Stitch Fix Inc (SFIX) 2025 Q2 法說會逐字稿

Thank you for joining us today for the Stitch Fix second-quarter fiscal 2025 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 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.

感謝您今天參加 Stitch Fix 2025 財年第二季財報電話會議。與我一起參加電話會議的還有執行長 Matt Baer；以及財務長 David Aufderhaar。我們已在網站 investors.stitchfix.com 的季度業績部分的新聞稿中發布了完整的 2025 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的網路直播連結。

On today's call, Matt and David will share their prepared remarks. We will then move to Q&A before concluding with Matt's closing remarks.

在今天的電話會議上，馬特和大衛將分享他們準備好的演講。然後我們將進入問答環節，最後由馬特致閉幕詞。

Before we begin, 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.

在開始之前，我們想提醒大家，我們將在本次電話會議上做出前瞻性的陳述。其中涉及風險和不確定性。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。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 sections of our most recent quarterly report on Form 10-Q previously filed with the SEC. 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.

請查看我們向美國證券交易委員會 (SEC) 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，以及我們先前向美國證券交易委員會提交的最新 10-Q 表季度報告中的風險因素部分。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。除非法律要求，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提供了與最直接可比較的 GAAP 財務指標的對帳。這些非公認會計準則 (non-GAAP) 指標並非旨在取代我們的公認會計準則 (GAAP) 結果。

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

在 2024 財年第一季度，我們開始將英國業務報告為已終止的業務。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經營。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，並且該電話會議的重播也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。

Thanks, Cherryl, and good afternoon, everyone. Thanks for joining us today. Our team delivered another strong quarter as we further advanced our transformation strategy. We exceeded our expectations in Q2 with revenue of $312.1 million and adjusted EBITDA of $15.9 million. The team achieved a 710 basis point sequential improvement in year-over-year revenue comps and a contribution margin of 33%, our fourth consecutive quarter above 30%.

謝謝，Cherryl，大家下午好。感謝您今天加入我們。隨著我們進一步推進轉型策略，我們的團隊又取得了一個強勁的季度業績。我們第二季的營收超出預期，達到 3.121 億美元，調整後 EBITDA 為 1,590 萬美元。該團隊的年收入年增了 710 個基點，貢獻利潤率達到 33%，這是我們連續第四個季度超過 30%。

In addition, both our Men's business and our Freestyle channel returned to year-over-year revenue growth. We are encouraged by these results and remain focused on the work ahead to return Stitch Fix to overall revenue growth.

此外，我們的男裝業務和 Freestyle 通路的收入均實現了同比增長。這些結果讓我們備受鼓舞，我們將繼續致力於未來的工作，使 Stitch Fix 恢復整體營收成長。

Based on our current performance, we are also raising our annual guidance for the current year, which David will detail shortly. We attribute our progress to a number of improvements we've made to reimagine our client experience. These include increasing newer, more on-trend styles in our assortment, expanding Fix flexibility, and strengthening client stylist relationships.

根據我們目前的表現，我們還將提高今年的年度指導，David 很快就會詳細說明。我們將我們的進步歸功於我們為重新構想客戶體驗所做的一系列改進。這些措施包括在我們的產品系列中增加更新、更流行的款式、擴大 Fix 的靈活性以及加強客戶造型師關係。

In addition, we're investing in Freestyle, our personalized direct e-commerce platform. All of these enhancements are resonating with clients, let me touch on each and the impact we're seeing.

此外，我們也投資了個人化直銷電子商務平台 Freestyle。所有這些增強功能都引起了客戶的共鳴，讓我來談談每一個功能以及我們看到的影響。

First, the investments we've made to improve the quality of our assortment and ensure a healthy inventory position are working. In Q2, we delivered AOV up 9% year over year, driven by broad-based strength in keep rate, AUR and items per Fix.

首先，我們為提高產品種類品質和確保庫存狀況健康而進行的投資正在發揮作用。在第二季度，我們的 AOV 年增 9%，這得益於留存率、AUR 和每筆修復商品的全面強勁增長。

We are seeing particular success with new styles. We finished Q2 with keep rates for new inventory up 7% year over year. We also continue to leverage our proprietary AI merchandising tool for improved inventory management. As a reminder, this tool utilizes our client transaction and feedback data to predict demand at the individual style and client level, so that our merchandising team can make buying decisions that are more effective and efficient.

我們看到了新風格的特別成功。我們在第二季結束時新庫存的維持率年增了 7%。我們也持續利用我們專有的 AI 行銷工具來改善庫存管理。提醒一下，此工具利用我們的客戶交易和回饋資料來預測個人風格和客戶層面的需求，以便我們的銷售團隊能夠做出更有效、更有效率的購買決策。

It also enables our merchants to spend more time on the art of merchandising, including trend identification, vendor partnership, and private brand development. Speaking of our private brands, our newest labels, The Commons and Montgomery Post are performing well with The Commons now a top five revenue brand in Men's. And styles from national brands such as Vuori, Marine Layer, Rhone, Vineyard Vines, Public Rec, Faherty and Pistola continue to resonate with our clients.

它還使我們的商家能夠花更多時間在商品推銷藝術上，包括趨勢識別、供應商合作和自有品牌發展。說到我們的自有品牌，我們最新的品牌 The Commons 和 Montgomery Post 表現良好，其中 The Commons 現在是男裝收入排名前五的品牌。Vuori、Marine Layer、Rhone、Vineyard Vines、Public Rec、Faherty 和 Pistola 等國內品牌的風格繼續引起客戶的共鳴。

In terms of category performance, for our women's clients, dresses and denim-led category growth. Denim sales as a percentage of our overall women's business increased from Q2 of last year and within dresses, workwear dresses generated a positive year over year sales comp of more than 60%. Meanwhile, the standouts in Men's were cashmere and performance workwear, up year over year by over 400% and nearly 150%, respectively.

就品類表現而言，對於我們的女性客戶而言，連身裙和牛仔布引領了品類成長。牛仔布銷售額占我們整體女裝業務的百分比較去年第二季度有所增加，而在連身裙方面，工作服的銷售額同比增長超過 60%。同時，男裝中表現突出的是羊絨和高性能工作服，分別年增超過 400% 和近 150%。

As mentioned, our Men's category returned to revenue growth in Q2 and we believe our Men's clients have responded well to the enhancements to our assortment, and to the more precise and segmented marketing we've applied. While a smaller percentage of our portfolio today, we are encouraged by the growth inflection and remain confident men's can be a durable growth engine for us going forward. I'll also note that as part of our broader focus on newness, we've expanded our nonapparel categories across lines of business to deliver full outfitting solutions. We have seen favorable results in sneakers, jewelry, and accessories, with each category delivering positive revenue comps within the quarter.

如上所述，我們的男裝類別在第二季度恢復了收入成長，我們相信我們的男裝客戶對我們產品系列的增強以及我們所應用的更精準和細分的營銷反應良好。儘管目前男裝在我們的投資組合中所佔比例較小，但我們對成長轉折點感到鼓舞，並且仍然相信男裝可以成為我們未來持久的成長引擎。我還要指出的是，作為我們更廣泛關注新產品的一部分，我們已經擴展了跨業務線的非服裝類別，以提供完整的裝備解決方案。我們在運動鞋、珠寶和配件方面看到了良好的業績，每個類別在本季度都實現了正收入成長。

Second, the enhanced flexibility we are building into our experience has been well received with our clients' response surpassing our initial expectations. Of note, we're seeing increased adoption and greater AOVs with clients embracing the ability to receive up to eight items in a Fix. We believe that offering this increased level of flexibility helps our clients navigate seasonal transitions, outfitting solutions, and changes in their fit profile. And that this change will become an important driver of long-term engagement.

