Stitch Fix Inc (SFIX) 2024 Q2 法說會逐字稿

Good afternoon, and thank you for standing by. Welcome to the Second Quarter Fiscal Year 2024 Stitch Fix Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

下午好，感謝您的耐心等待。歡迎參加 2024 財年第二季 Stitch Fix 收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Hayden Blair. Sir, you may begin.

我現在想把會議交給海登·布萊爾。先生，您可以開始了。

Good afternoon, and thank you for joining us today for the Stitch Fix Second Quarter Fiscal 2024 Earnings Call. With me on the call are Matt Baer, Chief Executive Officer; and David Aufderhaar, Chief Financial Officer. We have posted complete second quarter 2024 financial results in a press release on the quarterly results section of our website, investors.stitchfix.com. A link to the webcast of today's conference call can also be found on our site.

下午好，感謝您今天參加我們的 Stitch Fix 2024 財年第二季財報電話會議。與我一起參加電話會議的是執行長馬特貝爾 (Matt Baer)；和財務長戴維‧奧夫德哈爾 (David Aufderhaar)。我們已在我們網站 Investors.stitchfix.com 季度業績部分的新聞稿中發布了完整的 2024 年第二季度財務業績。您也可以在我們的網站上找到今天電話會議網路廣播的連結。

We would like to remind everyone that we will be making forward-looking statements on this call, which involve risks and uncertainties. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance. Please review our filings with the SEC for a discussion of the factors that could cause results to differ. In particular, our press release issued and filed today as well as the Risk Factors sections of our annual report on Form 10-K for fiscal 2023 previously filed with the SEC and the quarterly report on Form 10-Q for our second quarter of 2024, which we expect to be filed later this week.

我們想提醒大家，我們將在本次電話會議中做出前瞻性陳述，其中涉及風險和不確定性。實際結果可能與我們前瞻性陳述中預期的結果有重大差異。報告的結果不應被視為未來績效的指標。請查看我們向 SEC 提交的文件，以討論可能導致結果不同的因素。特別是，我們今天發布並提交的新聞稿，以及先前向 SEC 提交的 2023 財年 10-K 表格年度報告的風險因素部分以及 2024 年第二季 10-Q 表格季度報告，我們預計將於本週晚些時候提交。

Also note that the forward-looking statements on this call are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statements, except as required by law.

另請注意，本次電話會議的前瞻性陳述是基於截至今天為止我們所掌握的資訊。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

During this call, we will discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the press release on our Investor Relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。我們的投資者關係網站上的新聞稿中提供了與最直接可比較的公認會計準則財務指標的調節表。這些非公認會計準則衡量標準無意取代我們的公認會計準則結果。

In the first quarter of fiscal 2024, we began to report our U.K. business as a discontinued operation. Accordingly, all metrics discussed on today's call represent our continuing operations.

在 2024 財年第一季度，我們開始將我們的英國業務報告為已終止業務。因此，今天電話會議上討論的所有指標都代表了我們的持續運作。

Finally, this call in its entirety is being webcast on our Investor Relations website, and a replay of this call will be available on the website shortly. And now let me turn the call over to our CEO, Matt Baer.

最後，本次電話會議的全部內容將在我們的投資者關係網站上進行網路直播，並且很快將在網站上提供本次電話會議的重播。現在讓我將電話轉給我們的執行長 Matt Baer。

Thanks, Hayden, and good afternoon. As we have said for the past few quarters, we are committed to managing our business with financial discipline to drive profitability in the near term and growth over time. We delivered second quarter results in line with our outlook on both revenue and adjusted EBITDA.

謝謝，海登，下午好。正如我們在過去幾個季度所說的那樣，我們致力於按照財務紀律管理我們的業務，以推動短期盈利能力和長期增長。我們公佈的第二季業績符合我們對營收和調整後 EBITDA 的預期。

While these fell within our outlook, there is additional work to be done to improve the trajectory of our business. The original Stitch Fix vision to create an easier and more enjoyable way for people to shop for clothing and accessories is as compelling and relevant today as when the company was founded 13 years ago.

雖然這些都在我們的展望範圍之內，但為了改善我們的業務軌跡，還有更多工作要做。 Stitch Fix 最初的願景是為人們創造一種更輕鬆、更愉快的方式購買服裝和配飾，這一願景在今天仍然像該公司 13 年前成立時一樣引人注目和相關。

Our leadership in personalization technology, combined with our passionate and skilled stylists continues to create an innovative and exciting way to shop. Our transformation efforts are grounded in fully realizing our vision and evolving the Stitch Fix experience. As we stated on last quarter's call, we are focused on 3 priority areas: First, we are working to strengthen the foundation of our business across all disciplines. This includes embedding retail best practices across the enterprise and ensuring we have the right organizational structure in place to enable our future success; second, we are reimagining the client experience in order to attract and retain high lifetime value customers; third and simultaneously, we are developing a long-term strategy to build upon these areas and ensure we best serve our clients as their needs evolve in the future.

我們在個人化技術方面的領先地位，與我們熱情而熟練的造型師相結合，不斷創造出創新且令人興奮的購物方式。我們的轉型努力的基礎是充分實現我們的願景並不斷發展 Stitch Fix 體驗。正如我們在上季度的電話會議中所說，我們將重點放在 3 個優先領域：首先，我們正在努力加強所有學科的業務基礎。這包括在整個企業中嵌入零售最佳實踐，並確保我們擁有正確的組織結構以實現未來的成功；其次，我們正在重新構想客戶體驗，以吸引並留住高終身價值客戶；第三，同時，我們正在製定一項長期策略，以這些領域為基礎，並確保我們根據客戶未來需求的變化為他們提供最好的服務。

We believe the execution of these priorities will enable the company to return to sustainable, profitable growth. In the second quarter, we made progress on several initiatives to strengthen the foundation of our business across merchandising and marketing. These actions contributed to our expanding gross margins year-over-year and will provide the opportunity for us to realize additional efficiencies in our operations.

我們相信，執行這些優先事項將使公司恢復可持續的獲利成長。第二季度，我們在多項措施上取得了進展，以加強我們在銷售和行銷方面的業務基礎。這些行動有助於我們的毛利率逐年擴大，並將為我們提供提高營運效率的機會。

In merchandising, a robust offering of national and private brands is one of the ways we best serve our clients. So we continue to enhance our assortment of both. Extensive ongoing client feedback enables us to offer private brands that perform better and more profitably than our national brands. And we plan to further strengthen our private brand portfolio by making enhancements to our existing brands and introducing new ones. At the same time, we continue to deepen relationships with the national brands that resonate most with our clients.

在銷售方面，提供強大的國內和自有品牌是我們為客戶提供最佳服務的方式之一。因此，我們繼續增強兩者的品種。廣泛的持續客戶回饋使我們能夠提供比我們的國內品牌表現更好、利潤更高的自有品牌。我們計劃透過增強現有品牌並推出新品牌來進一步加強我們的自有品牌組合。同時，我們繼續深化與最能引起客戶共鳴的國家品牌的關係。

In marketing, we continue to evolve both program and channel strategies to optimize media mix and efficiency and to strengthen brand affinity.

在行銷方面，我們不斷發展計劃和管道策略，以優化媒體組合和效率，並增強品牌親和力。

We know that when we reach clients for whom our offering resonates, they have a higher order value and purchase frequency as we saw with our newer client cohorts in the second quarter. While we have invested in new upper and mid-funnel tactics that help increase traffic, we continue to have an opportunity to improve our current levels of client conversion, which have not met our expectations. We are focused on improving the performance of our full funnel media. And as we move through the back half of the year, we will adjust our media mix and spend levels in an effort to improve conversion and retention of clients.

