Stitch Fix Inc (SFIX) 2025 Q1 法說會逐字稿

Good afternoon.

午安.

And thank you for standing by.

感謝您的支持。

Welcome to the first quarter fiscal year 2025 Stitch Fix earnings call.

歡迎參加 Stitch Fix 2025 財年第一季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

And now I'd like to introduce your host for today's program, Lily Finder, Investor Relations.

現在我想介紹今天節目的主持人、投資者關係部莉莉芬德 (Lily Finder)。

Please go ahead.

請繼續。

Thank you for joining us today for the Stitch Fix first quarter fiscal 2025 earnings call.

感謝您今天參加 Stitch Fix 2025 財年第一季財報電話會議。

With me on the call are Matt Baer, Chief Executive Officer, and David Aufderhaar, Chief Financial Officer.

與我一起參加電話會議的還有執行長馬特貝爾 (Matt Baer) 和財務長大衛奧夫德哈爾 (David Aufderhaar)。

We have posted complete first quarter 2025 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.

我們已在我們的網站 investor.stitchfix.com 的季度業績部分的新聞稿中發布了完整的 2025 年第一季財務業績。我們的網站上還可以找到今天電話會議的網路直播連結。

We would like to remind everyone that we will be making forward-looking statements on this call which involve risks and uncertainties.

我們想提醒大家，我們將在本次電話會議上做出前瞻性陳述，其中涉及風險和不確定性。

Actual results could differ materially from those contemplated by our forward-looking statements.

實際結果可能與我們的前瞻性陳述所預期的結果有重大差異。

Reported results should not be considered as an indication of future performance.

報告的結果不應被視為未來表現的指標。

Please review our filings with the SEC for a discussion of the factors that could cause the results to differ in particular, our press release issued and filed today as well as the risk factors.

請查看我們向美國證券交易委員會提交的文件，以了解可能導致結果不同的因素，特別是我們今天發布和提交的新聞稿以及風險因素。

Sections of our annual report on form 10-K for fiscal 2024 previously filed with the SEC.

我們先前向美國證券交易委員會提交的 2024 財政年度 10-K 表年度報告的部分內容。

Also, note that the forward-looking statements on this call are based on information available to us as of today's date.

另請注意，本次電話會議中的前瞻性陳述是基於我們截至今天所掌握的資訊。

We disclaim any obligation to update any forward-looking statements except as required by law during this call, we will discuss certain non-GAAP financial measures.

我們不承擔更新任何前瞻性陳述的義務，除非法律在本次電話會議中要求，我們將討論某些非公認會計準則財務指標。

Reconciliations to the most directly comparable GAAP financial measures are provided in the press release on our investor relations website.

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 GAAP 財務指標的對帳表。

These non-GAAP measures are not intended to be a substitute for our GAAP results.

這些非公認會計準則指標並非旨在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 UK business as a discontinued operation.

在 2024 財年第一季度，我們開始將英國業務報告為停止營運的業務。

Accordingly, all metrics discussed on today's call represent our continuing operation.

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.

最後，本次電話會議的完整內容將在我們的投資者關係網站上進行網路直播，並且本次電話會議的重播將很快在網站上提供。

And now let me turn the call over to Matt.

現在，讓我把電話轉給馬特。

Good afternoon and thanks for joining us.

下午好，感謝您的參與。

We are off to a strong start to the fiscal year.

我們的財政年度開局良好。

We exceeded our expectations in Q1 delivering net revenue of $318.8 million.

我們第一季的淨收入達到了 3.188 億美元，超出了我們的預期。

This is a 570-basis point improvement in year over year comps from Q4 when adjusted for the 53rd week.

經第 53 週調整後，與去年同期相比，第四季的年比數據提高了 570 個基點。

We also delivered adjusted EBITDA of $13.5 million and we continue to improve our contribution margin delivering approximately 34% in the quarter.

我們還實現了 1,350 萬美元的調整後 EBITDA，並且我們繼續提高貢獻利潤率，本季貢獻利潤率達到約 34%。

This progress is the result of the ongoing execution of our transformation strategy which includes our work to strengthen the foundation of our business and reimagine our client experience.

這項進步是我們持續執行轉型策略的結果，其中包括加強業務基礎和重塑客戶體驗等工作。

We are on track to successfully transform our business, and we continue to expect to return to revenue growth.

我們正順利實現業務​​轉型，並期待繼續恢復營收成長。

By the end of FY26.

到26財年年底。

We are also raising our annual guidance and David will share more on that shortly.

我們也在提高年度指導價，David 很快就會分享更多相關資訊。

We continue to embed retail best practices across our business and drive operational efficiencies, the quality, freshness and overall health of our inventory assortment continues to improve.

我們繼續在整個業務中融入零售最佳實踐並提高營運效率，我們的庫存分類的品質、新鮮度和整體健康狀況持續改善。

We are also creating flexibility in our experience, and we've introduced more personalized marketing and engagement tactics to increase client visits, drive sales across both fixed and freestyle channels, and improve acquisition economics.

我們也在我們的體驗中創造了靈活性，我們引入了更個人化的行銷和參與策略，以增加客戶訪問量，推動固定和自由式管道的銷售，並提高收購經濟。

Specific to our assortment, the freshness of our inventory is driving improved results across multiple categories like athleisure, social, and special occasion, and in both our private and national brands.

具體到我們的產品組合，我們庫存的新鮮度正在推動運動休閒、社交和特殊場合等多個類別以及我們的自有品牌和國家品牌的業績改善。

As we shared last quarter, the retail market and our client's expectations evolved over the past few years, and we did not adapt our assortment quickly enough.

正如我們上個季度所分享的那樣，零售市場和客戶的期望在過去幾年中發生了變化，而我們未能足夠快地調整我們的產品組合。

To address this, we have been focusing on improving our inventory by building best-in-class strategies for buying, assortment planning, and allocation.

為了解決這個問題，我們一直致力於透過制定一流的採購、分類規劃和分配策略來改善我們的庫存。

Additionally, enhancements to our proprietary AI inventory management tool are helping to preserve our healthy inventory position.