其次，我們在經驗中所建構的增強的靈活性得到了良好的反響，客戶的反應超出了我們最初的預期。值得注意的是，我們看到採用率和 AOV 不斷提高，客戶開始接受在 Fix 中接收最多 8 件商品的能力。我們相信，提供這種更高水準的靈活性有助於我們的客戶應對季節轉變、裝備解決方案以及合身度變化。這項變革將成為長期參與的重要推手。

Third, deep client-stylist connections are an essential part of the highly personalized shopping experience we are known for, and we have made ongoing investments to strengthen those relationships. Since Stitch Fix's inception, we've combined expert stylists with best-in-class algorithms and advanced data science to deliver tailored style recommendations.

第三，深厚的客戶與設計師之間的聯繫是我們聞名的高度個人化購物體驗的重要組成部分，我們一直在持續投資以加強這種關係。自 Stitch Fix 成立以來，我們一直將專業造型師與一流的演算法和先進的數據科學相結合，提供量身定制的風格建議。

In Q2, we launched enhancements to our models that deliver better stylist recommendations so that they, in turn, can deliver the right apparel and accessories to each individual client. Our broader investments in these relationships, which also include the launch of stylist profiles, so clients can better know who is styling them are resonating.

在第二季度，我們對模型進行了增強，以提供更好的造型師推薦，從而為每位客戶提供合適的服裝和配件。我們對這些關係的更廣泛的投資引起了共鳴，其中還包括推出造型師檔案，以便客戶可以更好地了解誰為他們設計造型。

In Q2, the percentage of clients requesting the same stylists for their next Fix hit the highest level in nearly five years. I also mentioned that we are continuing to invest in Freestyle as a complement to our Fix offering. While Fix remains a majority of our business, our healthiest clients are those who utilize both channels.

在第二季度，由同一位造型師進行下一次修整的客戶比例達到了近五年來的最高水準。我還提到，我們將繼續投資 Freestyle，作為我們 Fix 產品的補充。雖然 Fix 仍然是我們業務的主要部分，但我們最健康的客戶是同時使用這兩個管道的客戶。

In Q2, we ran dedicated campaigns to drive awareness and consideration of Stitch Fix as a destination for holiday shopping for the first time. In addition, we adopted more advanced data-driven forecasting tools, which expanded our shoppable selection by more than 20% without any increase in inventory ownership. Initiatives such as these contributed to Freestyle returning to year-over-year growth in Q2, and we see more runway to improve future performance.

在第二季度，我們首次開展了專門的活動，以提高人們對 Stitch Fix 作為假日購物目的地的認識和考慮。此外，我們採用了更先進的數據驅動預測工具，在不增加庫存所有權的情況下，使我們的可購物選擇範圍擴大了 20% 以上。這些舉措促使 Freestyle 在第二季度恢復了同比增長，我們看到了更多改善未來業績的空間。

In aggregate, we are seeing the impact of the changes we've made to our experience in our client metrics. We are making progress toward active client growth. Clients new to Stitch Fix increased year over year, and importantly, Q2 marked our smallest sequential decline in active client count in three years.

總的來說，我們看到了我們對客戶指標體驗所做的改變所產生的影響。我們正在積極推動客戶成長。Stitch Fix 的新客戶數量較去年同期成長，重要的是，第二季是我們三年來活躍客戶數量較上季下降幅度最小的季度。

Since August, when we introduced the first set of changes to our client experience, each monthly cohort we have acquired has spent more than cohorts from the same month in the previous two years, contributing to ongoing strength in 90-day LTV. We're also pleased to see further increases in clients who have enabled recurring shipments.

自 8 月我們推出第一批客戶體驗改善措施以來，我們每月獲得的客戶群的消費額都超過了前兩年同期的客戶群體，這有助於持續增強 90 天的客戶生命週期價值 (LTV)。我們也很高興看到啟用定期出貨的客戶數量進一步增加。

The performance of these cohorts gives us the confidence to invest further in both engaging our existing clients and acquiring new ones. To achieve this, we are building upon our Retail Therapy brand platform that explores how Stitch Fix helps solve our biggest shopping fit and style challenges people face. We have also optimized our channel-specific media and overall media mix, as well as launched segmented onboarding experiences that speak to distinct needs of different clients.

這些群體的表現使我們有信心進一步投資以吸引現有客戶並獲取新客戶。為了實現這一目標，我們正在建立我們的零售療法品牌平台，探索 Stitch Fix 如何幫助解決人們面臨的最大的購物適應性和風格挑戰。我們也優化了特定通路媒體和整體媒體組合，並推出了針對不同客戶不同需求的細分入職體驗。

I'd also like to recognize that this earnings call is happening during a time of uncertainty with respect to the macroeconomic environment and, in particular, the impact of tariffs. Our team and partners have a history of managing tariffs well and have confidence we’ll continue to do so. We currently do not expect that tariffs will impact client prices or margins in the second half. We remain focused on our clients, and we will continue to work hard to deliver the best experience and value to them every day.

我還想承認，這次財報電話會議是在宏觀經濟環境不確定的時期召開的，尤其是關稅的影響。我們的團隊和合作夥伴在管理關稅方面有著良好的記錄，並且有信心我們將繼續這樣做。我們目前預計關稅不會影響下半年的客戶價格或利潤率。我們始終專注於我們的客戶，並將繼續努力每天為他們提供最佳體驗和價值。

To wrap up, Q2 was a strong quarter and demonstrates the undeniable progress of our transformation strategy. Our team remains focused on execution to unlock our market opportunity. And we believe our recent performance shows we are making the right investments as we look ahead to the growth phase of our transformation.

總而言之，第二季表現強勁，證明了我們的轉型策略取得了不可否認的進展。我們的團隊始終專注於執行，以發掘我們的市場機會。我們相信，我們最近的表現表明，展望轉型的成長階段，我們正在做出正確的投資。

With our expert stylist curated assortment of private and national brands, best-in-class AI and recommendation algorithms and in-depth customer data I believe more than ever that Stitch Fix offers a superior alternative to traditional shopping, and we constantly challenge ourselves on how best to serve our current and prospective clients for all of their apparel and accessories needs so that we are their retailer of choice.

憑藉我們專業造型師精心挑選的自有品牌和國家品牌、一流的人工智慧和推薦演算法以及深入的客戶數據，我比以往任何時候都更加相信 Stitch Fix 提供了比傳統購物更優質的替代方案，我們不斷挑戰自己如何最好地滿足我們現有和潛在客戶的所有服裝和配件需求，以便我們成為他們的首選零售商。

I also want to take a moment to recognize the entire Stitch Fix team and thank them for their dedication and hard work in service of this goal.

我也想藉此機會感謝整個 Stitch Fix 團隊，並感謝他們為實現這一目標所付出的奉獻和努力。

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

說完這些，我將把電話轉給大衛，讓他分享更多關於我們的財務表現和前景的細節。

Thanks, Matt. To reiterate, we're encouraged with the momentum we're building. The team delivered a strong Q2, which gives us greater confidence in a return to overall revenue growth during FY26. We can see the impact of our transformation strategy across the P&L.