我們知道，當我們接觸到我們的產品引起共鳴的客戶時，他們的訂單價值和購買頻率更高，正如我們在第二季度的新客戶群中看到的那樣。雖然我們投資了新的漏斗上部和中部策略來幫助增加流量，但我們仍然有機會提高目前的客戶轉換水平，但目前的客戶轉換水平尚未達到我們的預期。我們專注於提升全漏斗媒體的效能。隨著今年下半年的到來，我們將調整媒體組合和支出水平，以提高客戶的轉換率和保留率。

Now let me shift gears to describe how we are reimagining the client experience, which we believe will help us attract and engage the right clients and drive higher lifetime value. We are taking a holistic approach to rethink how our clients engage with Stitch Fix and going forward, we are prioritizing a reimagination of the client experience to focus on long-term growth. A few initial areas guide our thinking about how to reimagine the client experience.

現在讓我換個角度來描述我們如何重新構想客戶體驗，我們相信這將有助於我們吸引和吸引合適的客戶並推動更高的終身價值。我們正在採取整體方法來重新思考客戶如何與 Stitch Fix 互動，展望未來，我們將優先考慮重新構想客戶體驗，以專注於長期成長。一些初步領域引導我們思考如何重新構想客戶體驗。

First, we want to create a more fun and visual experience that better engages clients beginning at their sign-up and creates ongoing confidence that we will deliver for them on both fit and style.

首先，我們希望創造一種更有趣、更視覺化的體驗，從註冊開始就更好地吸引客戶，並讓我們持續相信我們將為他們提供合身和風格的服務。

In the coming months, we plan to introduce a new onboarding experience that will be a more dynamic and interactive way for clients to begin their relationship with Stitch Fix.

在接下來的幾個月中，我們計劃推出新的入職體驗，這將為客戶提供一種更動態和互動的方式來開始與 Stitch Fix 的關係。

Second, we plan to deepen engagement by developing new ways to inspire and empower clients as they discover their personal style through our service. This includes creating new social connections that help clients visualize their style and give them reasons to return to our platform.

其次，我們計劃透過開發新的方式來激勵和增強客戶的能力，讓他們透過我們的服務發現自己的個人風格，從而加深參與度。這包括建立新的社交聯繫，幫助客戶形象化他們的風格，並給他們返回我們平台的理由。

Third, we plan to offer new touch points for clients to interact and develop more personalized connections with stylists. Our stylists play a critical part in our value proposition and our clients have told us they want to get to know the stylists behind their fixes. By enabling more direct ways to connect with stylists, we believe these relationships will become deeper and more meaningful.

第三，我們計劃為客戶提供新的接觸點，以便與造型師互動並建立更個人化的聯繫。我們的造型師在我們的價值主張中發揮著關鍵作用，我們的客戶告訴我們，他們想了解他們的造型背後的造型師。透過提供更直接的方式與造型師聯繫，我們相信這些關係將變得更深入、更有意義。

While some of these initiatives will begin to roll out in the coming months, it will take time to accomplish our ambitious plans to significantly evolve the Stitch Fix client experience. I look forward to sharing updates as our work progresses.

雖然其中一些舉措將在未來幾個月內開始推出，但我們需要時間來完成我們雄心勃勃的計劃，以顯著改善 Stitch Fix 客戶體驗。我期待著隨著我們工作的進展分享最新情況。

Finally, we have a powerful value proposition that combines a strong network of stylists carefully curated merchandise assortment and advance the data science and technology to create an experience that only Stitch Fix can deliver. We believe that these strategic priorities tied to strengthening our foundation and reimagining the client experience will lead to sustainable, profitable growth over time.

最後，我們擁有強大的價值主張，將強大的造型師網絡與精心策劃的商品分類相結合，並推進數據科學和技術，創造出只有 Stitch Fix 才能提供的體驗。我們相信，這些與加強我們的基礎和重新構想客戶體驗相關的策略重點將隨著時間的推移帶來可持續的獲利成長。

With that, I'll turn the call over to David to talk about our Q2 financial results and outlook.

接下來，我將把電話轉給 David，討論我們第二季的財務表現和前景。

Thanks, Matt. In Q2, we continued to focus on driving leverage in our P&L while also funding initiatives that position us for long-term growth. The actions we took in Q2, including negotiating cost savings throughout our business, optimizing our carrier mix implementing efficiency measures and ensuring we have the right organizational structure in place to enable our future success.

謝謝，馬特。在第二季度，我們持續專注於提高損益表的槓桿率，同時也為有助於我們實現長期成長的措施提供資金。我們在第二季採取的行動包括透過談判節省整個業務的成本、優化我們的營運商組合、實施效率措施以及確保我們擁有正確的組織結構以實現未來的成功。

Taking a step back, since Q3 of fiscal 2022, we've undertaken detailed reviews of our business and cost structure to identify savings opportunities and the resulting actions have allowed us to expand gross margins and reduced total annualized SG&A spend by over $370 million.

退一步來說，自2022 財年第三季以來，我們對我們的業務和成本結構進行了詳細審查，以發現節省機會，由此採取的行動使我們能夠擴大毛利率，並將年化SG&A 支出總額減少超過3.7 億美元。

The work our teams have done to improve gross margin and variable cost leverage continues to produce enviable unit and order economics and our contribution profit is nearing the high end of its historical 25% to 30% range. And our work here is not done. We believe there are additional opportunities for us to operate more efficiently and drive more leverage in both our fixed and variable cost structures.

我們的團隊為提高毛利率和可變成本槓桿所做的工作繼續產生令人羨慕的單位和訂單經濟效益，我們的貢獻利潤已接近歷史 25% 至 30% 範圍的高端。我們的工作還沒完成。我們相信，我們還有更多機會更有效地運營，並在固定和變動成本結構中發揮更大的槓桿作用。

Now let me get into the Q2 results. Q2 net revenue was $330 million, down 18% year-over-year and down 9% compared to last quarter. Net active clients ended the quarter down 6% compared to last quarter at approximately 2.8 million clients. Revenue per active client ended the quarter at $515, down 3% year-over-year, but up 2% quarter-over-quarter. As Matt said, we continue to see strength in our newer client with both order value and fixed frequency up year-over-year for those clients. Additionally, our 90-day revenue per active client had its third consecutive quarter of sequential growth.

現在讓我來看看第二季的結果。第二季淨收入為 3.3 億美元，年減 18%，季減 9%。本季末淨活躍客戶數量較上季下降 6%，約 280 萬人。本季每位活躍客戶的營收為 515 美元，年減 3%，但較上季成長 2%。正如馬特所說，我們繼續看到新客戶的實力，這些客戶的訂單價值和固定頻率都逐年上升。此外，我們每個活躍客戶的 90 天收入連續第三個季度實現環比成長。

Gross margin for the quarter was 43.4%, and down 20 basis points quarter-over-quarter and up 250 basis points year-over-year, driven by strong product margins, improvement in inventory health and transportation leverage.

本季毛利率為 43.4%，季減 20 個基點，較去年同期上升 250 個基點，主要得益於強勁的產品利潤、庫存狀況改善和運輸槓桿率。

Net inventory decreased 22% quarter-over-quarter as expected due to the front-loading of our inventory at the beginning of this fiscal year. We continue to expect inventory balances to remain at these lower levels for the remainder of fiscal 2024 as we align our inventory position with demand, rationalize our assortment and focus on our successful private brands.

由於本財年年初庫存提前裝載，淨庫存較上季下降 22%，符合預期。我們繼續預計，在 2024 財年剩餘時間內，隨著我們根據需求調整庫存狀況​​、合理化我們的產品組合併專注於我們成功的自有品牌，庫存餘額將保持在較低水平。

Advertising was 7% of revenue in the quarter down 19% quarter-over-quarter due to our typical lower seasonal spending around the holidays.

由於假期前後季節性支出通常較低，廣告佔本季收入的 7%，較上季下降 19%。

Q2 adjusted EBITDA came in at $4.4 million and reflected our ongoing cost management discipline.

