Stitch Fix Inc (SFIX) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 FY25 Stitch Fix earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Stitch Fix 25 財年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。（操作員指示）

I would now like to conference over to your speaker today, Cherryl Valenzuela, Head of Investor Relations.

現在我想與今天的演講者、投資者關係主管 Cherryl Valenzuela 進行交流。

Thank you for joining us today for the Stitch Fix third quarter fiscal 2025 earnings call. With me on the call are Matt Baer, Chief Executive Officer; and David Aufderhaar, Chief Financial Officer.

感謝您今天參加 Stitch Fix 2025 財年第三季財報電話會議。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 third-quarter 2025 financial results in a press release on the quarterly results section of our website, investors.stitchfix.com. A link to the webcast to today's conference call can also be found on our site.

我們在公司網站 investors.stitchfix.com 的季度業績版塊以新聞稿形式發布了 2025 年第三季的財務業績。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. For a discussion of the factors that could cause our results to differ, please review our press release issued and filed today as well as the risk factors sections of our most recent quarterly report on Form 10-Q and subsequent periodic reports 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.

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。有關可能導致我們的結果不同的因素的討論，請查看我們今天發布和提交的新聞稿以及我們向美國證券交易委員會提交的最新 10-Q 表季度報告和後續定期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 begin 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停止的業務。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。

Thank you, Cherryl, and good afternoon, everyone. I'm proud to share the strong results we've achieved this quarter, highlighted by a return to year-over-year revenue growth. Q3 revenue was $325 million, and adjusted EBITDA was $11 million. In the quarter, our women's business and overall fixed channel returned to revenue growth. For the second consecutive quarter, our men's business and freestyle channel revenue grew.

謝謝你，Cherryl，大家下午好。我很自豪地與大家分享我們本季取得的強勁業績，其中最突出的是營收恢復年增。第三季營收為 3.25 億美元，調整後 EBITDA 為 1,100 萬美元。本季度，我們的女性業務和整體固定管道恢復了收入成長。我們的男裝業務和自由式頻道收入連續第二季成長。

In addition, AOV grew 10% with items per fix, keep rate, and AUR, all up year over year for the second straight quarter. Based on this strong performance and our ongoing momentum, we are increasing our annual guidance for the current year, which David will detail shortly.

此外，平均訂單價值 (AOV) 增加了 10%，其中每件商品數量、留任率和 AUR 連續第二季同比增長。基於這一強勁表現和持續發展勢頭，我們將提高今年的年度指導，David 很快就會詳細介紹。

These results reflect the strength of Stitch Fix's value proposition and the disciplined execution of our three-phased transformation strategy. Over the last two years, we have worked through the first two phases of our strategy, rationalize and build, and fundamentally reshaped how we operate. We've strengthened the foundation of our business, incorporating retail best practices in strategic areas such as pricing, warehouse optimization, and inventory management that enable us to operate more efficiently.

這些結果反映了 Stitch Fix 價值主張的實力以及我們三階段轉型策略的嚴格執行。在過去的兩年裡，我們完成了策略的前兩個階段，即合理化和建設，並從根本上重塑了我們的營運方式。我們加強了業務基礎，在定價、倉庫優化和庫存管理等策略領域融入了零售最佳實踐，使我們能夠更有效率地運作。

We've also brought to life a more modern and dynamic Stitch Fix through our refreshed brand identity and the progress we have made reimagining our client experience. The improvements to our client experience includes four areas of focus: enhancing client engagement features, deepening client-stylists relationships, introducing increased flexibility to our service, and offering a stronger assortment with more fresh and new styles. The latter two, in particular, contributed to our strong results in the quarter.

我們也透過更新的品牌形象和重新構想客戶體驗所取得的進展，為 Stitch Fix 帶來了更現代和充滿活力的形象。我們對客戶體驗的改進包括四個重點領域：增強客戶參與功能、深化客戶與造型師的關係、提高服務的靈活性、提供更強大的產品系列和更多新穎的款式。尤其是後兩者，對我們本季的強勁業績做出了貢獻。

First, our clients are responding positively to the increased flexibility we provide. Larger fixes, which offer up to eight items, have helped our existing clients better refresh their closets seasonally, explore current trends, and update their wardrobes for big and small life moments. Larger fixes have directly contributed to our AOV growth. We are now testing larger fixes with first-time clients to help us more quickly understand their preferences and serve them better from the start. We're also testing theme fixes which provide clients with selections curated for specific occasions or trends from summer vacations to workwear refreshes.

首先，我們的客戶對我們提供的增強的靈活性做出了積極的反應。更大規模的更新，最多可提供八件物品，幫助我們現有的客戶更好地按季節更新他們的衣櫥，探索當前的趨勢，並更新他們的衣櫥以適應生活中大大小小的時刻。更大的修復直接促進了我們的 AOV 成長。我們現在正在與首次客戶測試更大的修復，以幫助我們更快地了解他們的偏好並從一開始就為他們提供更好的服務。我們也正在測試主題修復，為客戶提供特定場合或趨勢（從暑假到工作服更新）的選擇。

Additionally, we're rolling out a new feature that allows clients to start to fix around an item they discover on Freestyle. This enables clients to take advantage of the discovery on Freestyle, but still leverage our team of expert stylists to complete a look around their chosen item.

此外，我們正在推出一項新功能，讓客戶開始修復他們在 Freestyle 上發現的項目。這使得客戶能夠利用 Freestyle 上的發現，但仍然可以利用我們的專業造型師團隊來完成他們所選物品的造型。

Second, in merchandising, we have strengthened our assortment by offering increased variety in on-trend styles, which are contributing to higher fixed AOVs as well as driving growth in our Freestyle channel. This quarter, at leisure was a notable highlight for our women's and men's clients alike, up over 30% year over year. In addition, our women's business saw strength in wide leg denim and spring transitional sweaters, whereas our men's business saw demand for fleece and knit tops.

其次，在商品銷售方面，我們透過提供更多種類的流行款式來加強我們的產品組合，這有助於提高固定 AOV，並推動我們 Freestyle 管道的成長。本季度，休閒業務成為我們女性和男性客戶的顯著亮點，年增超過 30%。此外，我們的女裝業務在寬腿牛仔褲和春季過渡毛衣方面表現強勁，而我們的男裝業務對羊毛衫和針織上衣的需求則有所增加。

We have also further expanded our assortment within adjacent categories such as footwear, accessories, and jewelry, and we are offering more complete outfitting solutions that are resonating with our clients. As an example, we continue to see increased demand for footwear across all lines of business, with sneakers up 35% year over year.