謝謝，馬特。再次強調，我們對我們正在建立的勢頭感到鼓舞。該團隊在第二季度表現強勁，這使我們對 2026 財年整體營收恢復成長更有信心。我們可以看到我們的轉型策略對整個損益表的影響。

Our year-over-year revenue comps continue to improve each quarter. And while they are currently smaller areas of our business, the return to growth in Men's and Freestyle indicates that we are on the right path, we're making the right investments and we have the right team in place to deliver on our commitments. We are applying learnings from the success of these two areas across our entire business.

我們的同比收入每季都在持續提高。雖然目前男子和自由式滑雪只是我們業務中較小的一個領域，但其恢復成長表明我們正走在正確的道路上，我們正​​在進行正確的投資，並且我們擁有合適的團隊來履行我們的承諾。我們正在將這兩個領域的成功經驗應用到我們的整個業務中。

Now let's dive into the results. Q2 net revenue came in at $312.1 million, down 5.5% year over year and 2% quarter over quarter. Revenue was above our guidance range due to sustained strength in AOV, which was up 9% year over year and 4% quarter over quarter.

現在讓我們深入了解結果。第二季淨營收為 3.121 億美元，年減 5.5%，季減 2%。由於平均訂單價值 (AOV) 持續強勁，收入高於我們的預期範圍，AOV 同比增長 9%，環比增長 4%。

January was a particularly positive month for us, as we were well positioned from an assortment perspective to better meet our clients' apparel needs. As Matt noted, the AOV upside in the quarter was driven by higher keep rate, AUR, and items per fix. This contrasts with last quarter's growth in AOV, which was primarily due to AUR. This quarter, we saw strength across all three of these AOV drivers. Our AOV has now increased year over year for the last six quarters, which is encouraging, and we believe there is additional opportunity.

一月對我們來說是一個特別積極的月份，因為從分類角度來看，我們處於有利地位，可以更好地滿足客戶的服裝需求。正如馬特所指出的，本季 AOV 的成長是由更高的保留率、AUR 和每修復項目數推動的。這與上一季 AOV 的成長形成了鮮明對比，上一季 AOV 的成長主要歸功於 AUR。本季度，我們看到這三個 AOV 驅動因素均表現強勁。在過去六個季度，我們的平均訂單價值 (AOV) 逐年增加，這是令人鼓舞的，我們相信還有更多機會。

On the client side, active clients ended the quarter at 2.4 million, down 16% year over year and down 2.6% quarter over quarter, in line with our expectations. Returning to client growth is a big opportunity and one we're focused on. Though progress may not be linear, and we still have work to do to get there. Within the context of our active client declines, it's important to note that our recent AOV increases could present more challenging revenue growth comps in the future. And that's a factor we're considering as we look ahead to FY26.

客戶端方面，本季活躍客戶數為 240 萬，年減 16%，季減 2.6%，符合我們的預期。恢復客戶成長是一個巨大的機遇，也是我們關注的重點。儘管進步可能不是直線性的，但我們仍有許多工作要做才能實現目標。在我們活躍客戶數量下降的背景下，值得注意的是，我們最近的 AOV 成長可能會為未來的收入成長帶來更具挑戰性。這是我們展望 26 財年時考慮的因素。

Revenue per active client, or RPAC, for the quarter was $537, up 4% year over year, and relatively flat on a sequential basis.

本季每位活躍客戶（RPAC）的營收為 537 美元，年增 4%，與上一季基本持平。

Gross margin for Q2 came in at 44.5%, up 110 basis points year over year, driven primarily by AOV upside and improved product margins. Our contribution margin in Q2 was 33%, our fourth consecutive quarter above our historical range of 25% to 30%.

第二季毛利率為 44.5%，年成長 110 個基點，主要得益於平均訂單價值 (AOV) 上升和產品利潤率提高。我們第二季的貢獻利潤率為 33%，這是我們連續第四個季度高於 25% 至 30% 的歷史範圍。

Our warehouse and styling teams continue to drive leverage, and we believe this new cost structure is sustainable going forward. It's because of the great work our teams have done in building and maintaining a strong foundation for our business that we can continue to lean in and invest in areas such as inventory assortment and marketing.

我們的倉庫和造型團隊繼續發揮槓桿作用，我們相信這種新的成本結構在未來是可持續的。正是由於我們的團隊在建立和維護我們業務的強大基礎方面所做的出色工作，我們才能夠繼續依靠並投資於庫存分類和行銷等領域。

In advertising, we came in slightly below our estimated range at 7.8% of revenue in Q2, down 160 basis points quarter over quarter. We consistently bring a disciplined ROI lens to our marketing spend and the holiday period tends to be a more expensive time to acquire new clients.

在廣告方面，我們第二季的廣告收入佔比略低於預期範圍，為 7.8%，較上季下降 160 個基點。我們始終以嚴謹的投資報酬率 (ROI) 視角審視我們的行銷支出，而假期期間往往是獲取新客戶成本更高的時期。

With our focus on long-term durable growth, we adjust our ad spend regularly aiming for efficiency and acceptable ROI. We ended Q2 with net inventory of $109.6 million, down 13% year over year and down 8% quarter over quarter due to our improved inventory management which, as Matt mentioned, is aided by AI tools that help us maintain healthy levels across our assortment to meet client needs and balance risk.

我們專注於長期可持續成長，定期調整廣告支出，以實現效率和可接受的投資報酬率。我們第二季的淨庫存為 1.096 億美元，年減 13%，季減 8%，這得益於我們庫存管理的改進。正如 Matt 所提到的，我們藉助人工智慧工具改善了庫存管理，這些工具幫助我們保持整個產品系列的健康水平，以滿足客戶需求並平衡風險。

Q2 adjusted EBITDA was $15.9 million or 5.1% margin, up 380 basis points year over year and up 90 basis points quarter over quarter.

第二季調整後的 EBITDA 為 1,590 萬美元，利潤率為 5.1%，較去年同期成長 380 個基點，較上季成長 90 個基點。

Free cash flow was negative $19 million in Q2, in line with our expectations. As I said last quarter, we anticipated Q2 would be negative due to the timing of working capital requirements related to inventory purchases. We ended the quarter with $230 million in cash, cash equivalents and investments and no debt.

第二季自由現金流為負 1,900 萬美元，符合我們的預期。正如我上個季度所說，我們預計第二季業績將為負值，因為與庫存採購相關的營運資金需求的時間安排。本季末，我們擁有 2.3 億美元的現金、現金等價物和投資，並且沒有債務。

Turning to our outlook. As a result of the strength we saw this quarter, we are raising our annual revenue and EBITDA guidance. Today's update reflects our current expectation that tariffs will not impact client prices or margins in the second half of this fiscal year. We'll continue to monitor the potential impact of tariffs as well as the increased uncertainty in macroeconomic conditions and consumer sentiment.

轉向我們的展望。由於本季表現強勁，我們提高了年度營收和 EBITDA 預期。今天的更新反映了我們目前的預期，即關稅不會影響本財年下半年的客戶價格或利潤率。我們將繼續監測關稅的潛在影響以及宏觀經濟狀況和消費者情緒的不確定性增加。

For full year FY25, we expect total revenue to be between $1.225 billion and $1.240 billion. We expect total adjusted EBITDA for the year to be between $40 million and $47 million. This guidance still assumes we'll be free cash flow positive for the full year.