第二季調整後 EBITDA 為 440 萬美元，反映了我們持續的成本管理紀律。

As expected, free cash flow was negative $26.1 million in the quarter due to the timing of receipts related to our inventory purchases in Q1. We still expect to be free cash flow positive for the full year and ended the quarter with $230 million in cash, cash equivalents and investments and no bank debt.

正如預期的那樣，由於第一季庫存採購相關的收貨時間，本季自由現金流為負 2,610 萬美元。我們仍預期全年自由現金流為正，本季末現金、現金等價物和投資為 2.3 億美元，且沒有銀行債務。

Turning to our outlook. We are updating our full fiscal year outlook to reflect the current trends we are seeing in our business. For Q3, we expect total net revenue to be between $300 million and $310 million. We expect Q3 adjusted EBITDA will be between negative $5 million and breakeven.

轉向我們的展望。我們正在更新整個財年展望，以反映我們在業務中看到的當前趨勢。對於第三季度，我們預計總淨收入將在 3 億美元至 3.1 億美元之間。我們預計第三季調整後 EBITDA 將在負 500 萬美元至盈虧平衡之間。

In the back half of the year, we expect gross margin to increase to between 44% and 45% as a result of the ongoing efforts to drive improvement in our inventory position and efficiencies in our transportation costs.

由於我們持續努力改善庫存狀況和運輸成本效率，預計下半年毛利率將增加至 44% 至 45%。

We expect Q3 advertising to be between 8% and 9% of revenue. As we've said in the past, we will continue to be methodical about our approach when we are investing in marketing and may adjust up or down based on the ROI we are seeing. For the full year, we are lowering our expectations for net revenue to reflect the current trends we are seeing in active clients.

我們預計第三季廣告收入將佔營收的 8% 至 9%。正如我們過去所說，當我們投資行銷時，我們將繼續有條不紊地採用我們的方法，並可能根據我們看到的投資回報率向上或向下調整。對於全年，我們降低了對淨收入的預期，以反映我們在活躍客戶中看到的當前趨勢。

We now expect revenue to be between $1.29 billion and $1.32 billion. We expect adjusted EBITDA to be between $10 million and $20 million.

我們現在預計收入將在 12.9 億美元至 13.2 億美元之間。我們預計調整後的 EBITDA 將在 1000 萬至 2000 萬美元之間。

For the full fiscal year, we expect gross margin to be approximately 44% and advertising to be approximately 8% of revenue. Overall, I am confident in our ability to maintain profitability today, and I'm excited about the work we are doing to strengthen the foundation of our business and reimagine the client experience. We will do so by remaining focused on leverage and profitability, along with acquisition and engagement of high lifetime value customers.

對於整個財年，我們預計毛利率約為 44%，廣告收入約佔收入的 8%。總的來說，我對我們今天保持盈利能力充滿信心，我對我們為加強業務基礎和重新構想客戶體驗所做的工作感到興奮。為此，我們將繼續專注於槓桿率和獲利能力，以及高終身價值客戶的取得和參與。

Now let me turn the call back to Matt.

現在讓我把電話轉回給馬特。

Thanks, David. As you heard me say earlier, I believe that we have the right strategic priorities in place to generate sustainable, profitable growth over time. We are strengthening the foundation of our business. We are reimagining the client experience to attract and retain high lifetime value customers. And we are developing a long-term strategy to build upon these areas and ensure we best serve our clients as their needs evolve in the future.

謝謝，大衛。正如您之前聽到我所說的那樣，我相信我們已經制定了正確的策略重點，可以隨著時間的推移實現可持續的獲利成長。我們正在加強我們的業務基礎。我們正在重新構想客戶體驗，以吸引並留住高終身價值客戶。我們正在製定一項長期策略，以這些領域為基礎，確保我們能夠根據客戶未來需求的變化為他們提供最好的服務。

While some of these initiatives will begin to come to life later this year, we know it will take time to accomplish our ambitious plans to reimagine the Stitch Fix client experience.

雖然其中一些舉措將於今年稍後開始實施，但我們知道需要時間來完成我們重新構想 Stitch Fix 客戶體驗的雄心勃勃的計劃。

I look forward to sharing updates as our work progresses. Thank you all for joining today's call. And now I'll turn it over to the operator so we can take your questions.

我期待著隨著我們工作的進展分享最新情況。感謝大家參加今天的電話會議。現在我會將其轉交給接線員，以便我們回答您的問題。

(Operator Instructions) Our first question comes from the line of Youssef Squali with Truist Securities.

（操作員說明）我們的第一個問題來自 Truist Securities 的 Youssef Squali。

I guess a 2-part question. Active client count was down about 17% year-on-year. I think that's a deterioration from the prior quarter's growth. What's baked into your Q3 and 2024 guide? And can you maybe just flesh out kind of the key initiatives that you have line of sight into -- that should help reverse or at least stabilize client count in the near to medium term?

我想這是一個由兩個部分組成的問題。活躍客戶數量較去年同期下降約 17%。我認為這比上一季的成長惡化。您的第三季和 2024 年指南包含哪些內容？您是否可以充實您所關注的關鍵舉措—這應該有助於在中短期內扭轉或至少穩定客戶數量？

Youssef, it's Matt. I appreciate the question. I'll let David answer first in terms of what's baked into the guide. Any additional color that he wants to share in terms of the initiatives and then I'll add additional color to round out on those initiatives that we're focused on.

優素福，我是馬特。我很欣賞這個問題。我將讓 David 首先回答指南中包含的內容。他想在舉措方面分享任何其他色彩，然後我將添加其他色彩來完善我們關注的那些舉措。

Yes. Youssef, I think you asked a couple of questions around active client count. First, Q2 specifically, I think you called out and just a couple of call-outs there. First, Q2 is typically our softest quarter for active clients. And second, as Matt mentioned in the earlier comments, client conversion was below our expectation, and we continue to have an opportunity there. And both of those factors are really what's at play there. And we had gross adds and reactivations that were down quarter-over-quarter. And so that's Q2 specifically.

是的。 Youssef，我想您問了幾個關於活躍客戶數量的問題。首先，具體來說，第二季度，我認為您已經提出了一些要求，並且只是提出了一些要求。首先，第二季通常是活躍客戶最疲軟的季度。其次，正如馬特在先前的評論中提到的，客戶轉換率低於我們的預期，我們仍然有機會。這兩個因素確實在其中發揮作用。我們的總增加量和重新活化量較上季下降。這就是第二季。

In the back half of the year, we don't specifically guide to active clients, but we do expect the sequential decline in active clients to continue in the back half of the year. And that said, returning to healthy client growth continues to be a priority focus for the company. We're still very encouraged by the results we're seeing in the new clients we're acquiring that have higher order value and higher frequency. And I think we mentioned in our remarks earlier that 90-day RPAC is up again for the third quarter in a row.

下半年，我們不會專門針對活躍客戶進行指導，但我們確實預計活躍客戶的環比下降將在下半年繼續。儘管如此，恢復健康的客戶成長仍然是該公司的首要任務。我們仍然對我們在新客戶中看到的結果感到非常鼓舞，這些新客戶具有更高的訂單價值和更高的頻率。我想我們在之前的演講中提到，90 天 RPAC 連續第三季再次上升。

And so as Matt said earlier, we're really focused on improving the performance of our full funnel media while also leaning into prioritizing the reimagining of our client experience. And we're really excited about that work and believe that it will attract and retain more of those high-value clients. And that's why we continue to have really a methodical approach around this. We're taking the time needed to make sure we focus on returning to healthy, sustainable long-term active client growth. Matt?