我們還進一步擴大了鞋類、配件和珠寶等相鄰類別的產品組合，並提供更完整的裝備解決方案，以滿足客戶的需求。例如，我們看到所有業務線對鞋類的需求都在成長，其中運動鞋的需求年增了 35%。

These efforts to improve the client experience, coupled with our retail therapy brand platform, which demonstrates how Stitch Fix is the solution to the frustrations of traditional apparel shopping, are leading to stronger client metrics.

這些改善客戶體驗的努力，加上我們的零售療法品牌平台，展示了 Stitch Fix 如何解決傳統服飾購物的煩惱，從而帶來了更強勁的客戶指標。

In terms of overall active clients, Q3 marked our lowest quarter of sequential declines in three years, and the number of active clients on recurring shipments has grown for three straight quarters. With regards to new clients, we've achieved two straight quarters of year-over-year new client growth. We continue to see new clients spend more as evidenced by 90-day LTVs, which are among the highest in three years. This demonstrates that we are successfully acquiring higher-value clients for whom our service resonates.

從整體活躍客戶數量來看，第三季度是我們三年來連續下降幅度最小的季度，而定期發貨的活躍客戶數量已連續三個季度增長。就新客戶而言，我們已經連續兩個季度實現了新客戶年增長。我們繼續看到新客戶支出增加，這從 90 天 LTV 可以看出，這是三年來最高的。這表明我們正在成功獲得對我們的服務產生共鳴的高價值客戶。

As we move from the build phase into the growth phase of our transformation, we're focused on cementing ourselves as the retailer of choice for apparel and accessories by delivering the most client-centric and personalized shopping experience. We believe we are well positioned to do this because of the unique value our service provides. We pride ourselves on sending every client a fix as unique as they are. We do this by leveraging our team of expert stylists as well as our best-in-class AI and recommendation algorithms built from the billions of insights we've gathered on style and fit. This differentiation is key to us gaining market share. And based on year-to-date insights from Circana, we are growing faster than the overall apparel market.

隨著我們從建設階段進入轉型的成長階段，我們專注於透過提供最以客戶為中心和個人化的購物體驗，鞏固自己作為服裝和配件首選零售商的地位。我們相信，由於我們的服務提供了獨特的價值，我們有能力做到這一點。我們很榮幸能夠為每位客戶提供獨一無二的解決方案。我們透過利用我們的專業造型師團隊以及我們一流的人工智慧和推薦演算法來實現這一目標，這些演算法是根據我們收集的有關風格和合身度的數十億個見解構建的。這種差異化是我們贏得市場佔有率的關鍵。根據 Circana 今年迄今為止的洞察，我們的成長速度快於整體服裝市場。

We are successfully transforming our business in fundamental ways. At the same time, we are navigating significant external challenges, a dynamic macroeconomic environment, a shifting tariff landscape, and ongoing pressure on consumers' discretionary spending. Against this backdrop, we remain focused on what we can control and we have strong conviction in our path forward.

我們正在從根本上成功轉變我們的業務。同時，我們正在應對重大的外部挑戰、動態的宏觀經濟環境、不斷變化的關稅格局以及消費者可自由支配支出的持續壓力。在此背景下，我們仍然專注於我們能夠控制的事情，並對前進的道路充滿信心。

Our team is actively working to mitigate tariff-related risks and prepare for broader macro shifts. As we look further ahead, we believe the current tariff structure could have a greater impact on FY26, which for us begins in August. However, consistent with our view last quarter, we don't expect any significant cost impact from tariffs for the remainder of our fourth quarter.

我們的團隊正在積極努力降低與關稅相關的風險並為更廣泛的宏觀轉變做好準備。展望未來，我們認為目前的關稅結構可能會對 8 月開始的 26 財年產生更大的影響。不過，與我們上個季度的觀點一致，我們預期關稅不會對第四季剩餘時間的成本產生任何重大影響。

In closing, we're proud of our accelerated return to revenue growth. We believe our results demonstrate that we have the right strategy, the right team, and the right operational rigor to continue gaining share. By staying relentlessly focused on our clients, investing where it matters, and executing with discipline, we believe we will not only successfully navigate this uncertain environment, we will emerge as an even stronger company.

最後，我們為收入成長的加速恢復感到自豪。我們相信，我們的結果表明我們擁有正確的策略、正確的團隊和正確的營運嚴謹性，可以繼續獲得份額。透過堅持不懈地關注我們的客戶、在重要的地方進行投資以及嚴格執行，我們相信我們不僅能夠成功應對這個不確定的環境，而且還將成為一家更強大的公司。

Thank you to the entire Stitch Fix team for your dedication to our clients and our mission, which is driving our business forward. I'd also like to thank our clients, partners, and long-term shareholders for their support.

感謝整個 Stitch Fix 團隊對我們的客戶和使命的奉獻，這推動了我們的業務向前發展。我還要感謝我們的客戶、合作夥伴和長期股東的支持。

And with that, I'll turn it over to David.

說完這些，我就把麥克風交給大衛。

Thanks, Matt, and good afternoon, everyone. As Matt mentioned, we are proud of our return to revenue growth in Q3. This success came as a direct result of focused delivery across all of our teams. We have made deliberate choices about how to operate with more agility, drive greater leverage in our cost base, and invest in targeted areas to drive growth. At the same time, we recognize the macroeconomic backdrop remains uncertain, and we are preparing accordingly.

謝謝，馬特，大家下午好。正如馬特所提到的，我們對第三季營收恢復成長感到自豪。這項成功是我們所有團隊專注交付的直接結果。我們已經深思熟慮地選擇如何更靈活地運營，如何利用成本基礎實現更大槓桿，以及如何在目標領域進行投資以推動成長。同時，我們也意識到宏觀經濟背景仍然不確定，我們正在做好相應的準備。

While we haven't seen a pullback in active client spend within our financial results in fiscal '25 to date, we are closely monitoring broader market trends and the impact tariffs may have in the quarters ahead. We are actively scenario planning and maintaining the same disciplined approach that has guided our recent performance. We are confident in the foundation we have built and remain focused on prudently managing our business through this uncertain environment.

雖然迄今為止，我們在 25 財年的財務業績中尚未看到活躍客戶支出的回落，但我們正在密切關注更廣泛的市場趨勢以及關稅可能在未來幾季產生的影響。我們正在積極地進行情境規劃，並保持指導我們近期表現的同樣嚴謹的方法。我們對已經建立的基礎充滿信心，並將繼續專注於在這種不確定的環境中審慎管理我們的業務。

Now let's turn to the numbers. Q3 net revenue reached $325 million, up 0.7% year over year and 4.1% quarter over quarter. Growth was largely driven by strength in AOV due to the increased penetration of our larger fixed offerings and our focus on trend and style rate assortment.

