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Jul 29, 2023
Stitch Fix Q4 2023 Earnings Report
Stitch Fix's Q4 2023 financial results were announced, showing a decrease in net revenue but exceeding expectations with adjusted EBITDA.
Key Takeaways
Stitch Fix reported a net revenue of $375.8 million for Q4 2023, a 22% decrease year-over-year. The company's adjusted EBITDA exceeded guidance, reaching $10.4 million, and it generated positive free cash flow for the third consecutive quarter, ending the year with $257.6 million in cash, cash equivalents, and investments. The company also announced its decision to exit the UK market.
Net revenue for Q4 2023 was $375.8 million, a 22% decrease year-over-year.
Net loss was $28.7 million, with a diluted loss per share of $0.24.
Adjusted EBITDA reached $10.4 million, exceeding the guidance range.
Positive free cash flow was generated for the third consecutive quarter, with $17.7 million in Q4 and $38.8 million for the full fiscal year.
Stitch Fix
Stitch Fix
Forward Guidance
For the first quarter of fiscal year 2024, Stitch Fix anticipates net revenue for its US business to be between $355 million and $365 million, representing a 20% to 18% year-over-year decline. Adjusted EBITDA for the US business is projected to be between $2 million and $7 million, with a margin of 1% to 2%. For the full fiscal year 2024, the company expects net revenue for the US business to be between $1.30 billion and $1.37 billion, reflecting an 18% to 14% year-over-year decrease, or a 20% to 15% decrease adjusted to a 52-week period. Adjusted EBITDA for the US business is expected to be between $5 million and $30 million, with a margin of 0% to 2%.