正如馬特之前所說，我們真正專注於提高全漏斗媒體的效能，同時也傾向於優先考慮重新構想我們的客戶體驗。我們對這項工作感到非常興奮，並相信它將吸引並留住更多的高價值客戶。這就是為什麼我們繼續對此採取真正有條理的方法。我們正在花時間確保我們專注於恢復健康、可持續的長期活躍客戶成長。馬特？

Yes. Maybe just a quick build on that. It's absolutely right that in terms of optimization within our media spend and our media mix, in order to make sure that we're acquiring the right clients that -- as I've noted in previous calls that our focus is just a really judicious spend of our marketing dollars, to make sure that the clients that we're targeting are ones that demonstrate all of the strong likelihood and characteristics of being high LTV clients for us.

是的。也許只是在此基礎上快速構建。就我們的媒體支出和媒體組合的優化而言，為了確保我們獲得正確的客戶，這是絕對正確的——正如我在之前的電話會議中指出的那樣，我們的重點是真正明智的支出我們的行銷資金，以確保我們的目標客戶具有成為我們高LTV 客戶的所有強烈可能性和特徵。

And over time, we'll continue to be methodical around an expansion of those client segments that we're targeting. I feel really confident in terms of the work that our marketing team is doing there. They're really focused on making sure we've got the right message in front of the right perspective clients at the right time.

隨著時間的推移，我們將繼續有條不紊地擴展我們的目標客戶群。我對我們的行銷團隊在那裡所做的工作非常有信心。他們真正專注於確保我們在正確的時間向具有正確觀點的客戶傳達正確的訊息。

We're testing into new mediums as well and increasing spend there so that we can continue to test and learn. We're doing a good job within video right now in terms of storytelling that calls out the unique differentiators of our business model and the manners in which we can uniquely serve clients relative to other retail options that might be at their disposal. So that gives me a lot of confidence.

我們也在測試新媒體並增加支出，以便我們能夠繼續測試和學習。目前，我們在影片方面做得很好，在講故事方面，突出了我們商業模式的獨特優勢，以及相對於客戶可能掌握的其他零售選擇，我們可以為客戶提供獨特服務的方式。所以這給了我很大的信心。

The other piece that's just really important is what David noted in terms of the reimagination of our experience. We have just a really, really phenomenal asset where on day 0, we know more about our client than many retailers could aspire to know about their clients over the entire course of their relationship with them. We know their style preferences, we know their value orientation, and we can nail their fit as early as their very first transaction. And that's an extremely powerful differentiator and asset that we have.

另一件非常重要的事情是大衛在重新想像我們的經驗方面所指出的。我們擁有一項非常非常驚人的資產，在第 0 天，我們對客戶的了解比許多零售商渴望在與客戶的整個關係過程中了解他們的客戶還要多。我們了解他們的風格偏好，我們了解他們的價值取向，我們可以早在他們的第一次交易時就確定他們的合身度。這是我們擁有的極其強大的差異化優勢和資產。

And as we reimagine the experience, we're going to make sure to embed that within everything that we do. As I noted in the prepared remarks, one of the first areas of focus for us is on that onboarding experience. We have an opportunity to make that more fun, more dynamic. And at the end of the day, inspire more confidence in prospective clients, so that they convert with us at much higher levels. As we increase that conversion through the funnel, we'll be able to optimize our media dollars even more and be able to and hopefully then be able to increase the number of new clients they come through the funnel.

當我們重新構想這種體驗時，我們將確保將其嵌入到我們所做的一切中。正如我在準備好的發言中指出的那樣，我們首先關注的領域之一是入職體驗。我們有機會讓它變得更有趣、更有活力。最終，激發潛在客戶的更多信心，使他們以更高的水平轉化為我們的客戶。隨著我們透過管道增加轉換率，我們將能夠進一步優化我們的媒體資金，並且能夠並希望能夠增加透過管道的新客戶數量。

That optimized or reimagined experience is also one that helps us deepen the relationship with our existing clients as well, so that we can better understand how their style preferences, value orientation and fit changes over time, so that we can continue to keep our active and loyal clients for a longer tenure and generate even greater revenue from them.

這種優化或重新構想的體驗也有助於我們加深與現有客戶的關係，使我們能夠更好地了解他們的風格偏好、價值取向和合身性如何隨著時間的推移而變化，使我們能夠繼續保持積極和主動的態度。忠誠的客戶可以獲得更長的任期，並從中獲得更多的收入。

I'm already encouraged by the increase in revenue per active client that we've seen of recent and now our opportunity remains to continue to improve our conversion metrics. And as we reimagine our experience and optimize our media investment, I'm confident that we'll be able to do that over the long term.

我已經對我們最近看到的每個活躍客戶收入的增加感到鼓舞，現在我們仍然有機會繼續改善我們的轉換指標。隨著我們重新構想我們的體驗並優化我們的媒體投資，我相信我們能夠長期做到這一點。

Our next question comes from the line of Simeon Siegel with BMO Capital Markets.

我們的下一個問題來自蒙特利爾銀行資本市場部的西蒙·西格爾 (Simeon Siegel)。

Did you say whether there's an ideal percentage of total sales that you'd like to take through private brands and maybe what's the ASP and margin differential for private versus national? And then I just wanted to confirm something. I think so at this point, 90-day RPAC, I think you said has now been up for 3 straight quarters. The trailing 12 months is still down. So it's just safe to say that should give you some strong confidence that next quarter's trailing 12 months should be up, right? So just any color around that and order of magnitude if possible?

您是否說過您希望透過自有品牌獲得總銷售額的理想百分比？也許自有品牌與國內品牌的平均售價和利潤率差異是多少？然後我只是想確認一件事。我認為在這一點上，90 天的 RPAC，我想你說的現在已經連續 3 個季度上升。過去 12 個月仍然下跌。因此，可以肯定地說，這應該會給您帶來一定的信心，認為下個季度的過去 12 個月應該會上漲，對嗎？那麼如果可能的話，只要周圍有任何顏色和數量級就可以了嗎？

Simeon, it's Matt. I'll speak to the questions around private brand. I'll let David speak to the questions about RPAC and any additional color that he'd like to share in terms of our private brand portfolio. In terms of the penetration between private brands and national brands, I have a strong perspective on that, that we're going to lead with a very client-focused approach. And by putting our clients first, that gives us the opportunity over the longer term to allow that mix to organically shake out based on what's in the greatest interest of our clients, and they're effectively voting with both their dollars and all of the other ways that we've built into our experience is that we have an ability to interact with them.

西蒙，是馬特。我將談談有關自有品牌的問題。我將讓 David 談談有關 RPAC 的問題以及他想在我們的自有品牌組合方面分享的任何其他色彩。就自有品牌和國家品牌之間的滲透而言，我有一個強烈的觀點，即我們將採取以客戶為中心的方法。透過將客戶放在第一位，從長遠來看，這使我們有機會根據客戶的最大利益有機地調整這種組合，並且他們有效地用自己的資金和所有其他人進行投票我們在經驗中融入的方式是我們有能力與他們互動。

Now it's true that our private brand assortment does contribute a higher margin for us and currently demonstrate higher keep rates. As I spoke to in previous calls, though, we continue to do a rationalization around our national brand matrix, which is helping us continue to deepen our relationship with the national brands that resonate best with our clients. So I feel confident that the performance of our national brands will similarly improve over time.

現在，我們的自有品牌品種確實為我們帶來了更高的利潤，並且目前表現出更高的保留率。不過，正如我在之前的電話中所說，我們繼續圍繞我們的全國品牌矩陣進行合理化，這有助於我們繼續加深與最能引起客戶共鳴的全國品牌的關係。因此，我相信隨著時間的推移，我們的國家品牌的表現也會同樣提高。

The amount of data that we have from our clients, both through the onboarding experience as well as through our continued relationships with them, not only helps us develop some of the best private brand product on the market, but it's also information that we're able to work back with our national brands to continue to perform -- to continue to improve the performance of the buys that make with them. So overall, I think it's about finding the balance, but letting the client effectively help us get there.