現在讓我們來看看數字。第三季淨營收達3.25億美元，年增0.7%，季增4.1%。成長主要得益於 AOV 的強勁成長，這得益於我們較大固定產品的滲透率不斷提高，以及我們對趨勢和風格價格分類的關注。

Net active clients ended the quarter at 2.4 million clients, down 10.6% year over year and down 0.8% quarter over quarter as we continue to narrow losses in active clients. Revenue per active client for the quarter was $542, up 3.2% year over year and up 1% quarter over quarter.

本季末淨活躍客戶數量為 240 萬，年減 10.6%，季減 0.8%，因為我們持續縮小活躍客戶的損失。本季每位活躍客戶的營收為 542 美元，年增 3.2%，季增 1%。

Gross margin for the quarter came in at 44.2%, down 130 basis points year over year and down 30 basis points quarter over quarter. The year-over-year change was driven primarily by lower product margins as we invest in our client experience through our assortment strategy.

本季毛利率為 44.2%，年減 130 個基點，季減 30 個基點。與去年同期相比的變化主要是因為我們透過產品組合策略投資於客戶體驗，導致產品利潤率下降。

Advertising came in at 10.2% of revenue in Q3, up 130 basis points year over year, and up 240 basis points quarter over quarter as part of our broader reinvestment and growth.

作為我們更廣泛的再投資和成長的一部分，廣告收入在第三季度佔營收的 10.2%，較去年同期成長 130 個基點，較上季成長 240 個基點。

We ended Q3 with net inventory of $114.4 million, flat year over year and up 4.4% quarter over quarter. Our inventory turns were up both year over year and sequentially, reflecting both higher demand and better inventory management. Q3 adjusted EBITDA was $11 million, or approximately 3.4% margin, up 130 basis points year over year and down 170 basis points quarter over quarter.

第三季結束時，我們的淨庫存為 1.144 億美元，與去年同期持平，比上一季成長 4.4%。我們的庫存週轉率年比和季比均有所上升，反映出需求增加和庫存管理改善。第三季調整後的 EBITDA 為 1,100 萬美元，利潤率約為 3.4%，較去年同期成長 130 個基點，較上季下降 170 個基點。

We generated $16 million of free cash flow in Q3 and ended the quarter with $242 million in cash, cash equivalents, and investments and no debt.

我們在第三季產生了 1,600 萬美元的自由現金流，本季末的現金、現金等價物和投資為 2.42 億美元，並且沒有債務。

Turning to our outlook for Q4 and FY25. I'd like to offer a few thoughts to frame our updated guidance. First, with respect to revenue, we exceeded expectations in Q3, and we are projecting a stronger Q4 than previously anticipated. Both of these are reflected in our increased full-year revenue outlook. This means that excluding last year's 53rd week, we expect to see a second consecutive quarter of top-line growth.

談談我們對第四季和 25 財年的展望。我想提出一些想法來建立我們最新的指導。首先，就收入而言，我們在第三季的收入超出了預期，我們預計第四季度的收入將比之前預期的更強勁。這兩者都反映在我們提高的全年收入預期中。這意味著，除去年的第 53 週外，我們預計將連續第二季實現營收成長。

Consistent with what we shared on our last earnings call, we still expect active clients to decline sequentially in Q4.

與我們在上次收益電話會議上分享的內容一致，我們仍然預計第四季度活躍客戶數量將環比下降。

As for adjusted EBITDA, we are tightening our FY25 guidance, which largely reflects strategic investments we're making in client acquisition and reengagement as well as strengthening our assortment. We believe these are thoughtful, long-term investments to support sustainable growth.

至於調整後的 EBITDA，我們正在收緊 FY25 指導，這主要反映了我們在客戶獲取和重新參與以及加強我們的產品組合方面所做的戰略投資。我們相信這些都是支持永續成長的深思熟慮的長期投資。

As a result, for full-year FY25, we now expect total revenue to be between $1.254 billion and $1.259 billion. We expect total adjusted EBITDA for the year to be between $43 million and $47 million. This guidance still assumes we'll be free cash flow positive for the full year.

因此，我們預計 25 財年全年總營收將在 12.54 億美元至 12.59 億美元之間。我們預計今年調整後的 EBITDA 總額將在 4,300 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。

And for Q4, we expect total revenue to be between $298 million and $303 million. We expect Q4 adjusted EBITDA to be between $3 million and $7 million.

對於第四季度，我們預計總營收將在 2.98 億美元至 3.03 億美元之間。我們預計第四季度調整後的 EBITDA 將在 300 萬美元至 700 萬美元之間。

As a result of the factors I mentioned earlier, we expect Q4 gross margin to be at the lower end of our 44% to 45% range and full-year FY25 gross margin to be in the middle of that same range. We expect full-year advertising to be at the high end of the 8% to 9% range we provided last quarter.

由於我之前提到的因素，我們預計第四季度的毛利率將處於 44% 至 45% 區間的低端，而 2025 財年全年的毛利率將處於同一區間的中間。我們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。

Looking further ahead, we are in the early stages of the planning process for FY26. And as such, we will provide actual guidance during our next earnings call. As we move through the planning process, we're mindful that three overarching impacts may put pressure on our financial results.

展望未來，我們正處於 26 財年規劃過程的早期階段。因此，我們將在下次收益電話會議上提供實際指導。在我們進行規劃的過程中，我們注意到三個整體影響可能會對我們的財務表現造成壓力。

First, based on current tariff rates, we expect our cost to increase in FY26. We are closely monitoring the situation and proactively working with our suppliers. Second, broader macro uncertainty and market conditions may put increased pressure on discretionary spending in FY26. And third, as we called out last quarter, continued active client declines creates tougher year-over-year revenue growth comparisons. We will continue to monitor each of these as we progress through the planning process.

首先，根據目前的關稅稅率，我們預計 26 財年的成本將會增加。我們正在密切關注情況並積極與供應商合作。其次，更廣泛的宏觀不確定性和市場條件可能會對26財年的可自由支配支出造成更大的壓力。第三，正如我們上個季度所指出的，活躍客戶數量的持續下降使得同比收入成長比較變得更加困難。隨著規劃過程的推進，我們將繼續監控每一個情況。

I want to reiterate that we'll manage the business with the goal of driving long-term profitable and sustainable growth that includes growth in both active clients and revenue per active client. While the macroeconomic environment is out of our control, how we plan and execute is in our hands, and that is where our focus continues to be. We're operating at scale with a strong financial foundation and a uniquely agile business model, anchored by a debt-free balance sheet, proprietary data science and AI, and the ability to quickly adapt our marketing, merchandising, and pricing levers. We believe these attributes put us in a position to navigate challenges and continue to deliver strong results.