我們預計 25 財年全年總營收將在 12.25 億至 12.40 億美元之間。我們預計今年調整後的 EBITDA 總額將在 4,000 萬美元至 4,700 萬美元之間。該指引仍然假設我們全年的自由現金流將為正值。

For Q3, we expect total revenue to be between $311 million and $316 million. We expect Q3 adjusted EBITDA to be between $7 million and $10 million. We expect both Q3 and full year gross margin to be approximately 44% to 45%. And we continue to expect full year advertising to be at the high end of the 8% to 9% range we provided last quarter.

對於第三季度，我們預計總營收將在 3.11 億美元至 3.16 億美元之間。我們預計第三季調整後的 EBITDA 將在 700 萬美元至 1000 萬美元之間。我們預計第三季和全年毛利率均約為 44% 至 45%。我們繼續預計全年廣告收入將達到上個季度提供的 8% 至 9% 區間的高端。

In closing, our first half results and second half outlook demonstrate that we are making clear and measurable progress across many areas. We're methodically executing on our strategic priorities with financial discipline and striking a healthy balance by maintaining a lean cost structure and a strong balance sheet, while making disciplined investments that aim to fuel future sustainable, profitable growth.

最後，我們的上半年業績和下半年展望表明，我們在許多領域取得了明顯且可衡量的進展。我們按照財務紀律有條不紊地執行我們的策略重點，透過維持精實的成本結構和強勁的資產負債表來實現健康的平衡，同時進行有紀律的投資，旨在推動未來可持續的獲利成長。

And with that, I will turn the call over to the operator for questions.

說完這些，我將把電話轉給接線生來回答問題。

(Operator Instructions) Aneesha Sherman, Bernstein.

（操作員指示）Aneesha Sherman，Bernstein。

Thank you for taking my question. Matt and David, I was wondering if you could start by telling us, reminding us a little bit about your customer demographics in terms of household income and any other demographic features you think are relevant given the current changes in consumer sentiment across income bands?

感謝您回答我的問題。馬特和大衛，我想知道你們是否可以先告訴我們一下你們的客戶人口統計數據，包括家庭收入，以及考慮到當前不同收入階層消費者情緒的變化，你們認為相關的任何其他人口統計特徵？

And then I have a follow-up regarding some of the comments that you've made previously in your presentation around market size. You're under 1% of the total accessible market as you define it in US apparel. Do you think that you need free style in order to expand that TAM? Or do you think there is continued opportunity for expanded TAM with just the fixed model in terms of driving brand awareness and penetration? Thank you so much.

然後，我想針對您之前在演講中就市場規模提出的一些評論進行跟進。依照您定義的美國服裝市場，您的市佔率不到 1%。您是否認為需要自由風格才能擴大 TAM？或者您認為在推動品牌知名度和滲透率方面，僅採用固定模式就有機會繼續擴大 TAM？太感謝了。

Hey, Aneesha, it's Matt. I appreciate the question. So first, in terms of who our clients are, we really think about our clients from more of an attitudinal or behavioral standpoint. And we see that client base really span across all different levels of household income. And what's really important and noteworthy within our client base, why they come to Stitch Fix and why our core value proposition is built uniquely to serve them.

嘿，Aneesha，我是 Matt。我很感謝你提出這個問題。首先，就我們的客戶是誰而言，我們實際上是從態度或行為的角度來考慮我們的客戶。我們發現客戶群確實涵蓋了不同家庭收入水平。在我們的客戶群中，什麼才是真正重要且值得注意的？為什麼他們選擇 Stitch Fix？為什麼我們的核心價值主張是專門為他們服務的？

So our clients are coming to us. They're looking for help or advice or solutions or additional convenience when it comes to shopping for apparel and accessories, when it comes to understanding what is in style or on trend, when they need help putting together outfits.

所以我們的客戶來找我們。當購買服裝和配件時，當他們了解什麼是時尚或流行趨勢時，當他們需要幫助搭配服裝時，他們會尋求幫助、建議、解決方案或額外的便利。

And one of the things that's really exciting and compelling about the Stitch Fix value proposition is that's the majority of this country. When you look at the data that exists out there, there's a recent article in the Wall Street Journal actually, only about 10% of US consumers are satisfied with the in-store shopping experience for apparel right now. And similarly, and along those lines, about 90% of people feel stressed when deciding either what to buy or what or when they're getting addressed each day.

Stitch Fix 價值主張真正令人興奮和引人注目的一點是，它涵蓋了這個國家的大多數地區。當你查看現有的數據時，實際上《華爾街日報》最近有一篇文章指出，目前只有大約 10% 的美國消費者對店內服裝購物體驗感到滿意。同樣地，大約 90% 的人在決定每天買什麼或什麼時候處理事情時都會感到壓力。

And then stress and anxiety, really, coupled with the challenges that they have with the alternative shopping methods is why the core value proposition of Stitch Fix is one that resonates so strongly. We're able to provide the service that we offer. That's what makes it possible for these folks to really find the styles that match their style preferences. That's what enables us to service them within their value proposition. And it's also what enables us to make sure that the apparel that we send them is going to fit and you really compare that against the alternative shopping methods that they have.

然後，壓力和焦慮，再加上他們在替代購物方式方面面臨的挑戰，才是 Stitch Fix 的核心價值主張引起如此強烈共鳴的原因。我們能夠提供我們所提供的服務。這使得這些人能夠真正找到符合他們風格偏好的風格。這使我們能夠在他們的價值主張範圍內為他們提供服務。這也使我們能夠確保發送給他們的服裝合身，並且您可以將其與他們擁有的其他購物方式進行比較。

And those clients, they really don't prefer to spend hours traversing around a department store, or trying on clothes in a disheveled or poorly-lit dressing room. They're also not interested in browsing endlessly online, seeing products that don't match their style preference, or it's more expensive than the budget at the time, or so cheap to question the authenticity or value of the garment.

而這些顧客真的不喜歡花幾個小時在百貨公司裡徘徊，或是在凌亂或光線昏暗的更衣室裡試穿衣服。他們也不想在網路上無止盡地瀏覽，看到不符合自己風格偏好的產品，或是看到超出當時預算的產品，或是看到便宜到讓人懷疑服裝的真實性或價值的產品。

And then, of course, they do buy online, you're going to get boxes piling up at their house and often very little of that assortment is ultimately going to fit them. We provide a solution for all of that. We make it easy for those folks. And we do that through our deep understanding of each individual client. And that's powered by our AI-driven insights, proprietary algorithms as well as the skills of our -- and the expertise of our human stylists.

當然，他們確實會在網路上購買，你會看到一堆堆的箱子堆在他們家裡，而這些箱子裡往往只有很少一部分最終能適合他們。我們為所有這些問題提供了解決方案。我們讓這些人能夠輕鬆實現這一目標。我們透過深入了解每個客戶來做到這一點。這得益於我們基於人工智慧的洞察力、專有演算法以及我們的人類造型師的技能和專業知識。

And in a period, in time in which the consumer might be more tight with their discretionary income, we also feel like we have a competitive advantage in that situation. The relationship that our clients have with Stitch Fix is one that's enduring. They come to understand and appreciate the additional convenience and the solution orientation of our service.

在消費者可支配所得可能更加緊張的時期，我們也覺得在這種情況下我們具有競爭優勢。我們的客戶與 Stitch Fix 之間的關係是持久的。他們開始了解並欣賞我們服務帶來的額外便利和解決方案導向。

The fact that we make it really easy for them to get their needs met, we also -- through our -- the recurrence of our relationship with them in our business model. It's such that our product ends up at a consumer's home. They get to try it on within their own closets.

