Stitch Fix, Inc. (SFIX) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us. Welcome to Stitch Fix's third-quarter 2026 earnings results conference call.

大家好。感謝各位加入我們。歡迎參加 Stitch Fix 2026 年第三季財報結果電話會議。

After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

在今天的事先準備發言之後，我們將進行問答環節。（接線員指示）

I will now hand the conference over to Cherryl Valenzuela, Head of Investor Relations. Please go ahead.

現在我將把會議交給投資人關係主管 Cherryl Valenzuela。請開始。

Good afternoon. Thank you for joining us today for the Stitch Fix third-quarter fiscal 2026 earnings call.

各位下午好。感謝各位今天參加 Stitch Fix 2026 會計年度第三季財報電話會議。

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

與我一同出席本次電話會議的有執行長 Matt Baer，以及財務長 David Aufderhaar。

We have posted complete third-quarter 2026 financial results in a press release on the Quarterly Results section of our website, investors.stitchfix.com.

我們已在公司網站 investors.stitchfix.com 的「季度業績」專區，以新聞稿形式公布 2026 年第三季完整財務結果。

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.

我們提醒各位，本次電話會議將包含前瞻性陳述，涉及風險與不確定性。實際結果可能與前瞻性陳述所預期者有重大差異。

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

已公布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 our quarterly report on Form 10-Q for the second quarter of fiscal 2026; and subsequent periodic reports filed with the SEC.

請查閱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出現差異的因素；特別是我們今日發布並提交的新聞稿；以及 2026 會計年度第二季的 Form 10-Q 季度報告；以及其後向 SEC 提交的定期報告。

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

另外請注意，本次電話會議中的前瞻性陳述係基於截至今日我們所掌握的資訊。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

Please also note that fiscal 2024 was a 53-week year due to an extra week in the fourth quarter. As such, references to consecutive quarters of year-over-year revenue growth rates on this call are based on an adjusted 52-week basis, removing the impact of the extra week to provide a comparison that we believe more accurately reflects our performance.

也請注意，由於第四季多出一週，2024 會計年度為 53 週年度。因此，本次電話會議中提及連續季度的年對年營收成長率，係以調整後的 52 週基礎計算，剔除額外一週的影響，以提供我們認為更能準確反映公司表現的比較基準。

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，我們將討論若干非 GAAP 財務衡量指標。與最直接可比的 GAAP 財務衡量指標之調節表，已於我們投資人關係網站的新聞稿中提供。這些非 GAAP 指標並非用以取代我們的 GAAP 結果。

Finally, this call in, its entirety, is being webcast on our Investor Relations website. A replay of this call will be available on the website shortly.

最後，本次電話會議全程將於我們的投資人關係網站進行網路直播。本次電話會議的重播將於稍後在網站上提供。

Now, let me turn the call over to Matt.

現在，讓我把電話交給 Matt。

Thanks, Cherryl. Good afternoon, everyone.

謝謝你，Cherryl。各位下午好。

Revenue in the quarter grew 4.7% to $340.3 million, marking our fifth consecutive quarter of year-over-year revenue growth.

本季營收成長 4.7%，達 3.403 億美元，為我們連續第五個季度實現年對年營收成長。

Active clients were 2.3 million and increased 21,000 sequentially, a significant milestone in our transformation journey.

活躍客戶數為 230 萬，較前一季增加 2.1 萬人，這是我們轉型旅程中的一項重要里程碑。

Revenue per active client, or RPAC, reached $578 in Q3, now the highest level we have reported, slightly exceeding the record we set just last quarter.

第三季每位活躍客戶營收（RPAC）達 578 美元，創下我們迄今公布的最高水準，略高於上一季剛創下的紀錄。

These results demonstrate how we are strengthening our position as our clients' retailer of choice for Apparel, Footwear, and Accessories. As we scale, we maintain our focus on operating with financial discipline, resulting in healthy profit margins.

這些結果展現我們正強化自身定位，成為客戶在服飾、鞋類與配件方面的首選零售商。在擴大規模的同時，我們仍專注以財務紀律營運，因而維持健康的獲利率。

Gross margin in Q3 was 43.7%. Contribution margin remained above 30% for the ninth consecutive quarter.

第三季毛利率為 43.7%。貢獻毛利率已連續第九個季度維持在 30% 以上。

Our adjusted EBITDA was $13.2 million and our adjusted EBITDA margin was 3.9%, both, also, better than expected.