我想重申，我們將以推動長期獲利和永續成長為目標來管理業務，包括活躍客戶和每個活躍客戶收入的成長。雖然宏觀經濟環境是我們無法控制的，但我們如何規劃和執行卻掌握在我們手中，這也是我們持續關注的重點。我們擁有強大的財務基礎和獨特的敏捷商業模式，以無債務資產負債表、專有數據科學和人工智慧以及快速調整行銷、銷售和定價槓桿的能力為基礎，開展大規模運營。我們相信，這些特質使我們能夠應對挑戰並繼續取得強勁的業績。

With that, operator, we can open the line for Q&A.

接線員，這樣我們就可以開通問答熱線了。

(Operator Instructions) Dana Telsey, Telsey Advisory Group.

（操作員指示）Dana Telsey，Telsey 諮詢小組。

Hi. Nice to see the progress. As you think about the current quarter that just ended with the women's and fixed channel returning to growth along with men's and Freestyle continuing to grow, what did you see in the core consumer? What did you see in terms of keep rates? And as you think about the go forward into the fourth-quarter guidance that you just gave, have you seen any shifts in terms of consumer behavior and in product category acceptance?

你好。很高興看到進展。當您想到剛結束的本季度，女裝和固定管道恢復成長，男裝和 Freestyle 繼續成長時，您在核心消費者身上看到了什麼？就保留率而言，您看到了什麼？當您考慮剛剛給出的第四季度指引時，您是否看到消費者行為和產品類別接受度方面發生了任何變化？

And then just lastly, on the gross margin, where you described the fourth-quarter gross margin at the lower end of the range, can you just go through the puts and takes? And also, what could tariff implications mean for you? Thank you.

最後，關於毛利率，您描述了第四季度的毛利率處於範圍的低端，您能否簡單介紹一下利弊？此外，關稅影響對您意味著什麼？謝謝。

Dana, it's Matt. I'll speak a little bit about the performance from Q3 as well as the factors -- the Q4 guide. I'll let David give some additional context and also speak to the gross margin question. And then I'll come back to lead an answer on your third question about tariffs.

戴娜，我是馬特。我將稍微談談第三季的表現以及第四季指南的因素。我會讓大衛提供一些額外的背景信息，並談談毛利率問題。然後我會回來回答你關於關稅的第三個問題。

But we're really proud of the accelerated return to year-over-year growth that we just delivered this quarter, also confident in the Q4 guide that we gave that shows that we'll have a second consecutive quarter of growth. And it reflects the resonance of our core value proposition. It also represents the disciplined execution of our transformation strategy.

但我們為本季實現的同比增長加速感到自豪，並且對我們給出的第四季度指引充滿信心，該指引顯示我們將連續第二個季度實現增長。這也體現了我們核心價值主張的共鳴。這也代表了我們轉型策略的嚴格執行。

As we've shared previously, in August, we introduced a set of changes to our client experience and also a new brand identity for the business. And as we shared previously as well, since then, nearly every initiative that we've introduced as part of that reimagination, the client experience has performed well and exceeded expectations. So the performance for Q3 and the guide for Q4 are largely driven by similar factors.

正如我們之前所分享的，八月份，我們對客戶體驗進行了一系列改變，並為企業帶來了新的品牌形象。正如我們之前所分享的，從那時起，作為重新構想的一部分，我們推出的幾乎每一項舉措，客戶體驗都表現良好並超越了預期。因此，第三季的表現和第四季的指引很大程度上受到類似因素的驅動。

Specifically, a primary driver of growth in Q3 was the continued strength in average order value. Average order value is up 10% year over year. That was the seventh consecutive quarter of average order value growth for us. And we also shared that we saw strength across both more items for fixed, keep rate, and AUR.

具體而言，第三季成長的主要驅動力是平均訂單價值的持續強勁。平均訂單價值較去年同期成長 10%。這是我們平均訂單價值連續第七個季度成長。我們也表示，我們看到固定、保留率和 AUR 等更多項目的優勢。

The drivers of those metrics is the introduction of the greater flexibility in our fixed option as shared in the prepared remarks, particularly the larger fixes that now have up to eight items in them. It's clearly resonating with our clients and is helping to drive engagement with them and stronger business results.

這些指標的驅動因素是我們在固定選項中引入了更大的靈活性，正如準備好的評論中所分享的那樣，特別是現在包含多達八個項目的更大的固定選項。它顯然引起了我們客戶的共鳴，並有助於推動與客戶的互動並取得更強勁的業務成果。

Another factor is how we've continued to infuse newness into our assortment. We've also expanded more into non-apparel categories. These are paying off and leading to better keep rates and higher AUR, as you asked. We've also seen strength, as you noted, across almost all of our lines of business, the positive year-over-year revenue comps for women's and men's. And in addition to our fixed channel returning to growth, the Freestyle channel grew again for a second consecutive quarter.

另一個因素是我們如何不斷為我們的系列注入新鮮元素。我們也進一步拓展了非服裝類。正如您所問的，這些措施正在帶來回報，並帶來更好的留存率和更高的 AUR。正如您所說，我們在幾乎所有業務線上都看到了強勁增長，男裝和女裝的收入同比均有所增長。除了我們的固定通路恢復成長之外，Freestyle 通路連續第二季再次成長。

And finally, I think it's really important to also take note that we've achieved a second consecutive quarter of year-over-year growth in new clients. And those new clients are spending more and opting into recurring shipments at a higher rate. And that speaks to the increasing client satisfaction and engagement. This is driven in large part by the retail therapy brand platform that we launched and we've spoken about previously.

最後，我認為還需要特別注意的是，我們已經連續第二個季度實現了新客戶數量的同比增長。這些新客戶花費更多，並選擇以更高的價格進行定期發貨。這顯示客戶滿意度和參與度不斷提高。這在很大程度上是由我們推出的零售療法品牌平台所推動的，我們之前已經討論過。

We're doing a really good job at targeting clients, which our service will resonate best with. And by doing so, we're focusing on the quality of that client acquisition, not just the quantity of the new clients that we bring into the service.

我們在鎖定目標客戶方面做得非常出色，我們的服務將最能引起客戶的共鳴。透過這樣做，我們關注的是客戶獲取的質量，而不僅僅是我們為服務帶來的新客戶的數量。

And these aren't one-off wins. These improvements are deeply rooted in the fundamental reshaping of our operations, the strategic investments that we've made during the rationalized and build phases of our transformation. And we're carrying over that momentum, which we believe will endure as we transition into that growth phase of our transformation.