此外，我們專有的 AI 庫存管理工具的增強有助於保持我們健康的庫存狀況。

In Q1, we infuse more newness and seasonally relevant styles into our offering.

在第一季度，我們為產品注入了更多新穎性和與季節相關的風格。

While we still have work to do, the penetration of newness in our inventory increased more than 40% in the quarter.

雖然我們仍有工作要做，但本季我們庫存的新品滲透率增加了 40% 以上。

And our clients are responding positively, driving AUR of 6% year over year.

我們的客戶反應非常積極，年均成長率達到 6%。

As an example, we have introduced a larger variety of silhouettes in denim that our women clients are embracing.

舉例來說，我們推出了更多女性顧客喜愛的牛仔款式。

Sales of wide leg and boot cut styles are up 250% from last year.

寬腿褲和靴型褲的銷量比去年增長了 250%。

This increase in demand highlights just how eager our clients are for fresh style choices, and we will continue leaning in to deliver emerging trends more quickly.

需求的成長凸顯了我們的客戶對新風格選擇的渴望，我們將繼續努力更快地提供新興趨勢。

Our two newest private label brands, The Commons and Montgomery Post have delivered encouraging early results.

我們的兩個最新自有品牌 The Commons 和 Montgomery Post 已取得令人鼓舞的早期業績。

The Commons has been popular in our men's business, quickly becoming a top-10 brand for clients under the age of 40.

The Commons 在我們的男裝業務中一直很受歡迎，並迅速成為 40 歲以下客戶最喜愛的十大品牌之一。

The Common sweater Polos were a big winner for our men client this quarter.

本季度，Common 毛衣 Polo 衫最受我們男士顧客的青睞。

In women's, new workwear styles from Montgomery Post are resonating with silhouettes like cowel necks performing well.

在女裝方面，蒙哥馬利郵報 (Montgomery Post) 的新款工作服很受追捧，其中高領等款式表現良好。

Many of our national brands delivered positive comps for the quarter, including brands such as Vuori, Marine Layer, Rhone, Vineyard Vines, Public Rec, Verity, and Pistola.

我們的許多國家品牌在本季度都取得了積極的業績，其中包括 Vuori、Marine Layer、Rhone、Vineyard Vines、Public Rec、Verity 和 Pistola 等品牌。

We continue to deepen relationships with these and other brands as valued partners in our transformation, and we are further expanding our assortment with the upcoming launch of new national brands.

我們將繼續深化與這些品牌和其他品牌的關係，將它們視為我們轉型過程中的重要合作夥伴，隨著即將推出新的國家品牌，我們將進一步擴大我們的產品組合。

In addition to improving our assortment, we are continuing to build flexibility into the Stitch Fix experience.

除了改進我們的產品種類之外，我們還在持續增強 Stitch Fix 體驗的靈活性。

Last quarter, we shared how we were beginning to expand beyond our traditional five items in a Fix.

上個季度，我們分享了我們如何開始擴展 Fix 中傳統的五項內容。

Clients now have the opportunity to receive up to eight items in their Fix, allowing them to better explore current trends and update their wardrobes for major life events.

客戶現在有機會在他們的 Fix 中收到最多八件物品，這使他們能夠更好地探索當前趨勢並為重大生活事件更新他們的衣櫥。

This flexibility enables us to provide more value and capture greater wallet share with our most engaged clients.

這種靈活性使我們能夠為最忠誠的客戶提供更多價值並獲得更大的份額。

While still early days, clients who choose this option are requesting nearly 40% more items in a Fix on average and driving approximately 50% greater AOVs than traditional five item Fixes.

雖然仍處於早期階段，但選擇此選項的客戶平均要求 Fix 中的項目數比傳統的五項 Fix 多出近 40%，且 AOV 比傳統的五項 Fix 高出約 50%。

Stitch Fix was built on personalization.

Stitch Fix 建立在個人化的基礎上。

And as we continue to tailor our styling experience to each and every client, we are also engaging out all our client segments through a new personalized approach to marketing.

隨著我們繼續根據每位客戶的需求量身定制我們的造型體驗，我們也透過新的個人化行銷方式吸引所有客戶群。

Our strategy is not just about driving volume, it's about engaging our clients in very targeted ways.

我們的策略不僅僅是提高銷量，還旨在以非常有針對性的方式吸引我們的客戶。

And over the last year, we have built promotional capabilities from the ground up to help us achieve that.

在過去的一年裡，我們從頭開始建立了促銷能力來幫助我們實現這一目標。

We are being methodical about specific use cases to ensure our promotions drive increased lifetime value while still maintaining overall profitability as demonstrated by our very healthy contribution margin.

我們正在對具體用例進行有條不紊的管理，以確保我們的促銷活動能夠提高終身價值，同時仍保持整體盈利能力，這從我們非常健康的貢獻利潤率可以看出。

These new promotional capabilities are also enabling us to more effectively insert Stitch Fix into the consideration set during the holiday season.

這些新的促銷功能也使我們能夠更有效地將 Stitch Fix 納入節日期間的考慮範圍。

Now, in addition to adding a variety of seasonal styles, we are also rotating through a range of holiday promotions and offers.

現在，除了增加各種季節性款式外，我們還輪流推出一系列假期促銷和優惠。

This allows us to better serve clients with a personalized styling experience for holiday dressing.

這使我們能夠更好地為客戶提供個人化的節日著裝造型體驗。

In Q1, we saw higher engagement in both Freestyle and Fix channels.

在第一季度，我們發現 Freestyle 和 Fix 頻道的參與度都有提升。

In Freestyle, we had improved year over year comps in furtherance of our strategy to capture a greater share of wallet.

在 Freestyle 方面，我們同比去年有所提升，以進一步實施我們的策略，從而獲得更大的市場份額。

In our Fix business, for the first time in more than three years, we achieved a sequential increase in clients who have enabled recurring shipments.

在我們的 Fix 業務中，三年多來首次實現了支援定期發貨的客戶數量連續成長。

As we highlighted in our last call, we introduced a refreshed brand identity, the first significant update to our brand in more than a decade.

