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Stitch Fix Announces Second Quarter Fiscal Year 2019 Financial Results
Mar '19

SAN FRANCISCO, March 11, 2019 (GLOBE NEWSWIRE) Stitch Fix, Inc. (NASDAQ:SFIX), the leading online personal styling service, has released its financial results for the second quarter of fiscal year 2019 ended January 26, 2019, and posted a letter to its shareholders on its investor relations website.

Second quarter highlights

  • Active clients of 3.0 million, an increase of 18% year over year
  • Net revenue of $370.3 million, an increase of 25% year over year
  • Net income of $12.0 million and adjusted EBITDA of $19.2 million
  • Diluted earnings per share of $0.12

“Q2 was another strong quarter for us, delivering net revenue of $370.3 million, exceeding our guidance and representing 25% year-over-year growth,” said Stitch Fix Founder and CEO Katrina Lake. “Since becoming a public company, we have posted six consecutive quarters of over 20% growth, which demonstrates our ability to drive consistent business performance. I’m proud that we’re now serving 3 million people across the U.S. and remain focused on delighting our existing clients and expanding our reach. We launched our first integrated brand campaign in February to increase awareness and consideration with new and existing clients and we’re excited to connect even more people to the power of personalized styling.”

Please visit the Stitch Fix investor relations website at https://investors.stitchfix.com to view the financial results included in the letter to shareholders. The Company intends to continue to make future announcements of material financial and other information through its investor relations website. The Company will also, from time to time, disclose this information through press releases, filings with the Securities and Exchange Commission, conference calls, or webcasts, as required by applicable law.

Conference Call and Webcast Information

Katrina Lake, Founder and Chief Executive Officer of Stitch Fix, Paul Yee, Chief Financial Officer of Stitch Fix, and Mike Smith, President and Chief Operating 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.

About Stitch Fix, Inc.

Stitch Fix is reinventing the shopping experience by delivering one-to-one personalization to our clients, through the combination of data science and human judgment. Stitch Fix was founded in 2011 by Founder and CEO Katrina Lake. Since our founding, we’ve helped millions of men, women, and kids discover and buy what they love through personalized shipments of apparel, shoes, and accessories, hand-selected by Stitch Fix stylists and delivered to our clients’ homes.

Stitch Fix, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
    January 26, 2019   July 28, 2018
Current assets:        
Cash and cash equivalents   $ 167,496     $ 297,516  
Restricted cash   250     250  
Short-term investments   109,363      
Inventory, net   103,167     85,092  
Prepaid expenses and other current assets   33,160     34,148  
Total current assets   413,436     417,006  
Long-term investments   66,734      
Property and equipment, net   44,888     34,169  
Deferred tax assets   16,383     14,107  
Restricted cash, net of current portion   12,600     12,600  
Other long-term assets   3,010     3,703  
Total assets   $ 557,051     $ 481,585  
Liabilities and Stockholders’ Equity        
Current liabilities:        
Accounts payable   $ 86,815     $ 79,782  
Accrued liabilities   66,080     43,037  
Gift card liability   9,921     6,814  
Deferred revenue   12,496     8,870  
Other current liabilities   1,847     3,729  
Total current liabilities   177,159     142,232  
Deferred rent, net of current portion   16,420     15,288  
Other long-term liabilities   10,183     8,993  
Total liabilities   203,762     166,513  
Stockholders’ equity:        
Class A common stock, $0.00002 par value   1     1  
Class B common stock, $0.00002 par value   1     1  
Additional paid-in capital   250,699     235,312  
Accumulated other comprehensive income   141      
Retained earnings   102,447     79,758  
Total stockholders’ equity   353,289     315,072  
Total liabilities and stockholders’ equity   $ 557,051     $ 481,585  


Stitch Fix, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per share amounts)
    For the Three Months Ended   For the Six Months Ended
    January 26, 2019   January 27, 2018   January 26, 2019   January 27, 2018
Revenue, net   $ 370,280     $ 295,906     $ 736,516     $ 591,469  
Cost of goods sold   207,131     168,523     408,199     335,071  
Gross profit   163,149     127,383     328,317     256,398  
Selling, general, and administrative expenses   147,738     111,771     302,009     231,242  
Operating income   15,411     15,612     26,308     25,156  
Remeasurement of preferred stock warrant liability       (1,614)         (10,685)  
Interest income   (1,170)     (18)     (2,569)     (35)  
Other income, net   (453)         (573)      
Income before income taxes   17,034     17,244     29,450     35,876  
Provision for income taxes   5,058     13,603     6,796     18,747  
Net income   $ 11,976     $ 3,641     $ 22,654     $ 17,129  
Other comprehensive income:                
Change in unrealized gain on available-for-sale securities, net of tax   104         22      
Foreign currency translation   93         $ 119     $  
Total other comprehensive income, net of tax   197         $ 141     $  
Comprehensive income   $ 12,173     $ 3,641     $ 22,795     $ 17,129  
Net income attributable to common stockholders:                
Basic   $ 11,968     $ 3,036     $ 22,632     $ 9,794  
Diluted   $ 11,968     $ 1,653     $ 22,633     $ 3,530  
Earnings per share attributable to common stockholders:                
Basic   $ 0.12     $ 0.04     $ 0.23     $ 0.18  
Diluted   $ 0.12     $ 0.02     $ 0.22     $ 0.06  
Weighted-average shares used to compute earnings per share attributable to common stockholders:                
Basic   99,590,187     82,439,351     99,278,599     54,377,466  
Diluted   102,817,838     87,954,656     103,597,316     60,599,568


(This story has not been edited by Fibre2Fashion staff and is published from a syndicated feed.)

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