這些並不是一次性的勝利。這些改進深植於我們營運的根本重塑，以及我們在轉型合理化和建造階段所做的策略投資。我們正在延續這一勢頭，我們相信，隨著我們進入轉型的成長階段，這種勢頭將會持續下去。

David, do you want to add additional color on anything on gross margin?

大衛，你想對毛利率進行補充說明嗎？

Yeah. Just one more point on the quarters. Like when we think about Q4, one of the other call-outs, I think we called out last time is there is just normal seasonality in active clients. And so, what Matt was calling out is really important that there's both sort of the active client side and the client engagement side. And so we expect, just from a seasonality standpoint, to have a slightly higher sequential loss in the quarter.

是的。關於季度，還有一點。就像當我們考慮第四季度時，另一個呼籲，我想我們上次呼籲的是活躍客戶只是正常的季節性。因此，馬特所說的非常重要的一點是，既要有活躍的客戶端，又要有客戶參與的端。因此，僅從季節性的角度來看，我們預計本季的連續虧損將略高。

This quarter, we were down quarter over quarter about 1%. Roughly, we expect next quarter to be around down 2%, but still really confident in the continued growth from a revenue standpoint. And that's because of what Matt was alluding to. The AOV strength that we've seen this quarter is something that we're very confident in. And we actually see that strength continuing in May. And so that's definitely something that's encouraging that we're seeing.

本季度，我們的銷售額較上季下降了約 1%。粗略地講，我們預計下個季度的營收將下降 2% 左右，但從收入角度來看，我們仍然對持續成長充滿信心。這就是馬特所暗示的。我們對本季看到的 AOV 實力非常有信心。我們實際上看到這種強勁勢頭將在五月持續下去。所以，我們看到的確實是一件令人鼓舞的事。

From a gross margin perspective, definitely, gross margin, it was at 44.2% this quarter. It's a little bit down quarter over quarter. Really, margins are going to fluctuate quarter over quarter as we mix shift between market brands and private brands. Matt touched on leaning into newness in some of those non-apparel categories. Some of that mix shift might have an impact on gross margin.

從毛利率角度來看，本季的毛利率肯定是 44.2%。與上一季相比，略有下降。事實上，隨著我們在市場品牌和自有品牌之間進行混合轉變，利潤率將逐季波動。馬特談到了一些非服裝類別的新穎性。部分產品組合變化可能會對毛利率產生影響。

But I think it's also really important to call out contribution margin. That's one of the reasons we've been talking about that a lot the last couple of quarters is really driving leverage in our operations. Contribution margin was above 33% again this quarter. And that really gives us the flexibility to be able to do what's client right from an assortment standpoint, even if that has a little bit of a headwind on gross margin. And that's what's included in our guide for the quarter.

但我認為指出貢獻利潤也非常重要。這就是我們在過去幾個季度中一直在談論的真正推動我們營運槓桿的原因之一。本季貢獻利潤率再次超過33%。這確實為我們提供了靈活性，讓我們能夠從產品分類的角度為客戶做正確的事情，即使這會對毛利率產生一點阻力。這就是我們本季指南所包含的內容。

Yeah. And Dana, on the third question, we're taking a proactive approach, and we're facing external headwinds head on. Our view is that you don't win market share by playing it safe. And we'll continue to closely track any changes in trade policy.

是的。達娜，關於第三個問題，我們正在採取積極主動的方式，並面對外部阻力。我們的觀點是，謹慎行事並不能贏得市場佔有率。我們將繼續密切關注貿易政策的任何變化。

\We're going to adjust as needed in order to mitigate any risk to our business. And if current rates persist, it will create headwinds. But as noted, I'm confident that we're well prepared to navigate this and to even strengthen our market position through that process.

\我們將根據需要進行調整，以減輕我們業務面臨的任何風險。如果目前的利率持續下去，就會產生阻力。但正如前文所述，我相信我們已經做好了充分的準備來應對這項挑戰，甚至透過這個過程鞏固我們的市場地位。

Believe this for a few reasons. The first is that our value proposition, it resonates even in a challenging macroenvironment. Clients come to Stitch Fix for the personalized styling, the convenience, the discovery of the items that they love, and it inherently offers additional value and protects our business from any pure price comparison shopping. Further, the strong and enduring relationships that a client and stylists have really allows us to tailor the experience to each individual client and adjust to their budgets at any moment in time.

相信這一點有幾個原因。首先，我們的價值主張即使在充滿挑戰的宏觀環境中也能引起共鳴。客戶來到 Stitch Fix 是為了個性化的造型、便利性、發現他們喜歡的物品，它本質上提供了額外的價值並保護我們的業務免受任何純粹的價格比較購物的影響。此外，客戶和造型師之間牢固而持久的關係使我們能夠根據每個客戶的具體情況量身定制體驗，並隨時調整以適應他們的預算。

The second, and as we discussed on the last call, as a multi-brand retailer, we have a significant advantage in navigating any market and policy shifts. We can strategically adjust our brand matrix mix to minimize any impacts. And what's more, our strong private brand portfolio is robust and most of our vendors have production facilities across multiple countries, which allows them to pivot quickly, helping to limit any long-term effects.

第二，正如我們在上次電話會議上討論的那樣，作為一家多品牌零售商，我們在應對任何市場和政策變化方面具有顯著優勢。我們可以從策略上調整我們的品牌矩陣組合，以最大限度地減少任何影響。更重要的是，我們強大的自有品牌組合非常穩健，我們的大多數供應商在多個國家都有生產設施，這使他們能夠快速轉變，有助於限制任何長期影響。

Third, our rich data and advanced AI capabilities also help inform our merchandising strategy, helps us predict demand. It helps drive our buying decision, find decisions, and it also helps improve our private brand design process.

第三，我們豐富的數據和先進的人工智慧能力也有助於我們制定行銷策略，幫助我們預測需求。它有助於推動我們的購買決策、發現決策，也有助於改善我們的自有品牌設計流程。

Finally, we believe that the work we've done in the first two phases of our transformation are really important assets for us. We've already driven significant internal operational efficiencies. And as David noted, with our contribution margin north of 30% for a fifth consecutive quarter, it gives us a lot of flexibility in terms of how we would deal with any macro pressures or external pressures. So all of these factors, our core value proposition, our distinct business model, and the work we've done in the first two phases of our transformation, that gives us confidence that we can emerge stronger and continue to gain market share.

最後，我們相信，我們在轉型的前兩個階段所做的工作對我們來說確實是重要的資產。我們已經顯著提高了內部營運效率。正如戴維所指出的，我們的貢獻利潤率連續第五個季度超過 30%，這為我們應對任何宏觀壓力或外部壓力提供了很大的靈活性。因此，所有這些因素，我們的核心價值主張、我們獨特的商業模式以及我們在轉型前兩個階段所做的工作，都讓我們有信心變得更強大並繼續獲得市場份額。

Aneesha Sherman, Bernstein.