事實上，我們讓他們能夠輕鬆滿足他們的需求，我們也透過我們的商業模式與他們建立關係。我們的產品最終到達了消費者的家。他們可以在自己的衣櫃裡試穿。

And they don't -- if they are thinking about reducing a shopping journey, whether that's opening a shopping app or driving to a mall, we basically circumvent that based on the really strong relationship and the recurring shipment dynamic that we have with them. So we feel that we're strategically really well placed to find success even in a tougher consumer environment. I think a lot of that can also be seen by our more recent results.

而他們不會——如果他們想減少購物行程，無論是打開購物應用程式還是開車去商場，我們基本上都會根據與他們之間真正牢固的關係和經常性的發貨動態來規避這一點。因此，我們認為，即使在更嚴峻的消費環境中，我們也具有非常有利的戰略地位，能夠取得成功。我認為從我們最近的研究結果中也可以看出很多這一點。

As David noted in his prepared remarks, January was a particularly strong month for us. We continue to see strength in our business performance through February. We continue to see strength in our business performance in March. And I think that should be clearly evident in the significant raise that we had in the full guidance for this fiscal year.

正如戴維在準備好的演講中指出的那樣，一月對我們來說是一個特別強勁的月份。整個二月份，我們的業務表現持續強勁。三月份我們的業務表現持續強勁。我認為，我們在本財年全面指導中的大幅提升應該清楚地體現了這一點。

So we feel like we're really well positioned to serve clients no matter what their household income is, no matter what demographic they have, because of their compelling value proposition and the unparalleled service that Stitch Fix provides for us -- or provides for clients rather.

因此，我們覺得我們確實有能力為客戶提供服務，無論他們的家庭收入是多少，無論他們的人口統計數據如何，這都歸功於他們引人注目的價值主張以及 Stitch Fix 為我們（或者更確切地說是為客戶提供）提供的無與倫比的服務。

On the second question, in terms of the role Freestyle and how Freestyle helps us to really address the larger market for us. I think that Freestyle plays a critical role for us and for our clients. It's something that enables our clients to shop in between fixes. It also enables it is the client, for example, get a polo shirt within their fix and they love how it looks.

關於第二個問題，關於 Freestyle 的作用以及 Freestyle 如何幫助我們真正解決更大的市場。我認為 Freestyle 對我們和我們的客戶都起著至關重要的作用。它可以讓我們的客戶在維修期間購物。例如，它還可以讓客戶買到一件 Polo 衫，而且他們很喜歡它的外觀。

They love how it feels and the price is right. They can jump right back into the Stitch Fix ecosystem and buy that same polo shirt and multiple colors, which makes, I think, tremendous sense. We also have all of the same leading personalization technologies built into our Freestyle experience. So that when clients after a fixed experience, they can come in if they really like a particular item, they're then able to jump into the Freestyle experience and build outfits around that specific item that they kept within their Fix.

他們喜歡它的感覺，而且價格也合適。他們可以直接回到 Stitch Fix 生態系統並購買相同的 Polo 衫和多種顏色，我認為這非常有意義。我們也將所有領先的個人化技術融入我們的 Freestyle 體驗中。這樣，當顧客在完成固定體驗後，如果他們真的很喜歡某件特定的物品，他們就可以進入自由式體驗，並圍繞他們在 Fix 中保留的特定物品打造服裝。

And since the launch of our StyleFile as well, the individual style persona that every client has -- you also have personalized shopping and tailored to your StyleFile, which clients have really resonated with and have really appreciated since we launched that last year.

自從我們推出 StyleFile 以來，每個客戶都有自己的個人風格——您還可以進行個性化購物並根據您的 StyleFile 進行定制，自我們去年推出以來，客戶對此產生了共鳴並非常讚賞。

So the Freestyle business, what it does, it really serves complementary to our fixed experience. It helps us capture greater wallet share for our clients. It helps ensure that when a client any time they have an apparel and accessories need, will be the retailer of choice for them. So as it helps us increase our wallet share with each individual client, it will also help us expand our penetration of the total addressable market.

因此，Freestyle 業務所做的一切實際上都對我們的固定體驗起到了補充作用。它幫助我們為客戶贏得更大的份額。它有助於確保當客戶任何時候有服裝和配件需求時，我們都會選擇我們的零售商。因此，它不僅可以幫助我們增加每個客戶的錢包份額，還可以幫助我們擴大對整個可尋址市場的滲透率。

Really helpful. Thank you.

真的很有幫助。謝謝。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

Hi. Good afternoon, everyone. As you think about the dynamic world of tariffs that we're in, how are you thinking of that impact on your pricing and own brand versus national brands? And then as you've expanded the number of brands that you carry, what categories are you seeing that are performing? What categories are being adjusted? Thank you.

你好。大家下午好。當您思考我們所處的動態關稅世界時，您如何看待它對您的定價以及自有品牌與國家品牌的影響？那麼，隨著您經營的品牌數量的增加，您認為哪些類別的業績表現良好？哪些類別正在調整？謝謝。

Hey, Dana, I appreciate the questions. The first question really around tariffs, I think the second in terms of the mix within our different brand portfolios, and then also in terms of the category penetration that we're seeing.

嘿，達娜，我很感謝你的提問。第一個問題實際上與關稅有關，我認為第二個問題與我們不同品牌組合中的組合有關，然後也與我們看到的產品類別滲透有關。

I think we talked about it a little bit in the prepared remarks and happy to share a little bit more details in terms of how we're approaching the current environment with the reality of tariffs and the continued kind of volatility of what tariffs might be in the future. So we have a tariff task force in place. This is a team of folks that have a proven track record of doing a really good job mitigating the impact of tariffs previously. And they put together, I think, a really good tariff mitigation strategy that will enable us to protect the profitability within our private brands.

我想我們在準備好的發言中已經討論過這個問題了，並且很高興分享更多細節，說明我們如何應對當前的關稅環境以及未來關稅的持續波動。因此我們設立了一個關稅工作小組。這個團隊先前在減輕關稅影響方面有著出色的成績。我認為，他們制定了一項非常好的關稅減免策略，使我們能夠保護自有品牌的獲利能力。

Our private brand portfolio consists of several vendors. Many of those vendors have production across multiple countries. It gives us optionality to be very strategic, if necessary, in order to reduce what would be a longer-term financial impact from tariffs.

我們的自有品牌組合由多家供應商組成。許多供應商在多個國家都有生產業務。如果有必要，它為我們提供了採取策略性措施的選擇，以減少關稅帶來的長期財務影響。

It's a bit of an overlap with the second part of your question, but as a multi-brand retailer, we also really benefit from the vast matrix of national and market brands in addition to our private brands. So if necessary, in order again to mitigate any potential impact from tariffs, we're able to shift within that portfolio or within that matrix of brands, I think, really strategically as well.

這與您問題的第二部分有點重疊，但作為多品牌零售商，除了自有品牌之外，我們還受益於龐大的國家品牌和市場品牌矩陣。因此，如果有必要，為了再次減輕關稅的任何潛在影響，我們可以在該產品組合或品牌矩陣內進行轉變，我認為這也具有戰略意義。

And I think, ultimately, I'll just reiterate what we said in the prepared remarks, that as we're looking at the balance of this fiscal year, we're not currently anticipating any impact to our margin or any required increase in cost-client facing. And I think that gives us a really nice competitive advantage relative to the position that others might find themselves in this situation. And credit to the team for the really sound strategy and the execution of that.