正如我們在上次電話會議中所強調的那樣，我們推出了全新的品牌標識，這是十多年來我們品牌的首次重大更新。

Alongside our rebrand, we launched a new marketing campaign called Retail Therapy, a content series that explores some of the biggest shopping, fit, and style challenges people face, and how Stitch Fix as the industry leader in personalized styling is uniquely positioned to solve them.

在進行品牌重塑的同時，我們也推出了一項名為「零售療法」的新行銷活動，該系列內容探討了人們在購物、合身度和風格方面面臨的一些最大挑戰，以及Stitch Fix 作為個性化造型產業的領導者如何以獨特的方式解決這些問題。

As a result, we are seeing lower cost per acquisition and higher conversion in TV and related channels.

因此，我們看到電視和相關管道的每次購買成本更低，轉換率更高。

Brand awareness among our target demographics has also improved across our women's and men's businesses reaching the highest levels in two years for women's.

我們目標族群的品牌知名度也在女裝和男裝業務中得到提升，女裝業務達到了兩年來的最高水準。

As part of our broader effort to enhance our client experience, we recently launched StyleFile, a personalized resource that describes each client's unique style personality and our clients tell us they love it.

作為我們提升客戶體驗的更廣泛努力的一部分，我們最近推出了 StyleFile，這是一種個性化資源，可以描述每個客戶獨特的風格個性，我們的客戶告訴我們他們喜歡它。

We are also putting a greater spotlight on our stylists and their work through the recent introduction of stylist profiles, a new feature that enables clients to get to know their stylists better.

我們也透過最近推出的造型師檔案功能，更加關注我們的造型師和他們的工作，這項新功能使客戶能夠更好地了解他們的造型師。

These profiles are customized by the stylists themselves and include their background information as well as fashion tastes and preferences.

這些資料是由造型師自己定制的，包括他們的背景資訊以及時尚品味和偏好。

We are encouraged by the early engagement we are seeing.

我們對所看到的早期參與感到鼓舞。

I'm pleased with our strong start to the fiscal year and believe our progress this quarter further demonstrates we have the right strategy in place to return to growth.

我對我們財年的強勁開局感到高興，並相信本季的進展進一步證明我們已製定正確的策略來恢復成長。

We're investing and innovating in our client experience, leveraging our AI and data science leadership as well as our team of expert stylists to provide more reasons for clients to come back to Stitch Fix as their go to for all apparel and accessories needs.

我們正在對客戶體驗進行投資和創新，利用我們的人工智慧和數據科學領導力以及我們的專業造型師團隊，為客戶提供更多理由回到 Stitch Fix 滿足他們的所有服裝和配件需求。

Now, I'll turn the call over to David to share more details of our financial results and future outlook.

現在，我將把電話轉給大衛，讓他分享有關我們的財務表現和未來展望的更多細節。

Thanks, Matt.

謝謝，馬特。

As Matt said, Q1 was a strong start to this fiscal year and we continue to expect to return to revenue growth by the end of FY26.

正如馬特所說，第一季是本財年的強勁開端，我們預計到 26 財年末營收將恢復成長。

As we continue our transformation, we're focused on driving long-term growth while maintaining the solid foundation we've worked so hard to strengthen.

在我們繼續轉型的同時，我們專注於推動長期成長，同時保持我們努力加強的堅實基礎。

The positive results we are seeing including healthier client engagement, improving top line performance, and continued leverage across the P&L are all indicators that this approach is working, and give us confidence to continue making targeted investments towards sustainable profitable growth.

我們所看到的積極成果包括更健康的客戶參與度、不斷提高的營收表現以及持續的損益槓桿率，這些都表明這種方法正在發揮作用，並使我們有信心繼續進行有針對性的投資，實現可持續的獲利成長。

Now, let's dive into the results.

現在，讓我們深入研究結果。

Q1 net revenue came in at $318.8 million down 13% year over year and flat quarter over quarter.

第一季淨營收為 3.188 億美元，年減 13%，季減。

Revenue was above our guidance range due to our focused efforts in driving fixed AOV up 6% year over year and 11% quarter over quarter.

由於我們集中精力推動固定 AOV 同比增長 6% 並環比增長 11%，因此收入高於我們的預期範圍。

This AOV work consists of three main factors, our methodical efforts to capture upside from an earlier than expected shift into fall product, the expansion of Fix flexibility, and our ongoing optimization of our pricing architecture.

這項 AOV 工作包括三個主要因素：我們有條不紊地努力捕捉比預期更早轉向秋季產品所帶來的好處、擴大 Fix 靈活性，以及​​持續優化我們的定價架構。

Net active clients ended the quarter at 2.4 million clients representing our lowest sequential decline in active client count in two years, down 19% year over year and down 3% quarter over quarter.

本季末，淨活躍客戶數為 240 萬，創兩年來活躍客戶數的最低連續降幅，較去年同期下降 19%，季減 3%。

Revenue proactive client for the quarter was $531, up 5% year over year and relatively flat quarter over quarter.

本季主動客戶營收為 5.31 億美元，較去年同期成長 5%，較上季持平。

Gross margin for the quarter came in at 45.4% up 180 basis points year over year and up 80 basis points quarter over quarter.

本季毛利率為 45.4%，較去年同期成長 180 個基點，較上季成長 80 個基點。

Both year over year and quarter over quarter improvements were driven by improved product margins and transportation leverage.

年比和季比的成長均得益於產品利潤率和運輸槓桿的提高。

With a contribution margin of approximately 34%, Q1 was our third consecutive quarter, delivering a contribution margin above our historical range of 25% to 30%.

第一季的貢獻利潤率約為 34%，這是我們連續第三個季度的貢獻利潤率高於 25% 至 30% 的歷史範圍。

This was driven by the healthy gross margins highlighted above as well as sustainable leverage in our warehouse and styling organizations.

這是由上面強調的健康毛利率以及我們倉庫和造型組織的可持續槓桿所推動的。

Cost per order in warehouse ops was down 23% year over year and styling cost per Fix was down 21% year over year.

倉庫營運每份訂單的成本年減 23%，每件 Fix 的造型成本較去年同期下降 21%。

Advertising came in slightly above our estimated range at 9.4% of revenue in Q1 up 120 basis points a year over year and up 40 basis points quarter over quarter, as we leaned into opportunities to drive favorable returns on ad spend.