阿妮莎·謝爾曼，伯恩斯坦。

Thank you, and congrats, Matt and David. So Matt, I just -- my first question is a follow-up on your comments that you just made. You talked about the value proposition resonating in a tougher macroenvironment. Could the current macro be a potential share gain opportunity for you? And if so, what are you doing differently to communicate that value proposition to consumers and kind of take advantage of that opportunity in this current macro?

謝謝，並祝賀馬特和大衛。所以馬特，我只是——我的第一個問題是對你剛才的評論的跟進。您談到了在更嚴峻的宏觀環境下產生共鳴的價值主張。當前的宏觀經濟情勢對您來說是否是一個潛在的股票收益機會？如果是這樣，您會採取什麼不同的措施來向消費者傳達這一價值主張，並在當前宏觀環境下利用這一機會？

And then a follow-up on the tariff side. So you talked about a couple of different levers to mitigate the tariff impact. You talked about working with suppliers, some mix shifts, and category national brands. Are you also considering pricing as a potential lever? And can you talk a little bit more about that if you are?

然後討論關稅方面的後續問題。所以您談到了減輕關稅影響的幾個不同手段。您談到了與供應商的合作、一些混合轉變以及類別國家品牌。您是否也將定價視為潛在的槓桿？如果可以的話，您能再多談一下嗎？

Hey, Aneesha. Yeah, happy to answer those questions and appreciate the recognition for the return to growth. In terms of our approach during a tough environment, we absolutely believe that this is an opportunity for us to gain share. The service that we offer is one that we can tailor to the exact needs of an individual at any time.

嘿，安妮莎。是的，很高興回答這些問題，並感謝對恢復成長的認可。就我們在艱難環境下採取的方法而言，我們絕對相信這是我們獲得份額的機會。我們提供的服務可以隨時根據個人的特定需求進行客製化。

The information that we have in terms of the budget implications for our clients allows us to shift in terms of how we're interacting with them, which items of clothing we're sending, how we're approaching different pricing messages as well with our clients. And we also feel really strongly that the relationship that clients and stylists have gives us a leg up over any potential competition in terms of where clients are going to go when they need their apparel and accessories.

我們掌握的有關客戶預算影響的資訊使我們能夠改變與客戶的互動方式、發送的服裝種類、以及向客戶傳達不同定價訊息的方式。我們也強烈感覺到，客戶和造型師之間的關係使我們在任何潛在競爭中佔據優勢，當客戶需要服裝和配件時，他們會去哪裡購買。

As someone who styles clients like I do, I know just how strong those bonds can become. And I know that in times of need that I feel confident that clients are going to come to us for those needs based on our ability to be adaptive and responsive to them at any given moment.

作為像我一樣為客戶設計造型的人，我知道這種連結可以變得多麼牢固。我知道，在需要的時候，我相信客戶會來找我們滿足他們的需要，因為我們有能力隨時適應並回應他們的需求。

What I also know that is really working well for us is how we've continued to adapt the messaging when we go out to market, both for new client acquisition as well as to speak to our current clients. And we've really made it clear to them the value that we offer in these environments. And during this time, we save our clients' time, we add convenience back into their daily lives, and we can create value for them, both in our assortment and our service. So we are very confident that we can gain share in a more challenging macroenvironment.

我也知道，對我們而言真正有效的是，我們在進入市場時不斷調整訊息傳遞方式，既是為了吸引新客戶，也是為了與現有客戶溝通。我們已經向他們明確說明了我們在這些環境中提供的價值。在此期間，我們節省了客戶的時間，為他們的日常生活增添了便利，並透過我們的產品組合和服務為他們創造了價值。因此，我們非常有信心能夠在更具挑戰性的宏觀環境中獲得份額。

The quick add-on from the question that you had in terms of tariffs. We don't anticipate taking any price increases during the balance of our fiscal year and feel really confident in the work that our team has done in order to mitigate any potential cost increases into the future and feel really strong about the resonance of our service, such that that's not an expectation for us going forward.

關於您提出的關稅問題，我簡單補充一下。我們預計在本財政年度的餘額中不會有任何價格上漲，並且對我們的團隊為減輕未來任何潛在的成本增加所做的工作充滿信心，並且對我們服務的反響感到非常強烈，因此這不是我們未來的期望。

And we'll continue to see where the macroenvironment plays out. And we'll continue to make sure that what we do is create value for our clients that also enables us to drive positive and strong business results.

我們將繼續觀察宏觀環境如何發揮作用。我們將繼續確保我們所做的能夠為客戶創造價值，同時也使我們能夠推動積極而強勁的業務成果。

Yeah. Just to add one point to that, Aneesha. I mean, I think to Matt's point, under the current tariff conditions, yes, we would expect to see an increase in merchandising costs in FY26. But as a multi-brand retailer, I think we're really well positioned to really work with our partners, both from a country of origin diversification as well as just ongoing negotiations to mitigate that as much as possible. And so that's the way that we're looking at it, and we'll provide more information next quarter as well.

是的。我只想補充一點，Aneesha。我的意思是，我認為對於馬特的觀點，在目前的關稅條件下，是的，我們預計 26 財年的商品成本會增加。但作為一家多品牌零售商，我認為我們完全有能力與我們的合作夥伴進行真正的合作，無論是從原產國多元化，還是從正在進行的談判，以盡可能地緩解這種影響。這就是我們看待這個問題的方式，下個季度我們也將提供更多資訊。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

Thanks. I'm just curious, you've spoken historically about kind of a lag effect in your business as you acquire customers, and they repeat over a period of time. I mean, the line of sight -- can you share anything as to the line of sight that you have at this point as you start to grow new customers as to when you might start growing total active customers? Thanks.

謝謝。我只是好奇，您曾經談過，當您獲得客戶時，您的業務中存在一種滯後效應，並且這種滯後效應會在一段時間內重複出現。我的意思是，視線——您能否分享一下您在開始發展新客戶時所擁有的視線，以及何時可以開始增加總活躍客戶數？謝謝。

Yeah. Dylan, appreciate the question. I'll answer, and David, if you want to add any additional context to that. For us, as we've approached how we go out to market to acquire new clients, we're very much focused on quality over quantity. We're really focused on clients that are going to deliver a high lifetime value for us that help us ensure that the investments that we're making into acquisition have the highest possible return on investment.