調整後 EBITDA 為 1,320 萬美元，調整後 EBITDA 利潤率為 3.9%，兩者也都優於預期。

Our revenue outperformance in Q3 was driven by strength in our fix channel. Fix average order value, or AOV, increased year over year for the 11th straight quarter, primarily due to higher items per fix as a result of expanded adoption of our larger fix offering.

第三季營收優於預期主要由我們的 Fix 渠道強勁表現所帶動。Fix 平均訂單金額（AOV）已連續第 11 個季度年對年成長，主要原因是隨著更多客戶採用我們更大份量的 Fix 方案，每次 Fix 的商品件數提高。

Growth in average unit retail, or AUR, also contributed meaningfully to the overall AOV upside, reflecting the benefits of our ongoing assortment improvements.

平均單品零售價（AUR）的成長也對整體 AOV 的上行做出顯著貢獻，反映我們持續改善商品組合所帶來的效益。

Over the last several years, we have significantly enhanced the breadth and depth of our assortment to more fully meet client needs and capture more wallet share.

過去幾年，我們大幅提升商品組合的廣度與深度，以更全面滿足客戶需求並取得更多錢包份額。

Our strategy has been anchored on optimizing our portfolio of market brands, investing in our own private brands and expanding into new categories to better offer head-to-toe outfitting.

我們的策略核心在於優化市場品牌組合、投資自有品牌，並拓展至新類別，以更好地提供從頭到腳的整體穿搭。

We are seeing the results of this work. Both our Women's and Men's businesses saw top-line gains in Q3.

我們正看到這些工作的成果。第三季女性與男性業務的營收（top line）皆有所成長。

Within our Women's business, we saw robust demand for Activewear & Athleisure, which grew a combined 50%, year over year. We also had a successful seasonal transition, with strength in sandals, skirts, and sneakers.

在女性業務方面，運動服與休閒運動（Activewear & Athleisure）需求強勁，合計年對年成長 50%。我們也順利完成季節性轉換，涼鞋、裙裝與運動鞋表現亮眼。

Some of the brands that posted the strongest growth were our private brands; namely Montgomery Post, 41 Hawthorn, and Market & Spruce.

成長最強勁的品牌中，有部分來自我們的自有品牌；包括 Montgomery Post、41 Hawthorn 與 Market & Spruce。

Men's grew double digits year over year for the fourth straight quarter, with standout performance in warm-weather categories, such as shorts, short-sleeve woven tops, and casual shoes, which -- each grew more than 30%.

男性業務已連續第四個季度年對年維持雙位數成長；在短褲、短袖梭織上衣與休閒鞋等暖季品類表現突出——各品類成長均超過 30%。

Some of the brands that posted the strongest growth were our private brand, Alesbury; as well as Travis Mathew, Vuori, and Bonobos.

成長最強勁的品牌包括我們的自有品牌 Alesbury；以及 Travis Mathew、Vuori 與 Bonobos。

With regards to expanding into new categories, we've previously shared our belief that growing our relevance in Activewear & Athleisure, Footwear, and Accessories can unlock approximately $1 billion in incremental revenue, if we achieve our fair share with our existing client base.

關於拓展新類別，我們先前曾分享，我們相信若能在既有客戶基礎中取得合理市占，提升我們在運動服與休閒運動、鞋類與配件的相關性，將可解鎖約 10 億美元的增量營收。

We are actively pursuing this opportunity by expanding our offerings in these key categories. As an example, we recently launched women's sunglasses, introducing brands, like Le Specs, AIRE, and KEEP.

我們正透過擴充這些關鍵類別的供給，積極把握此一機會。例如，我們近期推出女性太陽眼鏡，引進 Le Specs、AIRE 與 KEEP 等品牌。

We are strengthening our Footwear assortment with new brands, like Frye; while seeing growth in established brands, such as Adidas and New Balance.

我們也透過 Frye 等新品牌強化鞋類商品組合；同時也看到 Adidas 與 New Balance 等既有品牌的成長。

We are also building on our momentum in Activewear & Athleisure. We recently added Outdoor Voices, Malbon Golf, Spiritual Gangster, and Cotopaxi; as well as deepened our penetration with client favorites, like Varley, Rhone, and our private-label brand, WeWander.

我們也持續延續在運動服與休閒運動的動能。我們近期新增 Outdoor Voices、Malbon Golf、Spiritual Gangster 與 Cotopaxi；並加深客戶喜愛品牌的滲透率，例如 Varley、Rhone，以及我們的自有品牌 WeWander。

We are also seeing strength in Men's and Kids' swimwear, with the addition of brands, like Fair Harbor.