第一季廣告收入佔總營收的 9.4%，略高於我們的預期，比去年同期成長 120 個基點，比上一季成長 40 個基點，因為我們抓住機會提高廣告支出的回報。

We saw strength in reactivations this quarter and we continued to make investments in our rebrand efforts and the retail therapy campaign that Matt mentioned.

本季我們看到了重新活化的實力，我們繼續對品牌重塑工作和馬特提到的零售療法活動進行投資。

We ended Q1 with net inventory of $119.1 million down 26% year over year and up 22% quarter over quarter, due to the timing of receipts ahead of the fall winter season as well as our continued investment in newness to more closely align our offering with the needs of our clients.

我們第一季的淨庫存為 1.191 億美元，年減 26%，環比增長 22%，這得益於我們在秋冬季節之前收到貨的時間，以及我們持續投資於新產品，使我們的產品與客戶的需求。

Q1 adjusted EBITA was $13.5 million or approximately 4.2% margin up 180 basis points year over year and up 120 basis points quarter over quarter.

第一季調整後的 EBITA 為 1,350 萬美元，利潤率約為 4.2%，較去年同期成長 180 個基點，較上季成長 120 個基點。

We generated $9.9 million of free cash flow in Q1 and ended the quarter with $253 million in cash, cash equivalents, and investments, and no debt.

我們在第一季產生了 990 萬美元的自由現金流，本季末的現金、現金等價物和投資為 2.53 億美元，並且沒有債務。

Turning to our outlook.

轉向我們的展望。

As a result of the strength we saw this quarter, we are updating our annual revenue and EBITDA guidance.

由於本季表現強勁，我們正在更新年度營收和 EBITDA 指引。

For the full year FY25, we expect total revenue to be between $1.14 billion and $1.18 billion.

我們預計 25 財年全年總營收將在 11.4 億至 11.8 億美元之間。

We expect total adjusted EBITDA for the year to be between $25 million and $36 million.

我們預計今年調整後的 EBITDA 總值將在 2,500 萬美元至 3,600 萬美元之間。

This guidance still assumes we will be free cash flow positive for the full year, but we do expect Q2 to be negative due to the timing of working capital requirements related to inventory purchases.

該指引仍假設我們全年的自由現金流將為正，但由於與庫存採購相關的營運資本需求的時間安排，我們預計第二季的自由現金流將為負值。

For Q2, we expect total revenue to be between $290 million and $300 million.

對於第二季度，我們預計總營收在 2.9 億美元至 3 億美元之間。

We expect Q2 adjusted EBITDA to be between $8 million and $13 million dollars.

我們預計第二季調整後的 EBITDA 在 800 萬美元至 1300 萬美元之間。

We expect both Q2 and full year gross margin to be approximately 44% to 45%.

我們預計第二季和全年毛利率均約為 44% 至 45%。

And we now expect full year advertising to be at the high end of the 8% to 9% range we provided last quarter, reflecting our ongoing focus on opportunistically reinvesting our EBITDA upside back into the business when we see the right ROIs.

我們現在預計全年廣告支出將達到上個季度提供的8% 到9% 區間的高端，這反映了我們持續專注於在看到合適的投資回報率時，抓住機會將EBITDA 收益重新投資到業務中。

This outlook reflects the methodical approach we have taken to drive leverage in our business while investing in targeted areas to return to growth.

這一前景反映了我們採取的系統性方法，以推動業務槓桿，同時投資目標領域，恢復成長。

As we progress through our transformation, we are confident in the approach we've been taking and our ability to continue delivering efficiency and reinvesting.

隨著我們轉型的不斷推進，我們對所採取的方法以及繼續提高效率和進行再投資的能力充滿信心。

With that, I'll turn it back over to Matt to close us out.

說完這些，我將把話題轉回給馬特來結束我們的討論。

Thanks, David.

謝謝，大衛。

To reiterate, our results for Q1 show, our strategy is working.

重申一下，我們第一季的結果顯示我們的策略正在發揮作用。

We exceeded our guidance range for both revenue and EBITDA, and we've increased our full year outlook for both metrics.

我們的收入和 EBITDA 都超出了預期範圍，並且我們上調了對這兩個指標的全年預期。

We are delivering on our vision to be the most client-centric and personalized shopping experience.

我們正在實現我們的願景，即提供最以客戶為中心和個人化的購物體驗。

We continue to make great progress towards our return to growth and I look forward to sharing more with all of you next quarter.

我們在恢復成長的道路上繼續取得巨大進展，我期待下個季度與大家分享更多消息。

I also want to take a moment to address our Stitch Fix employees.

我還想花點時間向我們的 Stitch Fix 員工致詞。

Thank you for the great work you all do each and every day.

感謝你們每天的出色工作。

Our continued improvements are a testament to your commitment to our mission and the client centricity which you have infused into all aspects of our business.

我們持續的改進證明了您對我們的使命的承諾以及您融入我們業務各個方面的客戶中心理念。

I'll now turn the call over to the operator for questions.

我現在將把電話轉給接線員以便回答問題。

(Operator Instructiosn) Maria Ripps, Canaccord.

(操作員指示) Maria Ripps，Canaccord。

Great.

偉大的。

Thanks so much for taking my questions and congrats on the strong quarter.

非常感謝您回答我的問題，並祝賀您本季業績表現強勁。

Can you maybe talk about sort of key contributors to stronger than expected spend per client this quarter?

您能否談談本季每位顧客支出超出預期的主要原因是什麼？

I think you mentioned fix -- sorry, Fix flexibility price or sort of architecture.

我想您提到了修復——抱歉，修復靈活性價格或某種架構。

But was there anything else that that's sort of worth highlighting here?

但還有什麼值得在這裡強調的嗎？

And then so you raised your full year guidance, which is great to see, but maybe more broadly, how sustainable do you think this sort of dynamics are going forward?

然後，您提高了全年業績預期，這很好，但也許更廣泛地說，您認為這種動態在未來能持續多久？

Hey, Maria, it's Matt, I appreciate the question and the kind words.