是的。迪倫，我很感謝你提出這個問題。我會回答，大衛，如果你想添加任何其他背景資訊。對我們來說，當我們考慮如何進入市場以獲取新客戶時，我們非常注重品質而不是數量。我們真正關注的是那些能夠為我們提供高終身價值的客戶，這有助於我們確保我們在收購方面的投資獲得最高的投資回報。

That's why we're really proud about the lifetime value that we're seeing in the first 90 days from new clients that we acquire and the strength that we continue to see in that being some of the highest metrics, the highest performance over the last three years. And even though we have a focus on quality, we've still delivered new client growth over the last two quarters.

這就是為什麼我們對新客戶在前 90 天內的終身價值感到非常自豪，我們繼續看到這一優勢成為過去三年中最高的指標和最高的表現。儘管我們注重質量，但過去兩個季度我們仍然實現了新客戶成長。

We've also continued to see strength in reengagement and had a lot of success reengaging clients that were previously customers of Stitch Fix, which continues to pay dividends for us. And we're also seeing strength in terms of our dormancy rate as well. So I feel really confident that in the future we will return to active client growth.

我們也繼續看到了重新參與的強勁勢頭，並在重新吸引以前是 Stitch Fix 客戶的客戶方面取得了很大成功，這繼續為我們帶來獎金。我們也看到了休眠率方面的增強。因此，我非常有信心，未來我們將恢復活躍客戶成長。

Our focus right now is making sure that we have the best quality clients that we have that we're maximizing wallet share with our current clients and that we're delivering the highest lifetime value with those clients. And you see that with the engagement metrics and the really strong performance. And I think it ultimately manifests in both the return to growth in our third quarter as well as our guide to continued growth in the fourth quarter.

我們現在的重點是確保我們擁有最優質的客戶，最大限度地提高現有客戶的錢包份額，並為這些客戶提供最高的終身價值。您可以從參與度指標和非常強勁的表現中看到這一點。我認為這最終體現在我們第三季的成長恢復以及第四季持續成長的指引中。

And then, Dylan, just to add a couple of points. For FY26, outside of macro impacts, we would still expect a quarter-over-quarter increase in active clients at some point in FY26. And to Matt's point, that continues to be our focus. With that said, macro uncertainty and market conditions may create some headwinds, and we'll provide more of an update.

然後，迪倫，我再補充幾點。對於 2026 財年，除了宏觀影響之外，我們仍然預計 2026 財年的某個時候活躍客戶數量將環比增加。正如馬特所說，這仍然是我們的關注重點。話雖如此，宏觀不確定性和市場條件可能會帶來一些阻力，我們將提供更多更新資訊。

On the other part of your question around sort of the lagging part, we used to talk about this where revenue can sometimes lag client growth. And certainly, as we get to that inflection point, that's certainly going to be a tailwind where revenue in a client within maybe the first quarter that we have them isn't as high as that sort of recurring second shipment and third shipment. And so you tend to see more of that value over time.

關於您問題的另一部分，關於滯後部分，我們過去常常討論這個問題，即收入有時會滯後於客戶成長。當然，當我們到達那個拐點時，這肯定會成為一個順風，也許我們擁有客戶的第一個季度的收入不會像第二次發貨和第三次發貨那麼高。因此，隨著時間的推移，您會看到更多的價值。

What's been interesting over the last year, though, that I think we've been talking about more and more is both sides of the equation from a revenue standpoint is, yes, long-term sustainable growth is both about active client growth and revenue per active client. But what we've been seeing in the last few quarters has been really a lot of strength in that client engagement with AOV up significantly for the past seven quarters. And so really getting to both of those things continues to be our focus.

不過，過去一年有趣的是，我認為我們越來越多地談論的是，從收入的角度來看，等式的兩邊是的，長期可持續增長既涉及活躍客戶增長，也涉及每個活躍客戶的收入。但我們在過去幾季看到的情況是，客戶與 AOV 的互動在過去七個季度中顯著增強。因此，真正實現這兩件事仍然是我們的重點。

(Operator Instructions) David Bellinger, Mizuho.

（操作員指示）瑞穗的 David Bellinger。

Hey, Matt, David, thanks for the question. I wanted to follow up on AOV. I think you mentioned up 10% in the quarter, something like seven consecutive quarters of AOV growth. Could you just unpack that a little bit for us? Are we seeing broader increases across the business? Or is this a structural shift where you're seeing more units per fix?

嘿，馬特、大衛，謝謝你們的提問。我想跟進 AOV。我認為您提到了本季度增長 10%，相當於連續七個季度的 AOV 增長。您能為我們稍微解釋一下嗎？我們是否看到整個業務範圍出現更廣泛的成長？或者這是一種結構性轉變，您會看到每次修復都會有更多的單元？

Just trying to unpack this. And can you talk to the sustainability of these AOV increases over the next several quarters or even into next year?

只是想解開這個。您能否談談未來幾季甚至明年這些 AOV 成長的可持續性？

David, I appreciate the question. David, do you want to go ahead and I'll add any additional context?

大衛，我很感謝你提出這個問題。大衛，你想繼續嗎？我可以添加一些額外的背景資訊嗎？

Yeah, thanks. David, a couple of callouts. Certainly, in this quarter, a big part of the AOV increase is those larger fixes that we've talked about. Those are really resonating with our clients where we're adding the flexibility to offer them not just five items in the fix, but six, seven or eight items. And that's really, really resonating with our clients.

是的，謝謝。大衛，有幾處呼叫。當然，本季 AOV 成長的很大一部分原因是我們討論過的那些較大的修復。這些確實引起了客戶的共鳴，我們增加了靈活性，為他們提供的不僅僅是五種產品，而是六種、七種或八種產品。這確實引起了我們客戶的共鳴。

From Q1 to Q3, the penetration of our fixes that have, larger fixes has more than doubled. And so that's been a big part of the AOV increases. And we do see that momentum continuing into May. And so we do believe that there is continued upside in gaining wallet share from our existing clients. It continues to be a focus both for our marketing teams, for our product teams, for our stylists to make sure that we're providing different touch points with every client to drive value, and that's really why we see that sort of increase from an AOV perspective.

從第一季到第三季度，我們的修復方案的滲透率（較大修復方案的滲透率）增加了一倍以上。所以這是 AOV 成長的一個重要因素。我們確實看到這種勢頭持續到五月。因此，我們確實相信，我們能夠繼續從現有客戶那裡獲得更高的錢包份額。我們的行銷團隊、產品團隊和造型師始終關注這一點，以確保我們為每位客戶提供不同的接觸點來推動價值，這也是我們從 AOV 角度看到這種成長的真正原因。

The one callout I would say on AOV is as we go into FY26, certainly, this strength will create tougher comps in FY26 and probably create tougher comps as we move through FY26 just because of the strength that we've seen this year. Like if you think about this quarter, it's not just about the 10% increase this quarter. If you get like -- if you look at a two-year stack of Q3, it's a 17% increase in AOV. And so definitely, more upside that we're driving towards, but some tougher comps next year.