我認為，最終，我只想重申我們在準備好的發言中所說的內容，即當我們回顧本財年的餘額時，我們目前預計不會對我們的利潤率產生任何影響，也不會增加任何客戶面臨的成本。我認為，相對於其他人可能遇到的這種情況，這給了我們非常好的競爭優勢。感謝團隊制定了非常合理的策略並予以執行。

When it comes to the matrix between our national brands and our private brands, we've talked about this before. I appreciate the question because it's really important, I think, for us to reiterate, we're going to continue to be client-led. We're going to continue to focus on what client demand is telling us. And that will help us determine what is that right balance between private brands and national brands. We have a really strong portfolio of private brands.

至於我們的國家品牌和自有品牌之間的矩陣，我們之前已經討論過這個問題。我很感謝這個問題，因為我認為，對我們來說，重申我們將繼續以客戶為導向非常重要。我們將持續關注客戶需求。這將幫助我們確定自有品牌和國家品牌之間的正確平衡。我們擁有非常強大的自有品牌組合。

As noted in the prepared remarks, we've recently launched two new private brands that are resonating really well with our clients. It was awesome to see the comments pop up to be one of the top brands in our entire men's portfolio after launching so recently. And I think we're going to continue to find success as we continue to invest in the value proposition within those private brands.

正如準備好的評論中所提到的，我們最近推出了兩個新的自有品牌，它們引起了客戶的強烈共鳴。很高興看到該品牌在最近推出後就成為我們整個男裝產品組合中的頂級品牌之一。我認為，隨著我們繼續投資這些自有品牌的價值主張，我們將繼續取得成功。

If you recall some of the conversations that we were having last fiscal year and even earlier, we did a lot of work earlier in my tenure to really edit within our overall assortment to make sure that the national brands we are carrying are ones that add incremental value and differentiated us, both with our clients and differentiated us from what we were already offering with our private brand portfolio. That great work from our merchant organization is what's enabled us now to go back out into the market and to reinvest and to bring in new national brands that are highly coveted within the consumers that we're serving today.

如果您還記得我們上個財年甚至更早之前進行的一些對話，那麼您會發現，在我任職初期，我們做了很多工作來真正地編輯我們的整體產品組合，以確保我們所經營的國家品牌能夠增加附加價值，並使我們與客戶以及我們已經通過自有品牌組合提供的產品有所區別。我們的商家組織的出色工作使我們能夠重返市場，進行再投資，並引進我們今天服務的消費者所青睞的新的國家品牌。

And that's really strengthened our overall assortment metrics. I believe that investment in newness across our assortment that recalibration of where we sit within the style and trend spectrum has really helped us drive a lot of the success that we've been speaking to in terms of keep rate and AOV and our items per Fix. And we're going to continue to lean in there. It's really critical that it's an apparel and accessories retailer. We are standing behind all of the assortment that we're bringing in and all of that assortment plays a really important role within the overall matrix of it.

這確實增強了我們的整體分類指標。我相信，對我們產品系列的創新性的投資，以及對我們在風格和趨勢範圍內位置的重新調整，確實幫助我們在保留率、AOV 和每件商品方面取得了很多成功。我們將繼續努力。作為一家服裝和配件零售商，這一點至關重要。我們對我們引入的所有產品系列提供支持，所有這些產品系列在整體矩陣中都發揮著非常重要的作用。

And then I think the final piece in terms of categories, we've always and historically been really -- do a really good job in our tops and bottoms business. And we continue to invest there, and we continue to maintain our market share within those categories. What I love about how our merchant team has responded to the challenge, particularly over the last nine months is how do we continue to lean in and ensure that we're capturing our fair share in all of our other categories.

然後我認為就類別而言的最後一點，我們一直以來都在上衣和下裝業務上做得非常好。我們將繼續在那裡投資，並繼續保持我們在這些類別中的市場份額。我喜歡我們的商家團隊應對挑戰的方式，特別是在過去的九個月裡，我們如何繼續努力並確保我們在所有其他類別中獲得公平的份額。

So we've seen a lot of success across the board as we're looking to building out additional categories and growing our market share and capturing the wallet share to consumer level within each of them.

因此，我們在各方面都取得了巨大的成功，因為我們正在尋求拓展更多的產品類別、擴大我們的市場份額並在每個產品類別中佔據消費者的錢包份額。

One thing that I will note and has been a continued focus, as mentioned in the prepared remarks, is our particular emphasis within the non-apparel categories. It's great to see sneakers and accessories become growing categories for us. and we'll continue to invest in that.

我要指出並且一直關注的一件事是，正如在準備好的演講中提到的那樣，我們特別強調非服裝類別。很高興看到運動鞋和配件成為我們不斷增長的類別。我們將繼續在這方面投資。

The other thing that I believe is really important when you're thinking about our category expansion and deepening our market share within each category, is the continued penetration and adoption of the flexibility that we've built within our fixed experience. Consumers and our clients absolutely love that we're allowing them to choose six, seven, or eight items within a particular Fix. Every time we look at the data, the adoption rate continues to exceed our updated expectations.

當您考慮我們的產品類別擴展和深化我們在每個類別中的市場份額時，我認為另一件非常重要的事情是我們在固定體驗中建立的靈活性的持續滲透和採用。消費者和我們的客戶非常喜歡我們允許他們在特定的 Fix 中選擇六、七或八種商品。每次我們查看數據時，採用率都會超出我們更新的預期。

And in a really exciting way too, we continue to see even better order economics, the more items that a client is selecting within their fix. And that's what gives us that ability to really lean into that category expansion and ensure that into new categories, doesn't, in any way, cannibalize the historical success that we've had in tops and bottoms. So category expansion will be a key driver of our wallet share expansion and our market share expansion as we return to growth.

而且同樣令人興奮的是，我們繼續看到更好的訂單經濟學，客戶在他們的解決方案中選擇的商品越多。這讓我們有能力真正傾向於該類別的擴展，並確保進入新的類別不會以任何方式蠶食我們在頂峰和谷底所取得的歷史性成功。因此，隨著我們恢復成長，類別擴張將成為我們錢包份額擴張和市場份額擴張的關鍵驅動力。

And Dana, I would just add really quickly that when we look at that expansion, we look at those investments, it's also really encouraging to know that we can do that and still maintain the gross margins that we have and that we guided to in our prepared remarks, still being in the back half of the year from a full year perspective in the 44% to 45% and still having really healthy contribution margins.

達娜，我想補充一點，當我們回顧擴張和投資時，我們非常高興地知道，我們可以做到這一點，同時仍然保持現有的毛利率，並且符合我們在準備好的評論中所指導的水平，從全年來看，下半年的毛利率仍然在 44% 到 45% 之間，並且仍然擁有非常健康的貢獻利潤率。

We had 33% this quarter, and we believe that that's sustainable going forward. And so just really encouraged with the leverage that we're driving the business to allow those investments as well.

本季我們的成長率為 33%，我們相信這一成長率在未來是可持續的。因此，我們確實受到鼓舞，利用槓桿推動業務，以允許這些投資。

Thank you.