我們從客戶那裡獲得的大量數據，無論是透過入職體驗還是透過我們與他們的持續關係，不僅有助於我們開發市場上一些最好的自有品牌產品，而且還提供了我們正在開發的資訊。能夠與我們的國家品牌合作，繼續表現——繼續提高與他們一起購買的表現。總的來說，我認為這是要找到平衡點，但要讓客戶有效地幫助我們實現這一目標。

And then, Simeon, on the RPAC side, I think you called out, we definitely are encouraged by the strength we're seeing in the 90-day RPAC. But also from an overall RPAC standpoint, yes, year-over-year, it's still done slightly. But quarter-over-quarter, it's up 2%. And a big part of that is what we're seeing in AOV. I think we called this out last quarter as well. But we're seeing continued strength in overall fixed AOV, which hit sort of a multiyear high for the second quarter in a row. And so definitely something that's an encouraging sign.

然後，Simeon，在 RPAC 方面，我想您曾說過，我們在 90 天 RPAC 中看到的實力肯定讓我們感到鼓舞。但從整體 RPAC 的角度來看，是的，與去年同期相比，它仍然略有進步。但環比增長了 2%。其中很大一部分是我們在 AOV 中看到的。我想我們上個季度也指出了這一點。但我們看到整體固定 AOV 持續走強，連續第二季創下多年新高。這絕對是一個令人鼓舞的跡象。

And would you expect that to continue? Like should we be looking at this sequentially rather than year-over-year?

您希望這種情況持續下去嗎？就像我們應該按順序而不是逐年查看這個問題？

From an AOV perspective?

從AOV的角度來看？

Sure.

當然。

Yes. I think AOV, there is seasonality to that. But certainly, the upside that we're seeing is encouraging and we're going to continue to focus on progressing there.

是的。我認為 AOV 有季節性。但可以肯定的是，我們看到的好處是令人鼓舞的，我們將繼續專注於在這方面取得進展。

Our next question comes from the line of Tom Nikic with Wedbush.

我們的下一個問題來自湯姆·尼基奇和韋德·布希的對話。

I wanted to ask about marketing. I think you said second half will be 8% to 9% of sales. It's higher than what we've seen recently and higher year-over-year. You also made a comment that depending on the ROI that you're getting, you can flex it up or down. The fact of that I guess you're planning to spend a little more as a percent of sales on the marketing side in the second half. Is that because you feel like you're starting to see better returns on your marketing spend? You've sort of -- I know that there was a plan to kind of pivot to higher efficiency channels and marketing. Are you starting to see that pay off and because of that, you kind of want to step on the gas pedal a little bit to try to reinvigorate the top line? Or is there just the something else going on?

我想問一下行銷方面的問題。我想你說下半年會是銷售額的 8% 到 9%。它比我們最近看到的要高，而且比去年同期更高。您還評論說，根據您獲得的投資回報率，您可以向上或向下調整它。事實上，我猜您計劃在下半年在行銷方面多花一點銷售額的百分比。這是因為您覺得您的行銷支出開始獲得更好的回報嗎？我知道有一個計劃轉向更有效率的管道和行銷。您是否開始看到這種回報，並因此想要稍微踩一下油門，嘗試重振營收？還是只是發生了其他事情？

Tom, I'll answer your question. And David, if you want to add any additional color, feel free to jump in. In terms of where we've seen our marketing, we guided to the year in terms of our marketing spend as a percentage of sales, and we're still tracking towards that for the totality of the fiscal year. There's also some seasonality built in, in terms of the amount of marketing spend that we have as a percentage of sales quarter-to-quarter.

湯姆，我來回答你的問題。大衛，如果您想添加任何其他顏色，請隨時加入。就我們所看到的營銷而言，我們以營銷支出佔銷售額的百分比來指導這一年，我們整個財政年度仍在朝著這個方向發展。就我們每季的行銷支出佔銷售額的百分比而言，還存在一些季節性。

That helps us lean into both we're strongest and also where we have the strongest ROI then based on that marketing investment. So we haven't deviated much from what we anticipated coming into the fiscal year.

這有助於我們根據行銷投資來確定我們最強大的領域以及我們擁有最高投資回報率的領域。因此，我們對本財年的預期並沒有太大偏離。

In terms of where we would continue to increase our spend. We look at that on a daily, weekly basis. And it's not just the totality of the spend, but it's also where we're spending it and which client segments that we're targeting within each channel. The marketing team is pretty dialed in at the moment in order to make sure that we're quite judicious in terms of where we're making those investments and the return that we're getting from them.

就我們將繼續增加支出的方面而言。我們每天、每週都會審視這一點。這不僅僅是支出的總額，而且還包括我們的支出地點以及我們在每個管道中針對的客戶群。行銷團隊目前已經做好了充分準備，以確保我們在進行這些投資以及從中獲得回報方面非常明智。

We also anticipate that over a longer period of time as the reimagined experience comes to life, we'll start to see higher conversion through the funnel, which would then help us without even increasing that marketing spend, get a greater return for it. But we'll continue to balance. And as we continue to see higher RPAC, it's another signal that would give us confidence in a future state in which we might increase marketing as a percentage of sales in order to drive the top line.

我們也預計，在更長的時間內，隨著重新構想的體驗的實現，我們將開始透過管道看到更高的轉換率，這將幫助我們在不增加行銷支出的情況下獲得更大的回報。但我們會繼續保持平衡。隨著我們繼續看到更高的 RPAC，這是另一個訊號，它將使我們對未來充滿信心，在未來的狀態下，我們可能會增加行銷佔銷售額的百分比，以推動營收。

All right. Understood. And if I could ask a follow-up on gross margin. So again, it sounds like gross margin for the second half of the fiscal year. I think you said it should be better than the first half of the fiscal year. Can you just kind of help us understand what's driving the improvement in gross margin that you're seeing? And I guess how much more runway is there to take gross margins higher?

好的。明白了。我是否可以詢問毛利率的後續情況。再說一遍，這聽起來像是本財年下半年的毛利率。我想你說應該比本財年上半年好。您能否幫助我們了解是什麼推動了您所看到的毛利率的提高？我想還有多少跑道可以提高毛利率？

Yes. Tom, thanks for the question. On the gross margin side, we are definitely really happy with the progress we've made. If you think about where we were -- and last quarter, gross margins were -- was up 140 basis points year-over-year. This quarter, gross margins are up 250 basis points year-over-year. And I think we've called out for the last couple of quarters. There's a couple of things there. What Matt was talking about this quarter and last quarter about sort of strengthening our foundation and establishing retail best practices. That's really around inventory buying and planning and really seeing the benefits there from a merchandising cost standpoint.

是的。湯姆，謝謝你的提問。在毛利率方面，我們對所取得的進展絕對感到非常滿意。如果你想想我們的情況——上個季度的毛利率——比去年同期增長了 140 個基點。本季毛利率年增 250 個基點。我認為我們在過去幾個季度已經呼籲了。那裡有一些事情。馬特在本季和上季談論的是加強我們的基礎和建立零售最佳實踐。這實際上是圍繞著庫存購買和規劃，並從銷售成本的角度真正看到其中的好處。

We've also highlighted transportation has been a big part of our focus. We've adjusted our carrier mix that we've negotiated some of our national carriers, and we continue to use local carriers as well. And so just a lot of focus around that, both inbound shipments and outbound shipments. And that's why we're comfortable with talking about sort of a back half guide of 44% to 45%. I think we've also called out historically that there's nothing structurally different about our business that says that we can't get back to the high end of that range of 45%. And so this continues to be a big focus of ours and making sure that we are driving gross margin leverage and contribution leverage as we go forward.

