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Tuesday, October 1, 2019

=Stitch Fix (SFIX) reported earnings on Tue 1 Oct 19 (a/h)

Stitch Fix beats by $0.03, reports revs in-line; guides Q1 revs below consensus; guides FY20 revs in-line

  • Reports Q4 (Jul) earnings of $0.07 per share, $0.03 better than the S&P Capital IQ Consensus of $0.04; revenues rose 35.8% year/year to $432.1 mln vs the $432.44 mln S&P Capital IQ Consensus. Net revenue per active client for the period ended August 3, 2019 was $488, an increase of 9.0%
  • "We grew our active clients to 3.2 million, an increase of 18% year over year... we consistently demonstrated our ability to deliver great client experiences, growing revenue per active client in every quarter of fiscal 2019, including 9% year over year in Q4."
  • Co issues downside guidance for Q1, sees Q1 revs of $438-442 mln vs. $451.29 mln S&P Capital IQ Consensus; EBITDA ($7-4) mln or $6-9 mln ex-stock bsed comp. "We've planned Q1'20 softer than our full-year growth for two reasons. First, we've had greater success this year with summer products that carry lower average unit retails and average order values. Second, we spent less on marketing in late Q4'19, which meant we had fewer clients to contribute to revenue at the start of Q1'20."
  • Co issues in-line guidance for FY20, sees FY20 revs of $1.90-1.93 bln vs. $1.92 bln S&P Capital IQ Consensus; EBITDA $10-30 mln or $85-105 mln ex-stock based compensation. FY'20 EBITDA guidance includes plans to invest aggressively in our data science and engineering teams and continue to strengthen our competitive capabilities, as reflected in an SBC estimate of $75 million in our FY'20 guidance and the adjusted EBITDA (ex. SBC) range listed above. By comparison, last year's adjusted EBITDA (ex. SBC) was $75 million. 
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