嘿，瑪麗亞，我是馬特，我很感謝你的提問和善意的話語。

The first question in terms of the contributors for the spend per client, I would reference back a lot of what we shared in the prepared remarks and happy to share a little bit more information as well.

第一個問題是關於每個客戶支出的貢獻者，我會參考我們在準備好的評論中分享的許多內容，並且很樂意分享更多資訊。

You know, one of the things that he was a really strong driver for us in terms of our share for client was the continued improvements that we're making in our inventory and in our assortment.

您知道，就我們的客戶份額而言，他對我們起到的強大推動作用之一就是不斷改進我們的庫存和產品分類。

We've continued to increase the penetration of newness to ensure that we're on trend and in style for our clients as well as having the right seasonal inventory available at the right times.

我們不斷提高新品的滲透率，以確保我們緊跟潮流，為客戶提供時尚的產品，並在合適的時間提供合適的季節性庫存。

We saw a lot of strength starting in the middle of September in terms of our fall and winter goods.

從九月中旬開始，我們的秋冬商品就表現出很大的強勁勢頭。

We saw really strong sales performance from sweaters, jackets, and other seasonally appropriate inventory that really helped to drive spend per client.

我們看到毛衣、夾克和其他適合季節的庫存銷售業績非常強勁，這確實有助於推動每個客戶的支出。

In addition, creating more flexibility in the Fix, as you noted, is helping us increase our average order value pretty considerably for those clients that have taken advantage of this optionality that we've created for them.

此外，正如您所說，在 Fix 中創建更多的靈活性有助於我們為那些利用我們為他們創建的這種可選性的客戶大幅提高平均訂單價值。

And as you noted to the work that we're doing in terms of pricing architecture, we identified and spoke to this work a few calls ago where we had this great opportunity to really go back and take a holistic look and understand the elasticity of our opening price points for our inventory across the board, recognizing that net net we had an opportunity to capture more value in terms of our initial pricing, and that's helped us drive up both AUR and ultimately AOV.

正如你提到的我們在定價架構方面所做的工作，我們在幾次電話會議前確定並討論了這項工作，我們有一個很好的機會真正回顧並全面審視和了解我們的彈性我們全面確定了庫存的開價點，在認識到淨值後，我們有機會在初始定價方面獲得更多價值，這有助於我們提高AUR 和最終AOV。

In addition to those, something else that we've been really focused on is creating more moments for engagement with our clients.

除此之外，我們真正關注的另一件事是創造更多與客戶互動的機會。

How can we engage them in between their Fixes?

我們怎麼才能讓他們參與修復過程？

How can we make sure that we're capturing as much wallet share as possible?

我們如何確保獲得盡可能多的錢包份額？

Really using our Freestyle channel complement the Fix business that we're doing with our clients, so that we're increasing the frequency at which we're providing clothing and apparel to our clients.

真正使用我們的 Freestyle 管道來補充我們與客戶開展的 Fix 業務，以便我們增加向客戶提供服裝和服飾的頻率。

And all of those have really helped to contribute to the increase in spend per client.

所有這些都確實有助於增加每個客戶的支出。

I think in terms of, how sustainable these are, we'll share a little bit and also, let David provide some additional color.

我認為，就這些的可持續性而言，我們會分享一點，同時讓大衛提供一些額外的資訊。

But we feel really good about, where we're at today.

但我們對今天的狀況感到非常滿意。

Our concentration on increasing the penetration of newness in our assortment.

我們專注於提高新品類的滲透率。

While we're happy with our results in Q1, we also as noted in the prepared remarks still have work to do.

雖然我們對第一季的業績感到滿意，但正如我們在準備好的評論中指出的那樣，我們仍有一些工作要做。

As we shared on our last call, we're looking to triple the amount of newness within our assortment over the course of the fiscal year.

正如我們在上次電話會議上所分享的那樣，我們希望在整個財政年度內將新品種類數量增加兩倍。

And good for us to be up 40% from a penetration standpoint, but we'll continue to see our inventory approved through the balance of the fiscal year as we get to make -- as we work to ensure we have the right product for the right client at the right time going forward.

從滲透率的角度來看，我們成長了40%，這對我們來說是件好事，但我們將繼續看到我們的庫存在本財年的剩餘時間內得到批准，因為我們要努力確保我們擁有適合市場的產品。

We feel really good about the flex fix penetration that we have today.

我們對今天的 flex fix 滲透率感到非常滿意。

And the focus there is just ensuring that we're client right with that optionality for them.

我們的重點只是確保客戶能夠獲得正確的選擇。

And then from a pricing perspective, we're going to continue to lean in to capture the demand where we see it.

然後從定價的角度來看，我們將繼續努力滿足我們所看到的需求。

We also recognize that, over the course of our current quarter will be anniversary and the initiation of that work.

我們也認識到，本季將是我們的周年紀念日，也是這項工作的啟動日。

So while there might be -- while it might pull back a little bit, we still feel really good about the capability that we've built and the long-term impact that that will have for us.

因此，儘管可能會有一點回落，但我們仍然對我們已經建立的能力以及它將給我們帶來的長期影響感到非常滿意。

And Maria, it is David, I'll just add just a couple of numbers around that.

瑪麗亞，這是大衛，我只想在那周圍添加幾個數字。

Specific to Q1, I think you saw in our remarks that Fix AOV was up 6% year over year, and that's really one of the primary reasons we beat the high end of our expectations.

具體到第一季度，我想您從我們的評論中看到，Fix AOV 同比增長了 6%，這確實是我們超出預期高端的主要原因之一。

And within that were a couple of things that we saw that I think Matt called out.

其中我們看到了幾件事，我認為馬特指出了這一點。

The first, we saw AUR upside and that was really driven by that earlier than normal seasonal transition into fall winter goods.

首先，我們看到 AUR 上漲，這實際上是由於比正常情況更早的季節過渡到秋冬商品所致。

And our merch teams did a really great job of being prepared for that with fresh new inventory to really be able to capture the upside that we saw there.

