Stitch Fix, Inc. Files 10-Q for Period Ending January 27, 2024

TL;DR

<b>Stitch Fix, Inc. has filed its Q2 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

Stitch Fix, Inc. (SFIX) filed a Quarterly Report (10-Q) with the SEC on March 5, 2024. Stitch Fix, Inc. filed a 10-Q report for the period ending January 27, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on August 3rd. The filing was made on March 5, 2024. Stitch Fix is classified under SIC code 5961 (Retail - Catalog & Mail-Order Houses).

Why It Matters

For investors and stakeholders tracking Stitch Fix, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial statements and management's discussion of results for Stitch Fix's second fiscal quarter of 2024, crucial for understanding the company's current performance and outlook. The detailed financial information within the 10-Q allows for analysis of revenue trends, profitability, and balance sheet health, which are key indicators for investment decisions in the retail sector.

Risk Assessment

Risk Level: medium — Stitch Fix, Inc. shows moderate risk based on this filing. The company operates in the highly competitive online retail space, facing challenges in customer acquisition and retention, which can impact financial performance.

Analyst Insight

Investors should closely examine Stitch Fix's customer growth and retention metrics in the Q2 2024 10-Q to assess the effectiveness of its strategies in a challenging market.

Key Numbers

• 2024-01-27 — Period End Date (Fiscal second quarter end date)
• 2024-03-05 — Filing Date (Date the 10-Q was filed)
• 0803 — Fiscal Year End (Stitch Fix's fiscal year end month and day)
• 5961 — SIC Code (Standard Industrial Classification for the company)

Key Players & Entities

• Stitch Fix, Inc. (company) — Filer of the 10-Q report
• 2024-01-27 (date) — Period of report for the 10-Q
• 2024-03-05 (date) — Filing date of the 10-Q
• 5961 (industry_code) — Standard Industrial Classification code for the company
• 1 MONTGOMERY STREET SUITE 1100 (address) — Company's business and mailing address
• SAN FRANCISCO (location) — City of the company's address
• DE (location) — State of incorporation

FAQ

Industry Context

Stitch Fix operates in the online apparel and accessories retail sector, a highly competitive market characterized by evolving consumer preferences and digital commerce trends.

Regulatory Implications

As a publicly traded company, Stitch Fix is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the regular filing of 10-Q quarterly reports.

What Investors Should Do

1. Review the detailed financial statements in the 10-Q to understand revenue, expenses, and profitability for Q2 2024.
2. Analyze management's discussion and analysis (MD&A) for insights into operational performance, challenges, and strategic initiatives.
3. Compare key financial metrics from this 10-Q with previous filings to identify trends and assess the company's financial health over time.

Key Dates

• 2024-01-27: Quarterly Period End — End of the fiscal second quarter for 2024
• 2024-03-05: Filing Date — Date the 10-Q report was officially filed with the SEC

Year-Over-Year Comparison

This filing represents the most recent quarterly report (10-Q) for Stitch Fix, Inc., providing updated financial information compared to prior periods.

Key Financial Figures

• $0.00002 — stered Class A common stock, par value $0.00002 per share SFIX Nasdaq Global Select Mar

Filing Documents

• sfix-20240127.htm (10-Q) — 1397KB
• q224-ex311.htm (EX-31.1) — 10KB
• q224-ex312.htm (EX-31.2) — 10KB
• q224-ex321.htm (EX-32.1) — 7KB
• 0001576942-24-000017.txt (&nbsp;) — 7189KB
• sfix-20240127.xsd (EX-101.SCH) — 38KB
• sfix-20240127_cal.xml (EX-101.CAL) — 87KB
• sfix-20240127_def.xml (EX-101.DEF) — 282KB
• sfix-20240127_lab.xml (EX-101.LAB) — 602KB
• sfix-20240127_pre.xml (EX-101.PRE) — 440KB
• sfix-20240127_htm.xml (XML) — 1068KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations and Comprehensive Loss 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flow 7 Notes to the Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION 31

Legal Proceedings

Item 1. Legal Proceedings 31

Risk Factors

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 54

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 54

Other Information

Item 5. Other Information 54

Exhibits

Item 6. Exhibits 55

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Stitch Fix, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share amounts) January 27, 2024 July 29, 2023 Assets Current assets: Cash and cash equivalents $ 227,503 $ 239,437 Short-term investments 2,321 18,161 Inventory, net 126,033 130,548 Prepaid expenses and other current assets 21,161 27,692 Current assets, discontinued operations 953 9,623 Total current assets 377,971 425,461 Property and equipment, net 63,522 79,757 Operating lease right-of-use assets 93,616 104,533 Other long-term assets 2,909 2,681 Long-term assets, discontinued operations 298 2,046 Total assets $ 538,316 $ 614,478 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 74,303 $ 96,730 Operating lease liabilities 27,086 28,210 Accrued liabilities 75,694 69,893 Gift card liability 11,357 10,328 Deferred revenue 9,765 11,366 Other current liabilities 9,154 8,802 Current liabilities, discontinued operations 2,062 12,782 Total current liabilities 209,421 238,111 Operating lease liabilities, net of current portion 111,936 125,418 Other long-term liabilities 3,688 3,639 Total liabilities 325,045 367,168 Commitments and contingencies (Note 6) Stockholders' equity: Class A common stock, $ 0.00002 par value – 2,000,000,000 shares authorized at January 27, 2024 and July 29, 2023; 97,068,668 and 90,217,226 shares issued at January 27, 2024 and July 29, 2023; and 94,766,527 and 90,217,226 shares outstanding at January 27, 2024, and July 29, 2023, respectively 1 1 Class B common stock, $ 0.00002 par value – 100,000,000 shares authorized at January 27, 2024, and July 29, 2023; 25,405,020 and 25,405,020 shares issued and outstanding at January 27, 2024, and July 29, 2023, respectively 1 1 Additional paid-in capital 653,170 615,236 Accumulated other comprehensive income (loss) ( 432 ) 527 Accumulated deficit ( 409,427 ) ( 338,413 ) Treasury stock, at cost – 2,302,141 an

View Full Filing

View this 10-Q filing on SEC EDGAR