我們也強調交通一直是我們關注的重要部分。我們已經調整了我們的營運商組合，我們已經與一些國家營運商進行了談判，並且我們也繼續使用當地營運商。因此，人們非常關注這一點，無論是入庫發貨還是出庫發貨。這就是為什麼我們願意談論 44% 到 45% 的後半部分指導。我認為我們歷史上也曾說過，我們的業務在結構上沒有任何不同，表明我們無法回到 45% 的上限。因此，這仍然是我們的一個重點，並確保我們在前進的過程中推動毛利率槓桿和貢獻槓桿。

Our next question comes from the line of Aneesha Sherman with Bernstein.

我們的下一個問題來自阿尼莎謝爾曼和伯恩斯坦的對話。

So Matt, if I just look at the business kind of top line growth over the last 2 quarters and the next 2, where you've guided, kind of -- it feels like no matter how -- which way you look at it, right, to your stack versus 2020 versus 2019. Really what we're seeing is a continued deceleration of the top line, which seems like pretty much at odds with what you're saying about structurally improving the quality of the business, the client metrics you're seeing and heavier investment into marketing because you're seeing that working. Can you square that for us a little bit? Like what do you see as the lag time here? Like are we talking about kind of a year lag or a couple of quarters and when that will actually start materializing in the top line and accelerating again?

所以馬特，如果我只看過去兩個季度和接下來兩個季度的業務收入增長，在你的指導下，無論你如何看待，感覺就像是，對，你的堆棧與2020 年和2019 年相較之下。實際上，我們看到的是營收持續減速，這似乎與你所說的從結構上提高業務品質、客戶指標的說法非常不一致你會看到對行銷的更大投資，因為你看到它正在發揮作用。你能為我們解決一下嗎？您認為這裡的延遲時間是多少？就像我們談論的是一年或幾個季度的滯後，什麼時候這將真正開始在營收中實現並再次加速？

I appreciate the question. Let me first state just unequivocally, I'm confident in the future success of Stitch Fix. As I continue to immerse myself further in the business, my confidence in our future success, it continues to grow. And this is rooted in several things, many of which I've discussed previously. The first, as I surveyed the overall retail landscape for apparel and accessories it's clear the customer is just not satisfied with the current optionality that they have for their shopping.

我很欣賞這個問題。首先我要先明確表示，我對 Stitch Fix 未來的成功充滿信心。隨著我繼續進一步投入業務，我對未來成功的信心不斷增強。這源於幾件事，其中許多我之前已經討論過。首先，當我調查服裝和配件的整體零售格局時，很明顯顧客對他們當前的購物選擇並不滿意。

As is topical now, the physical retail experience, it remains extremely cumbersome. Online shopping remains extremely overwhelming. The service that we offer at Stitch Fix, it solves many of those frustrations for the customer. And as I just noted previously, at Stitch Fix on day 0, we know our clients better than many retailers can aspire to know their customers over the course of their relationship.

正如現在的熱門話題，實體零售體驗仍然極為繁瑣。網上購物仍然勢不可擋。我們在 Stitch Fix 提供的服務可以解決客戶的許多煩惱。正如我之前提到的，在 Stitch Fix 的第 0 天，我們比許多零售商更了解我們的客戶，他們渴望在整個關係過程中了解他們的客戶。

And it's with that information that we're able to know your style preference, serve your value orientation and nail your fit. As early as that very first transaction. And also critical is that for us, at Stitch Fix, personalization algorithms, artificial intelligence, machine learning and data science, those are fundamental elements of our model. They've been part of our DNA since our inception. It's something that we're going to continue to build upon going forward. Many of our tool systems experiences, they're all informed by that, and we're going to continue to invest in that further as we go forward. And as we've demonstrated that over the course of our 13-year history. Now as you noted, we're also in the midst of a transformation, and transformations take time.

透過這些訊息，我們能夠了解您的風格偏好，滿足您的價值取向並確定您的合身度。早在第一筆交易時。同樣重要的是，對 Stitch Fix 來說，個人化演算法、人工智慧、機器學習和資料科學是我們模型的基本要素。自我們成立以來，它們一直是我們 DNA 的一部分。這是我們未來將繼續發展的事情。我們的許多工具系統經驗都從中得到了啟發，隨著我們的前進，我們將繼續在這方面進行進一步投資。正如我們在 13 年的歷史中所證明的。正如您所指出的，我們也正處於轉型之中，而轉型需要時間。

And we must continue to develop a stronger foundation for our business, one that's rooted in best-in-class operations built for scale. One that allows us to operate more efficiently. One that unlocks cost reductions from our operations while also improving the client experience. And we're strengthening that foundation and embedding these retail best practices throughout the organization.

我們必須繼續為我們的業務打下更堅實的基礎，這項基礎植根於規模化的一流營運。一種讓我們更有效運作的方式。它可以降低我們的營運成本，同時改善客戶體驗。我們正在加強這一基礎，並將這些零售最佳實踐融入整個組織。

As we've already discussed on this call, too, as part of strengthening that foundation, we're maniacally focused on a healthier client franchise. We need to make sure that we're extremely judicious with that marketing spend, methodical in terms of the client segments that we're targeting so that we bring -- so that when we bring a client into the experience or demonstrating all the characteristics of high lifetime value, one that will have an enduring relationship with us over a long, long time.

正如我們已經在這次電話會議中討論過的那樣，作為加強這一基礎的一部分，我們瘋狂地專注於更健康的客戶特許經營。我們需要確保我們對行銷支出非常明智，對我們的目標客戶群有條不紊，以便我們為客戶帶來體驗或展示其所有特徵。高終身價值，將在很長一段時間內與我們保持持久的關係。

And finally and critically, as we continue to reimagine the client experience and continue our proven history as a disruptive retailer, the core value proposition of just knowing your clients style preference, value orientation and fit on day 0, it's quick. It's a competitive strength and advantage for us and how that manifests through the experience. Well, that needs to evolve.

最後也是至關重要的是，隨著我們繼續重新構想客戶體驗並延續我們作為顛覆性零售商的悠久歷史，核心價值主張是在第0 天就了解客戶的風格偏好、價值取向和合身性，一切都很快。這對我們來說是一種競爭優勢和優勢，以及如何透過經驗體現出來。嗯，這需要發展。

And as I mentioned in the prepared remarks, we're currently reimagining the onboarding experience so that we can continue to engage with both our perspective and our current clients to make it fun and easy so that they remain extremely confident in the service that we provide. As we continue to improve these experiences, we'll improve conversion through the funnel better serve new clients, better serve current clients, and we'll continue to reimagine this end-to-end experience over time, including how clients and stylists interact with each other. It's a work in progress. And as it continues, I'll be excited to share more with you.

正如我在準備好的演講中所提到的，我們目前正在重新構想入職體驗，以便我們能夠繼續與我們的觀點和現有客戶進行互動，使其變得有趣和輕鬆，以便他們對我們提供的服務保持極大的信心。隨著我們不斷改進這些體驗，我們將透過管道提高轉換率，更好地服務新客戶，更好地服務現有客戶，並且隨著時間的推移，我們將繼續重新構想這種端到端體驗，包括客戶和造型師如何互動彼此。這是一項正在進行的工作。隨著事情的繼續，我將很高興與您分享更多。

That's super helpful. Can I ask a quick follow-up? Do you expect to go back to your usual seasonal cadence of having a slightly heavier weighted second half which is kind of where you were pre-COVID where second half was contributing a little bit more than half of annual sales?

這非常有幫助。我可以要求快速跟進嗎？您是否希望回到通常的季節性節奏，下半年的權重稍重一些，就像新冠疫情爆發前的情況一樣，下半年貢獻了年銷售額的一半多一點？

I mean it's a good question, Aneesha. I think as we go forward, I think some of those trends could return to the business. But I think to Matt's point, like I think we're focused right now on sort of some of those near-term actions that we're doing because we know that will drive us towards active client growth and sustainable revenue growth.

