SAN FRANCISCO, Sept. 21, 2021 (GLOBE NEWSWIRE) Stitch Fix, Inc. (NASDAQ:SFIX), the leading online personal shopping and styling service, has released its financial results for the fourth quarter and full fiscal year 2021 ended July 31, 2021.

Stitch Fix CEO Elizabeth Spaulding said, “In Q4 we delivered $571 million in net revenue, reflecting 29% year-over-year growth, helping us cross $2 billion in annual net revenue for the first time. These results reflect strong performance across our business, in Women’s, Kids and the UK. Today, we are proud to serve almost 4.2 million clients, and with the launch of Stitch Fix Freestyle in August we are significantly increasing our addressable market and we’re energized by the opportunity ahead. As we look forward, we are focused on continuing to expand and transform our offering, and drive awareness of Stitch Fix as the destination for personalized shopping, styling and inspiration, leveraging our unique combination of data science, and creative human judgement.”

Fourth Quarter Key Metrics and Financial Highlights

• Net revenue of $571.2 million, an increase of 29% year over year
• Active clients of 4,165,000, an increase of 643,000 or 18% year over year
• Net revenue per active client of $505, an increase of 4% year over year
• Net income of $21.5 million and diluted earnings per share of $0.19
• Adjusted EBITDA of $55.4 million

Full Year Financial Highlights

• Net revenue of $2.1 billion, an increase of 22.8% year over year
• Net loss of $8.9 million and diluted loss per share of $0.08
• Adjusted EBITDA of $64.9 million

Business Highlights

• Delivered strong top line revenue growth, driven by momentum in Women’s Fix, outsized growth in Kids and the UK, and continued acceleration in our Freestyle channel
• Drove positive trends in client engagement and retention, with keep rates reaching all-time highs, client churn rates ending the year at all-time lows, and revenue per active client above $500 for the first time
• Continued to evolve the client experience across Fix, and direct buy (now Freestyle); released numerous feature enhancements such as expanded branded shops, and rolled out Fix Preview to 100% of our Men’s and Women’s clients. As of August, Freestyle is open to everyone
• Delivered strong adjusted EBITDA, driven by outperformance in revenue, as well as all time high gross margins, achieved through gains in product margins and efficiency in transportation costs

Financial Outlook

Our financial outlook for the first quarter of fiscal 2022, which ends on October 30, 2021, is as follows:

Our financial outlook for fiscal year 2022, which ends on July 30, 2022, is as follows:

Conference Call and Webcast Information

Elizabeth Spaulding, Chief Executive Officer of Stitch Fix, and Dan Jedda, Chief Financial Officer of Stitch Fix, will host a conference call at 2:00 p.m. Pacific Time today to discuss the Company’s financial results and outlook. A live webcast will be accessible on Stitch Fix’s investor relations website at investors.stitchfix.com. Interested parties can also access the call by dialing 800-458-4121 in the U.S. or 323-794-2093 internationally, and entering conference code 7087675.

A telephonic replay will be available through Tuesday, September 28, 2021, at 888-203-1112 or 719-457-0820, passcode 7087675. An archive of the webcast conference call will be available shortly after the call ends at https://investors.stitchfix.com.

About Stitch Fix, Inc.

Stitch Fix is the world's leading online personalized shopping experience. Our unique business model combines the human touch of expert stylists with the precision of advanced data science. Since our founding in 2011, we’ve served as a trusted style partner to millions of people, helping adults and kids get dressed every day feeling like their best selves. The Stitch Fix team is building a transformative and inclusive ecommerce model, an ecosystem of shopping experiences based on convenience and guided discovery that makes it radically simple and delightful for customers to discover and buy what they love.