBITDA between breakeven and $10 million.