我的意思是這是一個好問題，阿尼莎。我認為隨著我們的前進，其中一些趨勢可能會回歸到業務中。但我認為，就馬特的觀點而言，我們現在專注於我們正在採取的一些近期行動，因為我們知道這將推動我們實現積極的客戶成長和可持續的收入成長。

Next question is come from the line of Maria Ripps from Canaccord.

下一個問題來自 Canaccord 的 Maria Ripps。

First, can you maybe just talk about whether you're seeing any impact from the lower course competitors that are growing aggressively in the U.S., whether from the revenue standpoint or intensifying competition in advertising spend? And then secondly, can you maybe just give us a little bit more color around the launch of new client onboarding experience. What are some of the new features that you have in mind that maybe you can talk about? And how will it be different from the current process?

首先，您能否談談您是否看到了在美國積極成長的低端競爭對手的影響，無論是從收入角度還是從廣告支出競爭加劇的角度來看？其次，您能否為我們提供更多有關新客戶入門體驗的資訊。您想到的哪些新功能可以談？它與目前流程有何不同？

Maria, yes, happy to answer both of those questions. First, a question around newer lower-cost entrants into the market. I think one of the things that really encourages me about the Stitch Fix business model is in terms of the client that we're serving and one in which our service resonates so well with -- we don't feel like that's taking away for business. We understand some of our natural competitors are having to deal with this on a considered basis.

瑪麗亞，是的，很高興回答這兩個問題。首先，關於新進入市場的低成本企業的問題。我認為 Stitch Fix 商業模式真正鼓勵我的因素之一是我們所服務的客戶，以及我們的服務與客戶產生如此好的共鳴——我們不覺得這會影響業務。我們知道我們的一些天然競爭對手必須深思熟慮地處理這個問題。

But from our perspective, the clients that are coming to Stitch Fix, the ones that are looking for help with personal styling, the ones that are looking for help in terms of completing their closet and completing their wardrobe. Ones that are starting a new job and looking to understand how to build out their assortment so that they have a full collection of workwear or someone that's struggling with finding apparel that fits them perfectly. All of the need states that we meet -- that we're able to satisfy so much better than many other retailers. We feel like those are competitive differentiators for us that offer us a tremendous amount of protection from the retailers that you might have in mind. That are, in many ways, disrupting others in the market today.

但從我們的角度來看，那些來到 Stitch Fix 的客戶，那些在個人造型方面尋求幫助的客戶，那些在整理衣櫃和完善衣櫃方面尋求幫助的客戶。那些正在開始新工作並希望了解如何建立自己的分類以便擁有完整的工作服系列的人，或者那些正在努力尋找完美適合自己的服裝的人。我們滿足了所有的需求——我們能夠比許多其他零售商更好地滿足這些需求。我們認為這些對我們來說是競爭優勢，為我們提供了巨大的保護，免受您可能想到的零售商的影​​響。這在很多方面都在擾亂當今市場上的其他產品。

In terms of additional color on the new onboarding experience, at this point, what I'll share is that our goal through this process is to make sure that the experience achieves a few different objectives. The first of which is that we're able to acquire all the information that we need from prospective clients in order to serve them as well as possible from the very first interaction that we have with them. We also need to make sure that we're delivering confidence to them through that experience that we'll be able to meet those needs that we'll be able to understand their style preference, their value orientation. We need them to have tremendous confidence that we'll be able to understand and nail their fit.

就新的入職體驗的附加色彩而言，此時，我要分享的是，我們透過此過程的目標是確保體驗實現一些不同的目標。首先，我們能夠從潛在客戶那裡獲取我們需要的所有信息，以便從我們與他們的第一次互動開始就為他們提供盡可能好的服務。我們還需要確保透過這種體驗向他們傳遞信心，我們將能夠滿足他們的需求，我們將能夠了解他們的風格偏好和價值取向。我們需要他們有極大的信心，相信我們能夠理解並確定他們的配合。

And then the third piece, which is really important and something that will manifest is it has to be fun. It has to be engaging. It has to be dynamic. And because we're in the early stages of it, I'll share more as we get closer. But those are the tenants that -- and the principles that are underlying the development of this new product.

然後是第三部分，這非常重要，並且會體現出它必須很有趣。它必須具有吸引力。它必須是動態的。因為我們還處於早期階段，所以當我們接近時我會分享更多。但這些都是租戶，也是新產品開發的基本原則。

Our next question comes from the line of Edward Yruma with PSC.

我們的下一個問題來自 Edward Yruma 與 PSC 的連結。

Two for me. I guess first, there's obviously a large customer base that is kind of lapsed so that's fallen out. I know at the time of the IPO, there was a thought process around a 24- to 36-month kind of reactivation period as people's size or preferences change. Is any of that still holding? And kind of what efforts are you making against the lapsed customers?

給我兩個。我想首先，顯然有一個龐大的客戶群已經流失，所以已經消失了。我知道在 IPO 時，隨著人們的體型或偏好的變化，有一個圍繞 24 至 36 個月的重新激活期的思考過程。其中還有嗎？您針對流失的客戶採取了哪些措施？

And then as a follow-up, I know one area of refinement has been around the policy on clearing excess inventory. I guess kind of where are you with that? And kind of how are you disposing of some of this excess inventory?

作為後續行動，我知道一個改進的領域是圍繞清理過剩庫存的政策。我想你在哪裡？您如何處理這些多餘的庫存？

Ed, I appreciate the question. As I understood the first part, it's about how we continue to drive engagement with our current clients. And it's something that we talked about in prior calls, as we're continuing to improve and focus on our ability to acquire new clients judiciously, we're similarly working to ensure that we're doing a better job engaging our current clients in order to fend off dormancy proactively. And we're very mindful in terms of the retention and reactivation campaigns. I do feel that the team is extremely well dialed in and has the right amount of focus on this.

艾德，我很欣賞這個問題。據我了解，第一部分是關於我們如何繼續推動與現有客戶的互動。這是我們在之前的電話會議中討論過的事情，隨著我們不斷提高並專注於明智地獲取新客戶的能力，我們同樣也在努力確保更好地吸引現有客戶主動抵禦休眠。我們非常注重保留和重新激活活動。我確實覺得團隊的配合非常好，並且對此有適當的關注。

We continue to have pockets of success or continue to have success around that reengagement. And we're going to continue to also invest within our CRM capabilities so that we can better understand who our clients are, what the right message is to deliver them, what the right time is to deliver that right message. And we feel like through these investments, we'll continue to keep that engagement open.

我們繼續取得一些成功，或者繼續在重新參與方面取得成功。我們也將繼續投資於我們的 CRM 功能，以便我們能夠更好地了解我們的客戶是誰、向他們傳遞什麼正確的訊息以及傳遞正確訊息的正確時間。我們覺得透過這些投資，我們將繼續保持這種參與。

And over a longer period of time, this speaks to the second part of the reimagination of the experience that's really important is we're going to start to really focus on what are those experiences that can deepen engagement with our current clients. And how can we make sure that we're giving them a reason to come back and visit us on a more frequent basis.

在較長一段時間內，這涉及體驗重新構想的第二部分，這一點非常重要，即我們將開始真正關注哪些體驗可以加深與現有客戶的互動。我們如何確保讓他們有理由更頻繁地回來拜訪我們。

And as we do that, we feel confident that we'll continue to be a part of their shopping journey, we'll continue to take a greater wallet share over time. And that's why that's such an important part of the investment in terms of the reengagement of the experience there.