我們的商品團隊做得非常出色，他們為此做好了準備，提供了全新的庫存，真正能夠抓住我們所看到的優勢。

And the second is what Matt called out around that new flex Fix offering is we were able to launch and ramp Flex Fix earlier than expected in the quarter.

第二，馬特 (Matt) 提到，圍繞著新的 Flex Fix 產品，我們能夠在本季比預期更早推出和推廣 Flex Fix。

And so those were two of the main drivers of the quarter.

所以這是本季的兩個主要驅動因素。

And then to your point around the full year guide, there were a couple of things that occurred that do play forward and that's why we updated the full year guide the way that we did.

然後回到您關於全年指南的觀點，發生了一些確實會產生影響的事情，這就是我們以這種方式更新全年指南的原因。

The first thing is that we did have a small beat to our expectations around active clients where I think last quarter, we had said we expected to be down a little more than 3% and we came in right at 3%.

首先，我們的活躍客戶數量確實略微超出了我們的預期，我想上個季度我們曾說過預計下降幅度會略高於 3%，而我們的實際下降幅度正好是 3%。

And we're playing some of that upside forward.

我們正在發揮其中的一些優勢。

And then to Mat's Point, there were other sort of AOV drivers that we saw in addition to, to sort of the Q1 drivers that we expect to play forward for the year as well.

然後對於 Mat's Point，除了我們預計在今年發揮作用的 Q1 驅動因素之外，我們還看到了其他類型的 AOV 驅動因素。

And then all of that is incorporated into the new full-year guide.

然後，所有這些都被納入新的全年指南中。

Oh, great, that's very helpful.

哦，太好了，這很有幫助。

Thank you both and I'll get back in the queue.

謝謝你們二位，我會重新回到隊列。

Thanks, Maria.

謝謝，瑪麗亞。

Jay Sole, UBS.

瑞銀的傑伊·索爾 (Jay Sole)

Great.

偉大的。

Thank you so much.

太感謝了。

Matt, can you elaborate a little bit on the impact of private brands have had in the business?

馬特，你能詳細闡述一下自有品牌對業務的影響嗎？

You know, you touched on the prepared marks, but just tell us maybe a little bit about what percentage of sales those brands are right now?

您知道，您提到了準備好的標記，但請告訴我們這些品牌目前的銷售額佔比是多少？

How that is driven, greater AOV?

如何實現更大的 AOV？

And just if you can elaborate, that would be helpful.

如果您能詳細說明的話，那將會很有幫助。

Thank you.

謝謝。

Hey, Jay.

嘿，傑伊。

Yeah, happy to elaborate.

是的，很高興詳細說明。

And where I'll start is just in terms of the target that we have for the percentage of private and national brands, that's going to continue to ebb and flow.

我首先要說的是，就我們設定的自有品牌和國家品牌所佔比例的目標而言，這個數字將會持續起伏。

And that'll ebb and flow depending on what our client needs, what our client wants, and what are we learning from them, day to day, week to week, month to month.

而這會根據我們的客戶需要什麼、想要什麼以及我們從他們身上學到了什麼而起伏不定，日復一日，週復一周，月復一月。

And as I mentioned on a prior call, I think the strength of Stitch Fix is a robust offering of national and private brands.

正如我在之前的電話會議中提到的，我認為 Stitch Fix 的優勢在於其強大的國家品牌和自有品牌產品。

It's one of the ways that we can best serve our clients through that portfolio that we have.

這是我們利用現有的產品組合為客戶提供最佳服務的方式之一。

And given our healthy contribution margin that we spoke to in the prepared remarks, I do believe that we're operating a position of strength that allows us to adjust the portfolio profitably to best meet our clients needs.

鑑於我們在準備好的評論中提到的健康的貢獻利潤率，我確實相信我們處於優勢地位，這使我們能夠調整投資組合以盈利，從而最好地滿足客戶的需求。

And we'll continue to employ a data driven approach to the decision making and using those client insights to guide, where we're buying into and what that overall penetration is.

我們將繼續採用數據驅動的方法進行決策，並利用客戶洞察來指導我們的購買方向和整體滲透率。

As we've shared historically and on prior calls, our private brand composition is around 40% to 50% of our total market -- of our total portfolio.

正如我們過去和在之前的電話會議中所分享的那樣，我們的自有品牌占我們整個市場（整個產品組合）的 40％ 到 50％。

And the keep rate and the margins and those continue to have an out performance over our market brands.

保值率、利潤率等持續優於我們的市場品牌。

But our market brands also continue to really resonate with our clients and we're seeing a lot of strength there as we shared in the prepared remarks.

但我們的市場品牌也繼續真正引起客戶的共鳴，正如我們在準備好的評論中分享的那樣，我們看到了巨大的力量。

So we're just going to continue to make sure that the end of the day, we have the client right assortment and feel really confident in our ability to serve our clients extremely well and get them the product that they're looking for.

因此，我們只是要繼續確保最終我們能為客戶提供正確的產品組合，並且對我們為客戶提供優質服務、為他們提供所需產品的能力充滿信心。

Got it.

知道了。

If I can sneak one more in before I go back into, just talk a little bit more about the progress you're making with the active client file.

在我回去之前，如果我可以再偷偷說一點，那就再多談談你在活動客戶端文件方面取得的進展。

You talk about things maybe that incrementally that have been successful.

您談論的也許是一些已經逐步取得成功的事情。

And maybe things you're looking into going forward to continue to move that in the right direction.

也許您正在考慮的事情將繼續朝著正確的方向發展。

Yeah, so happy to speak to both where we're at from a progress of active clients as well as where we see this moving forward, and David, please jump in with any additional context for us.

是的，我很高興能談談我們目前活躍客戶的進展情況以及我們對未來發展的看法，David，請為我們提供更多背景資訊。

And as we've spoken about previously, it is really important to work to drive up our active client base, but the primary focus is ensuring that our clients are healthy clients.

正如我們之前所說的，努力擴大我們的活躍客戶群確實非常重要，但主要的重點是確保我們的客戶是健康的客戶。

That's both in terms of which clients we're acquiring upfront.