隨著新增 Fair Harbor 等品牌，我們也看到男性與兒童泳裝品類表現強勁。

The improvements to our assortment are bolstering our position in the market and translating into further market share gains.

商品組合的改善正在鞏固我們的市場地位，並轉化為進一步的市占提升。

According to the latest Circana data, Stitch Fix, again, meaningfully outperformed the total US Apparel, Footwear, and Accessories market in the most recent quarter, with our year-over-year revenue growth rate more than 4 times the growth of the total market.

根據最新的 Circana 數據，Stitch Fix 在最近一季再度顯著優於美國整體服飾、鞋類與配件市場；我們的年對年營收成長率超過整體市場成長的 4 倍。

We also remain focused on the quality and durability of our client base. A central focus of our transformation has been acquiring and retaining high lifetime value, or LTV, clients, who value our service and whom we are uniquely positioned to serve exceptionally well.

我們也持續聚焦客戶基礎的品質與耐久性。我們轉型的核心重點之一，是獲取並留存高終身價值（LTV）的客戶；這些客戶重視我們的服務，而我們也具備獨特優勢，能夠以卓越水準為其提供服務。

As I noted earlier, we reached an important milestone in this work, as we successfully grew our client base. We also hit our eighth consecutive quarter of year-over-year growth rate improvement in active clients and remain encouraged by this steady progress.

如我先前所提，我們在這項工作上達成重要里程碑，成功擴大客戶基礎。我們也達成活躍客戶年對年成長率連續第八個季度改善，並對這項穩健進展持續感到鼓舞。

Starting with new clients, they grew for the third consecutive quarter, up more than 10% year over year in Q3. As our marketing becomes more targeted and precise, we are seeing that rigor show up in the quality of new-client cohorts.

從新客戶來看，新客戶已連續第三個季度成長，第三季年對年增幅超過 10%。隨著我們的行銷更具針對性與精準度，我們也看到這份嚴謹反映在新客戶分群（cohorts）的品質上。

New-client LTVs increased year over year for the 11th consecutive quarter and were nearly double what they were three years ago, reinforcing our belief that we are building a healthier and more durable client base.

新客戶 LTV 連續第 11 個季度年增，且幾乎是三年前的兩倍，進一步強化我們的信念：我們正在建立更健康且更具韌性的客戶基礎。

That momentum is being reinforced by the sustained adoption of family accounts, which is creating an additional organic pathway for client acquisition.

這股動能也因家庭帳戶的持續採用而更加鞏固，家庭帳戶正在為客戶獲取創造另一條有機成長途徑。

As more clients adopt the feature, family accounts have become an efficient way for us to add high-intent clients, while also expanding family-wallet share.

隨著更多客戶採用此功能，家庭帳戶已成為我們高效率新增高意向客戶的方式，同時也擴大家庭錢包份額。

We are also focused on re-engaging former clients. Our targeted campaigns are bringing clients back to Stitch Fix. As they return, we're focused on deepening engagement through a more personalized and flexible experience.

我們也專注於重新喚回過往客戶。我們的精準行銷活動正把客戶帶回 Stitch Fix。在他們回流之際，我們著重透過更個人化且更彈性的體驗來加深互動。

At the same time, retention rates continue to strengthen, with steady improvement over seven straight quarters. Q3 surpassed the mark we set last quarter for our highest-retention rate in four years.

同時，留存率持續走強，已連續七個季度穩步改善。第三季超越了我們上季所創下的四年來最高留存率水準。

Engagement also remains healthy. Total active clients on recurring shipments continue to grow, year over year. New clients on recurring shipments grew even faster.

互動度也維持健康。採用定期出貨的活躍客戶總數持續年增。採用定期出貨的新客戶成長更快。

This is an important signal of the value clients are seeing in their fixes and the strength of the ongoing relationship we are building with them.

這是一個重要訊號，顯示客戶在其 fixes 中看見的價值，以及我們與他們建立的持續關係之強度。

Taken together, these trends reinforce that we are methodically building a stronger client base. Our goal remains to return to year-over-year active client growth in fiscal '27.

綜合來看，這些趨勢再次證明我們正有系統地打造更強健的客戶基礎。我們的目標仍是在 2027 財年恢復活躍客戶的年增成長。

We attribute both our progress in active clients, as well as our revenue growth, in large part, to the advancements we've made to our client experience over the past two years.

