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Jan 27, 2024
Stitch Fix Q2 2024 Earnings Report
Stitch Fix's financial performance decreased in Q2 2024 due to a decline in active clients and revenue, but gross margin improved.
Key Takeaways
Stitch Fix reported a decrease in net revenue and active clients for Q2 2024, but improved its gross margin. The company is focused on transformation efforts to drive sustainable, profitable growth. They are guiding for continued revenue decline in Q3.
Net revenue decreased by 18% year-over-year to $330.4 million.
Active clients decreased by 6% quarter-over-quarter to 2,805,000.
Gross margin increased by 250 basis points year-over-year to 43.4%.
Net loss was $35.0 million, with a diluted loss per share of $0.29.
Forward Guidance
Stitch Fix expects net revenue to be between $300 million and $310 million, a decrease of 22% to 19% year-over-year. Adjusted EBITDA is expected to be between negative $5 million and $0 million, representing a margin between -2% and 0%.
Challenges Ahead
- Net Revenue from Continuing Operations $300 million - $310 million
- Net Revenue from Continuing Operations (22)% - (19)% YoY
- Adjusted EBITDA from Continuing Operations $(5) million - $0 million
- Adjusted EBITDA from Continuing Operations (2)% - 0% margin
- Revenue decline
Historical Earnings Impact
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Avg. Return Before/After Earnings
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