謝謝。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

This is Serge Severenchuk on behalf of Jay. Congrats on a nice quarter. My first question is on gross margins. Just wondering if you have any outlook for 3Q, right? In 2Q, it looks like gross margins expanded about 105 basis points. So I was just wondering what were some of the drivers of that? And similarly, do you have -- like what are you expecting to drive gross margin expansion or contraction in 3Q?

我是傑伊的代表 Serge Severenchuk。恭喜本季取得良好業績。我的第一個問題是關於毛利率的。只是想知道您對第三季有什麼展望嗎？第二季度，毛利率似乎擴大了約 105 個基點。所以我只是想知道造成這種情況的一些因素是什麼？同樣，您預期什麼因素會導致第三季毛利率擴大或收縮？

Yeah, Serge, thanks for the question. In Q2, it was really more about typical seasonality in gross margin. We tend to see a quarter over quarter decline between Q1 and Q2. Certainly, promotions play a part in that. But we're still very comfortable with the 44% to 45% that we have for the full year guide. And I think thinking about the back half, I would still think about the back half in that same range.

是的，Serge，謝謝你的提問。在第二季度，毛利率實際上與典型的季節性有關。我們通常認為第一季和第二季之間會出現季減。當然，促銷在其中扮演了一定角色。但我們對於全年指導價 44% 至 45% 的增幅仍感到非常滿意。我認為考慮到後半部分，我仍然會考慮同一範圍內的後半部分。

Got it. Got it. And then just one more quick one, if I can. You briefly mentioned that March was strong, but just wondering if you can give any more color on sort of quarter-to-date trends. anything you're seeing in February and March? Is it similar to what you were seeing in 2Q? Is it a little stronger?

知道了。知道了。如果可以的話，我再快速問一個問題。您簡要提到三月份表現強勁，但我只是想了解本季迄今為止的趨勢。您在二月和三月看到了什麼？這與您在第二季度看到的情況相似嗎？是不是強一點了？

Yeah. Maybe I'll jump in at a very high level. And David, if you want to follow up with a little bit of detail. It's nice to chat again.

是的。也許我會跳到一個很高的水平。大衛，如果你想了解一些細節的話。很高興再次聊天。

Look, I mean, we're just incredibly encouraged by the momentum that we are seeing. We were really encouraged by the results that we had in Q2 that exceeded our expectations. And the initial response I think based on the very significant increase in our guidance over the back half of the year, we're looking to see that momentum, not just continue, but also accelerate over time which I think is just a really good way to be thinking about what that performance was in February and what we've seen March to date.

瞧，我的意思是，我們對所看到的勢頭感到非常鼓舞。我們第二季的業績超出了我們的預期，這讓我們感到非常鼓舞。我認為，最初的反應是基於我們下半年指導的大幅增加，我們希望看到這種勢頭不僅能持續下去，而且會隨著時間的推移而加速，我認為這只是思考 2 月份的表現以及 3 月份迄今為止的表現的一種很好的方式。

The piece that I think is also maybe worth just reiterating a bit from the prepared remarks, I shared that since August, when we both launched the rebrand of Stitch Fix as well as the first set of changes around our client experience or the reimagination of that client experience, we just continue to see tremendous success with all of the clients that we have been acquiring over that period of time.

我認為也許值得從準備好的演講中重申一下，我分享了自 8 月以來，當我們都推出了 Stitch Fix 的品牌重塑以及圍繞客戶體驗或客戶體驗重新構想的第一組變革時，我們只是繼續看到我們在這段時間內獲得的所有客戶都取得了巨大的成功。

And normally, when you launch a rebrand and you launch so many net new updates to your client experience, often you actually see a bit of a short-term setback in your performance metrics. And then often also, some initiatives will take root and perform, while others might not take root or might not perform to expectations.

通常情況下，當您啟動品牌重塑並為客戶體驗推出如此多的全新更新時，您通常實際上會看到績效指標出現一些短期挫折。而且通常情況下，一些舉措會紮根並發揮作用，而其他舉措可能不會紮根或可能無法達到預期的效果。

I think in credit to the team for having the right strategy, in credit to the team for really great execution of that strategy, since that moment in August, nearly every initiative that we've introduced as part of that reimagination of the client experience has performed well. And nearly every initiative has also exceeded our expectations. And that performance is what enabled us to achieve year-over-year revenue growth in Men's. That is what has enabled us to achieve year-over-year revenue growth in our Freestyle channel.

我認為，這要歸功於團隊制定了正確的策略，要歸功於團隊出色地執行了這項策略，自八月那一刻起，我們為重新構想客戶體驗而推出的幾乎每一項舉措都表現良好。幾乎每一項舉措都超出了我們的預期。正是這種表現使得我們男裝業務的收入實現了年成長。這使得我們的 Freestyle 通路實現了營收的年成長。

And although not noted in the prepared remarks, I think also really important to share, that's also what enabled us to drive significant improvement in trend in our women's business, and it's also what enabled us to drive significant improvement in trend within the Fix channel. So I think, ultimately, we've really focused on strengthening the foundation of our business and instituting retail best practices across the board.

儘管在準備好的發言中沒有提到，但我認為這也非常重要，值得分享，這也是我們能夠推動女性業務趨勢顯著改善的原因，也是我們能夠推動 Fix 通路趨勢顯著改善的原因。所以我認為，最終，我們真正專注於加強業務基礎並全面製定零售最佳實踐。

And now with the reimagination of the client experience layered on top of that, we're really starting to see that outsized improvement in trend in our business overall. And we expect that momentum to continue. And as I noted, I believe that should be quite evident in the raised guidance that we shared for the balance of the fiscal year.

現在，透過對客戶體驗的重新構想，我們真正開始看到整個業務趨勢的大幅改善。我們預計這種勢頭將會持續下去。正如我所指出的，我相信這在我們為本財政年度餘額分享的上調指導中應該很明顯。

Yes. And Serge, just to add a little bit more detail around some of the numbers. For this quarter, we saw a 9% year-over-year increase in Fix AOV. And that was a big part of the outperformance, and certainly, the performance versus expectations. And there were a couple of things going on there.

是的。塞爾吉，我想對一些數字補充一些細節。本季度，我們發現 Fix AOV 年增了 9%。這是業績超出預期的重要因素，當然，這也是業績超乎預期的重要因素。那裡發生了幾件事。

First, we saw higher-than-expected adoption of that Flex Fix offering, which increases the average number of items sent in a Fix, Fixes with that extra flexibility increased as a percentage of total Fixes by almost 40% from the end of Q1 to the end of Q2.

首先，我們看到 Flex Fix 產品的採用率高於預期，這增加了 Fix 中發送的平均項目數，從第一季末到第二季末，具有這種額外靈活性的 Fix 佔總 Fix 的百分比增加了近 40%。

Second, we also saw higher-than-expected keep rate in the quarter. Historically, we've seen a pretty significant decline in keep rate coming out of the holidays. But the teams, the merchandising teams, the technology teams, the styling teams really took a number of actions to make sure that improved this year, and we saw that come through and we saw it build throughout the quarter. a stat just to sort of show that build is AOV in January was 16% year over year.

其次，我們也看到本季的保留率高於預期。從歷史上看，我們看到假期過後留存率會出現相當明顯的下降。但團隊、行銷團隊、技術團隊、造型團隊確實採取了一些行動來確保今年的情況有所改善，我們看到了這些措施的實施，並且我們看到了它在整個季度的不斷加強。統計數據顯示，1 月的平均成交價 (AOV) 年比增加了 16%。

And so just a really strong quarter. And to Matt's point, we played forward some of that AOV upside and also some of the volume benefits we've been seeing recently and played that forward in our overall guidance for the year.

