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Stitch Fix Q1 revenues up 19 percent

By Prachi Singh

8 Dec 2021

Business

Image: Stitch Fix newsroom

For the first quarter, Stitch Fix, Inc. reported net revenue of 581.2 million dollars, an increase of 19 percent year over year. The company’s net loss was 1.8 million dollars and diluted loss per share was 2 cents, while adjusted EBITDA was 38.2 million dollars.

The company’s active clients reached 4,180,000, an increase of 417,000 or 11 percent, while net revenue per active client of 524 dollars, increased 12 percent.

Commenting on the update, Stitch Fix CEO Elizabeth Spaulding said: “These quarterly results reflect a strong performance in our business from both Fix and Freestyle. With the launch of Stitch Fix Freestyle we are expanding and broadening our offering, and we are excited to continue to enhance the experience for clients through the introduction of new product features and expanded merchandise selections, increasing the number of purchase occasions we serve.”

The company said that Stitch Fix delivered strong top line revenue growth with continued momentum in women’s as well as in kids, and in the U.K., where it nearly doubled revenue when compared to the first quarter of last year.

The company added over 20 new brands, including Adidas, DKNY, Vans and Rag & Bone Footwear, as well as launched new product lines such as Elevate Black-owned brand Grantees and Mohnton Made, sustainable and US-built basics line.

For the second quarter, the company expects net revenue growth of 0 to 3 percent to 500 to 520 million dollars and adjusted EBITDA negative 5 million dollars to positive 5 million dollars with margin between negative 1 percent to positive 1 percent, For the full fiscal year 2022, which ends on July 30, 2022, Stitch Fix expects year-over-year net revenue growth at a high single-digit rate and adjusted EBITDA margin to be between 1 percent and 2 percent.

STITCH FIX