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Apr 29, 2023
Stitch Fix Q3 2023 Earnings Report
Announced financial results for the third quarter of fiscal year 2023, focusing on profitability and cash flow preservation.
Key Takeaways
Stitch Fix reported Q3 2023 results with revenue of $394.9 million, a net loss of $21.8 million, and adjusted EBITDA of $10.1 million. The company is focusing on profitability and cash flow, exceeding adjusted EBITDA guidance and generating positive free cash flow of $21.9 million.
Delivered revenue of approximately $395 million, which is at the high end of the company's guidance range.
Achieved adjusted EBITDA of $10.1 million, exceeding the guidance range.
Generated positive free cash flow of $21.9 million and ended the quarter with $244 million of cash and investments, and no bank debt.
Undertook a review of operations and processes to improve efficiencies, maintain profitability and cash flow, and enhance the client experience.
Forward Guidance
For the fourth quarter of fiscal 2023, Stitch Fix anticipates net revenue between $365 million and $375 million, representing a year-over-year decline of 24% to 22%. Adjusted EBITDA is projected to be between $0 million and $10 million, with a margin of 0% to 3%.
Challenges Ahead
- Net Revenue is expected to be $365 million - $375 million, a (24)% - (22)% YoY decline.
- Adjusted EBITDA is expected to be $0 million - $10 million, a 0% - 3% margin.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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