所以這是一個非常強勁的季度。正如馬特所說，我們發揮了 AOV 的一些優勢以及我們最近看到的一些銷售優勢，並將其融入我們今年的整體指導中。

The other thing I would call out is sort of the active client side. We're definitely encouraged with what we're seeing from active client standpoint. And when you play that out into future quarters, for Q3, we expect active clients to be down quarter over quarter, but improving from last quarter. So roughly sort of approximately about 1% down quarter over quarter.

我要指出的另一件事是活躍的客戶端。從活躍客戶的角度來看，我們看到的情況確實令人鼓舞。當您將其應用於未來幾季時，對於第三季度，我們預計活躍客戶數量將環比下降，但比上一季有所改善。因此，與上一季相比，下降幅度約為 1%。

The only call out there is there is seasonality to active clients as well. And so Q3 tends to be a stronger quarter than Q4 for us. And so because of that, we probably expect Q4 to be down slightly more quarter over quarter than Q3, but still much better than what we saw last year.

唯一需要注意的是，活躍客戶也存在季節性。因此，對我們來說，第三季的表現往往比第四季更強勁。因此，我們可能會預期第四季的環比下降幅度將略大於第三季度，但仍比去年好得多。

Thank you for that.

謝謝你。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

Thanks. Maybe, David, just following from that line of thought. The comments that AOV go forward might present kind of a headwind to growth, can you just unpack that a little bit?

謝謝。也許，大衛，只是按照這樣的思路。有評論指出 AOV 的發展可能會對成長造成一定阻礙，您能稍微解釋一下嗎？

Yeah, definitely. Thanks for the question, Dylan. I mean basically, AOV has been a really strong thing for us. AOV has been up six quarters in a row. And really, as you start comping that, and if you think about the two-year stacks, I mean, in Q2, this quarter, it was 9% of this Q2. Last Q2 was up 4%. So that's a 13% stacked comp over the last two years.

是的，確實。謝謝你的提問，迪倫。我的意思是，從根本上來說，AOV 對我們來說一直是一個非常強大的東西。AOV 已連續六個季度上漲。實際上，當您開始比較這一點時，如果您考慮兩年的堆棧，我的意思是，在第二季度，即本季度，它佔第二季度的 9%。去年第二季上漲了 4%。因此，這是過去兩年 13% 的累積成長率。

And so what I was alluding to is with those increases, certainly, comping that going to next year just creates a little bit more of a challenge. And certainly, in the environment that we just described around active clients as well, active clients we do expect active clients to continue to decline into FY26. And that, along with sort of harder comps from an AOV perspective, are just things that we're certainly taking into account as we start looking at FY26.

所以我所指的是，隨著這些成長，與明年相比肯定會帶來更多挑戰。當然，在我們剛剛描述的活躍客戶環境中，我們確實預期活躍客戶數量將在 2026 財年繼續下降。當我們開始考慮 FY26 時，我們肯定會考慮到這一點，從 AOV 角度來看，這也是更困難的比較。

Got it. And so, I guess, the flip side of that is that the growth that you're kind of forecasting at some point next fiscal year is more of an active client growth story then and kind of continuing to push on spend per --?

知道了。所以，我想，另一方面，你預測的下一財年某個時候的成長更多的是一個活躍的客戶成長故事，並且會繼續推動每人支出--？

I think we've actually talked about this the last couple of quarters is I think we have opportunity in both areas. And certainly, what we're seeing right now is strength in existing client engagement. And really offering them a lot more value and different ways to engage. And so we've been seeing that. But I think what we've said historically is that we really want to see both to talk about long-term sustainable growth.

我認為我們實際上在過去幾個季度已經討論過這個問題，我認為我們在這兩個領域都有機會。當然，我們現在看到的是現有客戶參與度的增強。並真正為他們提供更多價值和不同的參與方式。我們也看到了這一點。但我認為，我們從歷史上就說過，我們確實希望看到雙方談論長期永續成長。

So I think there's a path to growth without that inflection active clients. But certainly, when you have both, that's when you get to that sustainable long-term growth that we're really driving towards.

因此我認為，即使沒有活躍客戶，仍有一條成長之路。但可以肯定的是，當你同時擁有這兩者時，你就能實現我們真正追求的可持續的長期成長。

Thank you both.

謝謝你們兩位。

I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Matt Baer for any closing remarks.

目前隊列中沒有其他問題。現在我想將電話轉回給馬特貝爾 (Matt Baer) 來做最後發言。

Okay. Thank you. To recap, I think I just want to reiterate how encouraged I am by our recent results. For the second quarter, we exceeded our expectations for both revenue and adjusted EBITDA and we also raised our full year outlook for both metrics. And that momentum that we're seeing in our business, that momentum is undeniable.

好的。謝謝。總而言之，我想我只是想重申我們最近的結果讓我多麼受鼓舞。對於第二季度，我們的營收和調整後 EBITDA 都超出了預期，我們也上調了對這兩個指標的全年預期。我們在業務中看到的這種勢頭是不可否認的。

The improvements our team has made to our client experience are clearly resonating. We're getting great feedback from our clients on these changes, and our clients are telling us that we're increasingly delivering on our mission. The mission to help them discover the styles they will love it fit perfectly, so they always look and feel their best.

我們的團隊為客戶體驗所做的改進顯然得到了共鳴。我們從客戶那裡得到了關於這些變化的正面回饋，客戶告訴我們，我們正在越來越有效地履行我們的使命。我們的使命是幫助他們找到自己喜歡的、完美貼合的款式，讓他們始終看起來和感覺最好。

Importantly, we're also making progress toward active client growth. And we've already returned top line revenue growth in both our Men's business and our Freestyle channel. And all this progress wouldn't be possible without our team. And the team continues to build a stronger operational foundation for our business to grow upon. That foundation will enable us to scale and move towards the growth phase of our transformation.

重要的是，我們在活躍客戶成長方面也取得了進展。我們的男裝業務和 Freestyle 通路的營收均已恢復成長。如果沒有我們的團隊，所有這些進步都不可能實現。團隊將繼續為我們的業務成長建立更強大的營運基礎。這個基礎將使我們能夠擴大規模並邁向轉型的成長階段。

I continue to believe that a judicious and disciplined transformation is one that will lead to profitable and sustainable growth in the future. Given Stitch Fix's compelling value proposition, which we just discussed, the innate strength of the business model, and all that we've accomplished in the first half of fiscal 2025, I'm more confident than ever in Stitch Fix's future and our ability to be the retailer of choice for an expanded base of clients.

我始終相信，明智而有紀律的轉型將帶來未來盈利和可持續的成長。鑑於我們剛剛討論過的 Stitch Fix 引人注目的價值主張、商業模式的內在優勢以及我們在 2025 財年上半年取得的所有成就，我比以往任何時候都更加相信 Stitch Fix 的未來以及我們成為擴大客戶群的首選零售商的能力。

We very much appreciate your interest in Stitch Fix and look forward to sharing our continued progress with you on our next call.

我們非常感謝您對 Stitch Fix 的關注，並期待在下次通話中與您分享我們的持續進展。

Thank you for participating in today's conference. This does conclude the program. You may all disconnect. Have a great day.

感謝大家參加今天的會議。該計劃確實就此結束。你們都可以斷開連線。祝你有美好的一天。