我們認為，活躍客戶的進展與營收成長，在很大程度上歸功於過去兩年我們在客戶體驗上的提升。

These improvements have been grounded in delivering on our core promise: to offer the most client-centric and personalized shopping experience.

這些改善以兌現我們的核心承諾為基礎：提供最以客戶為中心、最個人化的購物體驗。

We're best positioned to do this because of the uniqueness of our model, which starts with the power of our data. We know more about our clients before their first transaction with us than most retailers know over a lifetime relationship.

我們最有能力做到這點，源於我們模式的獨特性，而其起點是我們資料的力量。在客戶與我們完成第一筆交易之前，我們對客戶的了解就已超過多數零售商在一段終身關係中所能掌握的程度。

We have billions of data points on their fit, style, and budget preferences, as well as nuanced insights on our merchandise assortment.

我們擁有數十億筆關於其版型、風格與預算偏好的資料點，以及對我們商品組合的細緻洞察。

It is the interplay of that data; our innovative and AI-driven technology platform; and the human connections that our stylists build with clients every day that enable us to deliver what we believe is a superior way to shop for Apparel, Footwear, and Accessories.

正是這些資料、我們創新且以 AI 驅動的技術平台，以及造型師每天與客戶建立的人際連結三者之間的相互作用，使我們能提供我們認為更優越的服飾、鞋履與配件購物方式。

Our AI-powered style visualization platform, Stitch Fix Vision, plays an important role in offering this better way to shop.

我們的 AI 驅動風格視覺化平台 Stitch Fix Vision，在提供這種更佳購物方式上扮演重要角色。

As a reminder: Vision provides clients with personalized imagery of their likeness in an array of shoppable outfits, tailored to their style profiles and current trends.

提醒一下：Vision 會依據客戶的風格檔案與當前趨勢，提供客戶一系列可購買穿搭中、與其相貌相似的個人化影像。

Since launching it in October, we've been pleased with our clients' response. Notably, we continue to see over a 100% lift in Freestyle spend over a 90-day period for clients who used Vision.

自 10 月推出以來，我們對客戶的回饋感到滿意。值得注意的是，對於使用 Vision 的客戶，我們持續看到其在 90 天期間的 Freestyle 消費提升超過 100%。

Now, we are integrating Vision further within the client experience and are beginning to give clients more control over how they discover and visualize styles by enabling them to generate their own Vision images around the look of their choosing.

目前，我們正將 Vision 更深度整合進客戶體驗，並開始讓客戶對其探索與視覺化風格的方式有更多掌控權，讓他們能依自己選擇的造型生成專屬的 Vision 影像。

This is exactly the type of innovation we believe can deepen client engagement, over time; and reflects the broader strides we are taking to strengthen the Stitch Fix experience and the business, overall.

這正是我們相信能隨時間加深客戶互動的創新類型；也反映我們為強化 Stitch Fix 體驗與整體業務所採取的更廣泛進展。

Beyond embedding AI into the client experience, through features like Vision, we are applying AI across the enterprise.

除了透過 Vision 等功能將 AI 嵌入客戶體驗之外，我們也在全企業範圍應用 AI。

We are increasingly using these capabilities to optimize efficiency and sharpen our retail advantage in areas including inventory management, intelligent pricing, and creative-marketing execution.

我們愈來愈多地運用這些能力來提升效率，並在包含庫存管理、智慧定價與創意行銷執行等領域強化我們的零售優勢。

In private-brand product development, we're using AI to fundamentally transform the process. We can now design a full assortment for an individual private brand in about one week compared to the traditional multi-month design cycle.

在自有品牌產品開發方面，我們正使用 AI 從根本上改造流程。相較於傳統需數個月的設計週期，我們現在約一週就能為單一自有品牌設計完整商品組合。

To close, Q3 was another clear step forward for Stitch Fix. We delivered revenue and adjusted EBITDA above our outlook, achieved sequential active-client growth, and continued to execute with the discipline that has been central to our transformation.

總結而言，第三季是 Stitch Fix 再次明確向前邁進的一步。我們的營收與調整後 EBITDA 均高於展望，實現活躍客戶的季增成長，並持續以一貫的紀律執行，而這一直是我們轉型的核心。

This is increasingly showing up in our bottom line, as we drive towards net-income profitability.