這與我們預先取得的客戶有關。

And then once we've acquired a client, how are we driving engagement, ensuring that we're meeting their needs in order to increase our revenue-proactive client and increase our LTV over time.

然後，一旦我們獲得了客戶，我們如何推動參與，確保滿足他們的需求，從而增加我們的收入主動型客戶並隨著時間的推移提高我們的 LTV。

we feel really good today in terms of the work that we've done both within our marketing and our product experience to continue to improve and enhance the on boarding that we have for new client acquisition.

就我們在行銷和產品體驗方面所做的工作而言，我們今天感覺非常好，我們將繼續改進和加強我們獲取新客戶的入職培訓。

We feel really good about the work that we've been doing to reengage our prior clients and the strength that we've been seeing in terms of reengagement.

我們對於我們為重新吸引我們的先前客戶而進行的工作以及我們在重新吸引方面所看到的實力感到非常滿意。

And also, as I noted in response to Maria's question too, we feel really good about how we're engaging our current clients in order to drive more frequent visits and more frequent transactions with them.

而且，正如我在回答瑪麗亞的問題時提到的那樣，我們對如何吸引現有客戶感到非常滿意，從而吸引他們進行更頻繁的訪問和更頻繁的交易。

So feel pretty good about our active client count overall.

因此，我們總體上對我們的活躍客戶數量感到十分滿意。

This will be something that we're perpetually focused on.

這將是我們永遠關注的事情。

Both working to increase that number as well as increase that engagement to continue to drive up our RPAC & LTV metrics.

我們都致力於增加這一數字並提高參與度，以繼續提高我們的 RPAC 和 LTV 指標。

And I think I would just add that, I think to Matt's point, we're definitely very pleased with where we are this quarter, slightly beating our expectations.

我想補充一點，我認為對於馬特的觀點，我們對本季的業績非常滿意，略微超出了我們的預期。

And for Q2, we expect to see continued improvement in terms of sequential growth.

對於第二季度，我們預計連續成長將繼續改善。

I think we had called out a little bit more than 3% down last quarter.

我認為我們上個季度的降幅略高於 3%。

This quarter roughly I think we expect to be down somewhere between 2% and 3% from a quarter-over-quarter standpoint.

我預計本季的環比下降幅度將在 2% 至 3% 之間。

And I think back to Matt's point, this is about being methodical about making sure that we're bringing in the right clients and certainly seeing that in some of the 90-day LTV numbers that we're seeing, that are sort of the highest we we've seen in almost almost three years.

我回想起馬特的觀點，這是為了確保我們引進正確的客戶，當然，我們看到的一些 90 天 LTV 數字是最高的我們見面已經快三年了。

And all of that gives us confidence to sort of reiterate what we said last quarter where we expect to see a quarter-over-quarter increase in active clients during FY26.

所有這些都讓我們有信心重申我們上個季度所說的話，我們預計 26 財年活躍客戶數量將環比增加。

Got it, okay.

知道了，好的。

That's helpful.

這很有幫助。

Thank you so much.

太感謝了。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

Thanks a lot, nice progress here.

非常感謝，這裡進展得很好。

So if you're seeing this improved role, I'm curious if there's anything that you're doing on sort of the deep data sets that you have to leverage engagement?

因此，如果您看到這個角色有所改進，我很好奇，您是否在深度資料集上做了什麼來利用參與度？

It sounds like right now AI is being used more on the inventory side.

聽起來現在人工智慧在庫存方面得到更多的應用。

But is there anything you're doing as far as leveraging sort of the view of customer that you have from a retention or engagement standpoint?

但是，從保留或參與的角度來看，您是否正在採取任何措施來利用客戶的觀點？

Hey, Dylan, happy to answer the question.

嘿，迪倫，很高興回答這個問題。

Can you just repeat it quickly?

你能快速重複一遍嗎？

I'm just curious, I mean, short of it is, are you using AI in any capacity through your data sets to do a better job engaging or reten -- for customer retention pertaining?

我只是很好奇，簡而言之，您是否透過資料集以任何方式使用人工智慧來更好地吸引或保留客戶？

Happy to answer the question and appreciate the comment regarding the strong progress that we've been making.

很高興回答這個問題，並感謝對我們取得的重大進展的評論。

So you know I think what's important is just a continued reference point is just for us at Stitch Fix, AI is integrated into every aspect of our business.

所以你知道我認為重要的是持續的參考點，對於 Stitch Fix 來說，AI 已經融入我們業務的各個方面。

It has been from day one.

從第一天起就是這樣。

It's not a new investment area for us, it's in our DNA.

對我們來說，這不是一個新的投資領域，而是我們的 DNA。

And it's a core part of our value proposition.

這是我們價值主張的核心部分。

And we're absolutely using our AI and data science capabilities in order in order to both methodically and cost effectively drive engagement and re engagement with our different client bases and our different client segmentations.

我們絕對會利用我們的人工智慧和數據科學能力，以便有條不紊地、經濟高效地推動與不同客戶群和不同客戶細分群體的互動和再互動。

It's a key component of what's been able -- us to be able to unlock a lot of the strength that we've seen in our promotional capabilities, such that we're able to use these promotional capabilities to drive up AOV, in order to increase engagement, and for a variety of other use cases, all while delivering the highest contribution margins that we've had as a public company.

這是我們能夠釋放促銷能力優勢的關鍵因素，這樣我們就可以利用這些促銷能力來提高平均訂單價值，從而提高參與度，並用於各種其他用例，同時提供我們作為上市公司所擁有的最高貢獻利潤率。

So it's something that we'll continue to lean on and it's going to continue to be an area of competitive strength for us.

因此，我們會繼續依賴它，它也將繼續成為我們的競爭優勢領域。

Excellent.

出色的。

And then it sounds like you rattled off a handful of brands there in the prepared remarks.

然後聽起來你在準備好的發言中列舉了幾個品牌。

It sounds like some of those are incremental to you.

聽起來其中一些對你來說是漸進的。

And I'm curious if that's true and if you're finding sort of better relevance or better access to brands and what your pitch is there to kind of get those in?

我很好奇這是否屬實，您是否找到了更相關的方式或更好的品牌訪問方式，以及您是如何吸引這些品牌的？

Thanks.

