In This Story
Stitch Fix Inc. (SFIX-3.25%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $318.8 million from $364.8 million in the same quarter the previous year. The decline is attributed to a reduction in the number of active clients.
Gross profit for the quarter was $144.8 million, compared to $159.1 million in the previous year. The gross margin increased to 45.4% from 43.6%, primarily due to improved transportation costs and product margins.
Selling, general, and administrative expenses decreased to $153.8 million from $187.8 million, driven by lower compensation and benefits expenses, including stock-based compensation.
Net loss from continuing operations for the quarter was $6.3 million, compared to $26.2 million in the previous year.
Cash provided by operating activities was $14.3 million, while cash used in investing and financing activities was $35.7 million and $3.8 million, respectively.
Stitch Fix had a working capital of $392.5 million as of November 2, 2024. The company continues to focus on retaining current clients and improving client conversion.
The filing also details the company's restructuring efforts, including the closure of two fulfillment centers and organizational realignments to reduce costs.
Stitch Fix does not anticipate cash dividend payments to common stockholders in the near future.
The company identified risks related to its ability to attract and retain clients, manage inventory effectively, and navigate the current economic environment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stitch Fix Inc. quarterly 10-Q report dated December 11, 2024. To report an error, please email earnings@qz.com.