當我們這樣做時，我們相信我們將繼續成為他們購物之旅的一部分，隨著時間的推移，我們將繼續佔據更大的錢包份額。這就是為什麼就重新體驗那裡的體驗而言，這是投資的重要組成部分。

In terms of the second part of the question around clearance, I'll answer it and allow David to jump in with a little bit of additional color there. One of the things that's really important is that we continue to invest in our pricing science there. We want to make sure that we're getting smarter about our pricing intelligence that will help ensure that we've got the right markdown cadence so that we can drive the right sell-through so that we can ensure that we have the right keep rates. And as inventory ages, then, we'll be able to make sure that we have less and less as a percentage of our total retail that needs to go to clearance. I feel good about our level of investment there.

關於有關許可的問題的第二部分，我將回答它並允許大衛加入一點額外的顏色。真正重要的事情之一是我們繼續投資定價科學。我們希望確保我們的定價情報變得更加明智，這將有助於確保我們擁有正確的降價節奏，以便我們能夠推動正確的銷售，從而確保我們擁有正確的保留率。隨著庫存的老化，我們將能夠確保需要清倉的零售總額所佔的百分比越來越少。我對我們在那裡的投資水平感到滿意。

I feel good about some of the initial results that we've seen from this increased focus in pricing science. And it's also just a phenomenal of our continued focus on retail best practices and the outsized impact that it can have on our overall business performance.

我對我們從定價科學的日益關注中看到的一些初步結果感到滿意。這也是我們持續關注零售最佳實踐及其對我們整體業務績效的巨大影響的一個顯著表現。

And I think finally, our ability to do that speaks a lot to what David was talking about too, in terms of getting leverage out of the business so that we can further invest in growth initiatives over time.

我認為最後，我們做到這一點的能力也充分說明了大衛所說的，即從業務中獲得槓桿作用，以便我們可以隨著時間的推移進一步投資於成長計劃。

And Ed, just to add on that, on the clearance side, one of the other aspects that certainly has been a benefit for us is Freestyle, where we can use Freestyle in a lot of the ways that Matt was just describing around targeted promotions and sales and using that as an avenue from a clearance perspective. And so that has certainly helped us from an inventory health standpoint.

艾德，補充一點，在清倉方面，對我們來說肯定有好處的其他方面之一是自由式，我們可以以馬特剛剛描述的圍繞有針對性的促銷和服務的多種方式使用自由式。銷售，並從清倉的角度將其用作一種途徑。因此，從庫存健康的角度來看，這無疑對我們有幫助。

Our next question comes from the line of Kunal Madhukar from UBS.

我們的下一個問題來自瑞銀集團的 Kunal Madhukar。

I guess a lot of the questions are coming in because -- especially about growth coming in because there seems to be some dichotomy between what you profess and the numbers that we see. So if the user experience is so much better than what their current experience is with other retailers, is it that the active client base is back to the January 2018 kind of levels? And then when you're thinking about wallet share, what percentage of wallet share do you currently have from the existing clients?

我想提出很多問題是因為——尤其是關於成長的問題，因為你所聲稱的內容和我們看到的數字之間似乎存在一些二分法。那麼，如果使用者體驗比他們目前在其他零售商處的體驗好得多，那麼活躍客戶群是否回到了 2018 年 1 月的水平？然後，當您考慮錢包份額時，您目前從現有客戶那裡獲得的錢包份額是多少？

And a follow-up would be you talked about having a more personalized experience with like the stylists. So what does that mean in terms of stylist headcount and the amount of time that the stylist will spend with individual clients. And then the follow-up to that would be what would be the cost of having a more personalized experience?

接下來你會談到與造型師等人一起獲得更個人化的體驗。那麼，這對造型師人數以及造型師與個人客戶相處的時間而言又意味著什麼呢？接下來的問題是，獲得更個人化的體驗的成本是多少？

All right. Thank you, Kunal. I heard three questions. I'll do my best to take them in order. The first is in terms of why I continue to have such confidence in the future success of Stitch Fix versus what the numbers that you're looking at are demonstrating. And I think based on what I've continued to say is our core differentiator and our core capability is how well we know our clients and how well we know clients from that very first interaction our opportunity going forward is how we further capitalize on that information and how we continue to build and reimagine the experience around that.

好的。謝謝你，庫納爾。我聽到了三個問題。我會盡力把它們整理好。首先是為什麼我仍然對 Stitch Fix 未來的成功充滿信心，而不是你所看到的數字所證明的那樣。我認為，基於我繼續說的，我們的核心差異化因素和我們的核心能力是我們對客戶的了解程度以及我們從第一次互動中對客戶的了解程度，我們未來的機會是我們如何進一步利用這些資訊以及我們如何繼續圍繞此構建和重新構想體驗。

So that confidence is speaking to that future growth opportunity. And as I noted earlier, we're in the midst of a transformation, and those transformations do take time.

因此，這種信心代表著未來的成長機會。正如我之前指出的，我們正處於轉型之中，而這些轉型確實需要時間。

On the second question, in terms of wallet share, we're very methodical in terms of the different client segments that we're targeting. And within those client segments, we're also filling very different needs for each of those clients. And as a result, we have a very different wallet share with each of those different client bases. And the teams are very focused on making sure that we continue to develop, build and message to those clients in those different segments to meet those needs and gain as much wallet share as possible.

關於第二個問題，就錢包份額而言，我們針對目標的不同客戶群非常有條理。在這些客戶群中，我們也滿足每個客戶的不同需求。因此，我們與每個不同的客戶群擁有非常不同的錢包份額。團隊非常專注於確保我們繼續開發、建構並向這些不同細分市場的客戶傳達訊息，以滿足這些需求並獲得盡可能多的錢包份額。

On the third question, in terms of the future of the client stylists relationship and how we want to build out a more personalized experience and what that means for the cost basis on stylists. I think what's really important there is that we're driving more meaningful interactions between clients and stylists. One is to continue to add value and ones that create experiences that are differentiated and personalized for each client. While some clients may rely on our service to continue to keep their wardrobe replenished and refreshed over time, and require minimal interaction with stylist, you might actually see less interaction with stylists. Other clients have been very vocal and I have heard in many of the client focus groups that I've attended that they want to have a deeper and more meaningful interaction with their stylists and then to be looking for help getting dressed or finishing out their closet in a much more dynamic and engaged way.

關於第三個問題，就客戶造型師關係的未來以及我們希望如何打造更個人化的體驗以及這對造型師的成本基礎意味著什麼而言。我認為真正重要的是我們正在推動客戶和造型師之間更有意義的互動。一是繼續增加價值，為每位客戶創造差異化和個人化的體驗。雖然有些客戶可能依賴我們的服務來不斷補充和更新他們的衣櫃，並且需要與造型師的互動最少，但您實際上可能會發現與造型師的互動較少。其他客戶也非常直言不諱，我在我參加過的許多客戶焦點小組中聽到，他們希望與造型師進行更深入、更有意義的互動，然後尋求穿衣或整理衣櫃的幫助以一種更加動態和投入的方式。

So in terms of what it means from an expense basis, I think it would be one where we're not anticipating on that because we're going to be able to tailor that experience to the individual where some clients are going to want a deeper or more constant engagement with stylists. And others are going to be utilizing the power of our data science and our technology in order to keep their wardrobe refresh, keep them on style and on trend potentially with less experience. So net-net, I think it will balance over time.

因此，就費用基礎而言，我認為這將是我們沒有預料到的，因為我們將能夠為個人量身定制這種體驗，而某些客戶會想要更深入的體驗或與造型師更持續的接觸。其他人將利用我們數據科學和技術的力量，讓他們的衣櫃煥然一新，讓他們在經驗較少的情況下保持時尚和潮流。因此，我認為隨著時間的推移，它會達到平衡。

With that, I see no further questions in the queue. Thank you for participating in today's conference. That does conclude the program. You may all disconnect. Have a great day.

這樣，我在隊列中就看不到其他問題了。感謝您參加今天的會議。程式到此結束。你們都可以斷開連線。祝你有美好的一天。