謝謝。

Yeah, I appreciate the question.

是的，我很感謝你提出這個問題。

So in terms of how we're determining which market brands we're going to go after and integrate into our experience, as I mentioned before, a lot of that has to do with just being client led, and understanding what's trending in the market, what brands are our clients looking for.

因此，就我們如何確定要追求哪些市場品牌並將其融入我們的體驗而言，正如我之前提到的，這很大程度上取決於以客戶為導向，以及了解市場趨勢，我們的客戶正在尋找什麼品牌。

And also, us with the data sets that we have, what do we think are the brands that are going to best meet the needs of our clients.

此外，根據我們現有的資料集，我們認為哪些品牌最能滿足我們客戶的需求。

We have a strong private brand portfolio.

我們擁有強大的自有品牌組合。

And we also acknowledge that in a lot of instances, the wants or needs of our clients are either very brand specific or there's certain white spaces that we need to fill in with market brands that we don't have coverage within our current private brand portfolio.

我們也承認，在許多情況下，我們客戶的需求要么非常特定於品牌，要么存在某些空白，我們需要用我們目前的自有品牌組合中沒有覆蓋的市場品牌來填補這些空白。

I think we have a really compelling value proposition for market brands.

我認為我們對於市場品牌有一個非常引人注目的價值主張。

We have a very highly engaged client base.

我們擁有高度參與的客戶群。

We do a great job of meeting our client's needs in a very differentiated and unique service.

我們透過差異化和獨特的服務很好地滿足了客戶的需求。

It's a service that creates unparalleled convenience and client satisfaction that becomes a really good opportunity for market brands in order to get in front of clients and to introduce their brands to this client base and to a new client base, potentially that's outside the reach of either their current direct-to-consumer reach or the reach of the physical network that they otherwise have access to.

這項服務創造了無與倫比的便利性和客戶滿意度，成為市場品牌走向客戶並向現有客戶群和新客戶群推介其品牌的絕佳機會，而這些客戶群可能是任何一家公司都無法企及的。 他們目前直接面向消費者的覆蓋範圍或他們可以訪問的實體網路的覆蓋範圍。

So we found really good reception as we go out to market to both deepen our relationships with the market brands we work with today as well as to attract new market brands to bring into our assortment tomorrow.

因此，當我們走向市場時，我們發現反應非常好，這不僅加深了我們與目前合作的市場品牌的關係，也吸引了新的市場品牌納入我們明天的產品組合。

Really appreciate it.

真的很感激。

Thank you.

謝謝。

(Operator Instructions) Simeon Siegel, BMO Capital Markets.

（操作員指示） Simeon Siegel，BMO 資本市場。

Hi, this is Dan on for Simeon.

大家好，我是丹，代表西緬。

Thanks for taking our question and congrats on the nice improvement.

感謝您回答我們的問題，並祝賀您取得了良好的進步。

So you've talked about the opportunity, you talked about the opportunity around reactivation in the past and then before you touched on it with Jay's question.

所以你談到了機會，你談到了過去重新激活的機會，然後在你談到傑伊的問題之前。

We just wanted to see how reactivations are trending versus your expectations and how you view this opportunity going forward.

我們只是想看看重新激活的趨勢與您的期望相比如何，以及您如何看待這個未來的機會。

Thank you.

謝謝。

Hey Dan, nice to hear from you again and appreciate the remarks.

嘿，丹，很高興再次收到你的來信，我很感謝你的評論。

So we continue to see a strength in the work that we're doing in order to drive reengagement.

因此，我們繼續看到我們為推動重新參與而開展的工作的優勢。

David, feel free to add some additional color if you'd like.

大衛，如果你願意的話，請隨意添加一些額外的顏色。

But that's been a big focus of ours.

但這一直是我們關注的重點。

We have a really large and active client base as well as a large base of clients that have previously been Stitch Fix consumers.

我們擁有非常龐大且活躍的客戶群，以及之前曾是 Stitch Fix 消費者的客戶群。

And as we continue to improve our assortment, continue to improve our experience, continue to improve our AI-driven engagement and targeting capability, we've seen a great opportunity and great results going back to that that segment of former clients and giving them a really strong value proposition to come back to us.

隨著我們不斷改進產品種類，不斷改善我們的體驗，不斷提高我們由人工智慧驅動的參與度和定位能力，我們看到了一個很好的機會和很好的結果，可以回饋那部分以前的客戶，並為他們提供真正強大的價值主張將會回歸到我們身邊。

They're well aware of the convenience that we offer and the great service that we offer when it comes to style and fit.

他們非常了解我們提供的便利性以及我們在風格和合身度方面提供的優質服務。

And we've seen some really great results when they're experiencing the enhancements that we've made to both reimagine the client experience and improve our assortment overall.

當他們體驗到我們為重新構想客戶體驗和改善我們的整體產品組合所做的改進時，我們看到了一些非常好的結果。

And Dan, just to provide a couple of numbers around that we're definitely, to Matt's point, really encouraged around re engagements.

丹，我只想提供幾個數字，說明我們對於馬特所說的重新參與確實感到非常鼓舞。

And that's one of the main reasons we did slightly beat our expectations from an active client standpoint this quarter, because reengagements were up 17% year over year.

這就是本季我們從活躍客戶角度略微超出預期的主要原因之一，因為重新參與率比去年同期成長了 17%。

And it was a second quarter of year-over-year growth in a row.

這是連續第二個季度實現同比增長。

And so to Matt's point, just really encouraged by the work the teams are doing to really lean in here and we're seeing some good results.

所以對於馬特所說的，我們真的對團隊在這裡所做的工作感到鼓舞，並且看到了一些很好的結果。

Appreciate it.

非常感謝。

Thanks for the color.

謝謝你的顏色。

Happy holidays.

節日快樂。

Thank you.

謝謝。

Thank you.

謝謝。

And this does conclude the question-and-answer session as well as today's program.

問答環節和今天的節目到此結束。

Thank you, ladies and gentlemen, for your participation.

謝謝女士們、先生們的參與。

You may now disconnect.

您現在可以斷開連線。

Good day.

再會。