關於 AOV，我想說的是，當我們進入 26 財年時，這種優勢肯定會在 26 財年創造出更艱難的競爭局面，而且很可能會在我們進入 26 財年時創造出更艱難的競爭局面，這僅僅是因為我們今年看到的實力。如果你考慮這個季度，你會發現這不僅僅是這個季度 10% 的成長。如果你看 Q3 的兩年堆疊，你會發現 AOV 增加了 17%。因此，我們肯定會朝著更好的方向努力，但明年的競爭也會更加激烈。

Yeah, got it. That's very helpful. And then I wanted to follow up too on the ad spend. So the increase as a percent of sales this quarter, I think on a year-over-year growth rate, the dollar basis was up double digits. You still got active customers down.

是的，明白了。這非常有幫助。然後我也想跟進廣告支出。因此，我認為本季銷售額的百分比年增，以美元為基礎成長了兩位數。您的活躍客戶仍然減少。

So can you tell us, is it getting more expensive to keep your customer base? And what do you need? Should we see another step up in ad spend or different channel mixes? What do you need exactly to drive that new customer growth again?

那你能告訴我們，維持客戶群的成本是否變得越來越高？你需要什麼？我們是否應該看到廣告支出或不同管道組合的進一步增加？您究竟需要什麼來再次推動新客戶的成長？

Yeah, David, I'll start, and then Matt, if you want to provide any color. First, I don't think we need to increase ad spend to get to an active client growth. I think we've touched on this maybe two quarters ago, where we definitely see some good signs from a new client acquisition. It's the second quarter in a row that new client acquisition is up we see client reengagement is up again and is in a very healthy place.

是的，大衛，我先開始，然後是馬特，如果你想提供任何細節的話。首先，我認為我們不需要增加廣告支出來實現活躍客戶的成長。我想我們大概在兩個季度前就已經討論過這個問題了，我們確實從新客戶的獲取中看到了一些好跡象。這是連續第二季新客戶獲取量上升，我們看到客戶重新參與度再次上升，並且處於非常健康的水平。

And even on the dormancy side, those are the three components to active clients. And dormancy trends are getting better as well. And so with our existing product roadmap and existing marketing levels of investment, we feel comfortable outside of, obviously, the macro uncertainty that we see an inflection point in FY26.

即使在休眠方面，這三個也是活躍客戶端的組成部分。休眠趨勢也正在好轉。因此，憑藉我們現有的產品路線圖和現有的行銷投資水平，我們顯然可以在宏觀不確定性之外感到安心，因為我們在 2026 財年看到了一個轉折點。

And so I don't think we need to increase ad spend. The caveat to that is one that I used to say, I think, almost every quarter, which is we have a methodology around our ad spend and where we see opportunity to lean in, we do. We have a CAC-to-LTV. Certainly with the health of our clients recently, LTV is up and that makes us feel more comfortable about leaning in.

所以我認為我們不需要增加廣告支出。對此的警告是我幾乎每季都會說的，那就是我們對廣告支出有一個方法論，當我們看到機會時，我們就會去做。我們有一個 CAC 與 LTV 比率。當然，考慮到我們客戶最近的健康狀況，LTV 有所上升，這讓我們更放心地投入工作。

I think the other callout for ad spend is there is seasonality there, and that's where it gets a little bit lumpy, where Q1 and Q3 tend to be stronger quarters from a client acquisition standpoint for us. And so we tend to lean in a little bit more from a percent of revenue in those quarters than we do in Q2 and Q4.

我認為廣告支出的另一個特點是存在季節性，這就是它有點不穩定的地方，從客戶獲取的角度來看，第一季和第三季往往是業績更強勁的季度。因此，與第二季和第四季相比，我們在這些季度的營收百分比上傾向於稍微傾斜一些。

Thank you. I would now like to turn the call back over to Matt Baer for any closing remarks.

謝謝。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. So to close, I want to reiterate just how proud I am of the results that the team delivered this quarter, including our return to year-over-year revenue growth, that's a significant milestone in Stitch Fix's transformation.

好的，謝謝。最後，我想重申一下，我對團隊本季的成績感到非常自豪，包括我們恢復了同比增長的收入，這是 Stitch Fix 轉型的一個重要里程碑。

We know many people are dissatisfied with retail today. Traditional apparel shopping, it's broken. And Stitch Fix has always been focused on fixing it. And our transformation has always been grounded on fully realizing that vision. And as the return to growth this quarter demonstrates, it's working. And we've improved our business in fundamental ways through the rationalize and build phase of our transformation.

我們知道如今很多人對零售業不滿意。傳統的服裝購物方式已經崩潰。而 Stitch Fix 一直致力於解決這個問題。我們的轉型始終以全面實現此願景為基礎。正如本季恢復成長所表明的那樣，這項舉措正在發揮作用。透過轉型的合理化和建設階段，我們從根本上改善了我們的業務。

As part of this, we've created a much more modern and dynamic client experience, and we're seeing the results of our collective efforts and our numbers and how we are gaining share in the market. We believe these improvements we've made will also enable us to successfully navigate an increasingly challenging macroenvironment.

作為其中的一部分，我們創造了更現代化和充滿活力的客戶體驗，我們看到了我們共同努力的成果和我們的數字以及我們如何在市場上獲得份額。我們相信，我們所做的這些改進也將使我們能夠成功應對日益嚴峻的宏觀環境。

As we enter the growth phase, we will continue to operate with rigor and an unrelenting focus on delivering the best possible experience for our clients. In doing so, we aim to cement ourselves as the retailer of choice for both our current clients as well as a far larger base than we currently reach today.

隨著我們進入成長階段，我們將繼續嚴謹運營，堅持不懈地致力於為客戶提供最佳體驗。透過這樣做，我們的目標是鞏固我們作為現有客戶以及比現在更大的客戶群的首選零售商的地位。

The momentum of the Stitch Fix business is undeniable. I'm more confident than ever in our future. I appreciate your interest in our business, and I look forward to sharing our continued progress in the future. Thank you.

Stitch Fix 業務的發展勢頭是不可否認的。我對我們的未來比以往任何時候都更有信心。感謝您對我們業務的關注，並期待未來分享我們的持續進步。謝謝。

This concludes the conference. Thank you for your participation. You may now disconnect.

會議到此結束。感謝您的參與。您現在可以斷開連線。