隨著我們朝向淨利獲利邁進，這些成果也愈來愈反映在我們的最終盈餘上。

Importantly, this performance reflects the deliberate choices we have made over the last several years to strengthen the foundation of the business; enhance how we serve clients; sharpen our focus on higher-quality growth; and fully deliver the client-centric, highly personalized shopping experience that sets Stitch Fix apart.

重要的是，這項表現反映了過去幾年我們為強化業務根基、提升服務客戶的方式、更加聚焦於更高品質的成長，以及完整交付以客戶為中心且高度個人化的購物體驗（這正是 Stitch Fix 的差異所在）所做出的審慎選擇。

Technology and innovation has been at the core of Stitch Fix's business since day 1. As we look ahead, we will continue to capitalize on this leadership. This will enable us to build on our progress, even in a more challenging retail environment.

自第一天起，科技與創新就是 Stitch Fix 業務的核心。展望未來，我們將持續善用這項領先優勢。即使在更具挑戰的零售環境中，這也將使我們能在既有進展上再接再厲。

Our model is resilient, differentiated, and uniquely equipped to navigate macroeconomic uncertainty and a more dynamic consumer backdrop.

我們的模式具備韌性、差異化，且擁有獨特能力以因應總體經濟不確定性與更動態的消費者環境。

We are confident in our ability to capture further market share and wallet share; and to keep building steadily toward long-term, sustainable, profitable growth.

我們有信心進一步取得市占率與錢包份額，並持續穩健地朝向長期、可持續且具獲利性的成長邁進。

I want to thank the entire Stitch Fix team. The results we are seeing are a direct reflection of your focus, dedication, and commitment to our clients. Thank you for the work you do every day.

我要感謝整個 Stitch Fix 團隊。我們所看到的成果，直接反映了各位對客戶的專注、投入與承諾。感謝你們每天所做的工作。

With that, I'll turn it over to David to discuss our financial results and outlook.

接下來，我把時間交給 David，請他說明我們的財務結果與展望。

Thanks, Matt. Good afternoon, everyone.

謝謝，Matt。各位下午好。

As Matt highlighted, our strategic initiatives are driving clear momentum across our top line and client metrics. From a financial perspective, I'm equally pleased with how those gains translated to our bottom line.

如 Matt 所強調，我們的策略性舉措正推動營收端與客戶指標出現明確動能。從財務角度來看，我同樣很高興這些成果如何轉化到我們的最終盈餘表現。

Our third-quarter results demonstrate our ongoing commitment to operational efficiency, which allowed us to exceed our adjusted-EBITDA outlook and generate positive cash flow.

我們第三季的結果展現了我們對營運效率的持續承諾，這使我們得以超越調整後 EBITDA 展望並產生正向現金流。

We are maintaining strong financial discipline to ensure our transformation scales profitably. Now, let's turn to the numbers:

我們維持強健的財務紀律，以確保轉型能以獲利方式擴張。現在，讓我們來看數字：

Revenue was $340.3 million, up 4.7% year over year, exceeding our outlook. Fix AOV grew 6.4%, better than expected; and was the primary reason for the outperformance. This was driven by more items per fix and higher AUR, reflecting strong demand for larger fixes and our improved assortment.

營收為 3.403 億美元，年增 4.7%，高於我們的展望。Fix AOV 成長 6.4%，優於預期；也是超出預期的主要原因。這主要由每次 fix 的商品件數增加與 AUR 提升所帶動，反映市場對更大規模 fixes 的強勁需求，以及我們改善後的商品組合。

We ended Q3 with 2.3 million active clients, up 21,000 or nearly 1% sequentially. Both Women's and Men's active clients were up sequentially. Men's active clients were up year over year for the second consecutive quarter.

第三季末活躍客戶為 230 萬，較前一季增加 2.1 萬，季增接近 1%。女性與男性活躍客戶皆呈季增。男性活躍客戶已連續第二個季度年增。

Net revenue per active client, or RPAC, was $578, up 6.6% year over year, marking the ninth consecutive quarter of year-over-year growth. We view the continued growth in RPAC as an important indicator of improving engagement and spend among our clients.

每位活躍客戶的淨營收（RPAC）為 578 美元，年增 6.6%，為連續第九個季度年增。我們將 RPAC 的持續成長視為客戶互動與消費提升的重要指標。

It reflects the impact of the work we are doing across assortment, personalization, fix flexibility, and the overall client experience; and reinforces the opportunity we see to grow share of wallet, over time, as we build the active-client base.

這反映了我們在商品組合、個人化、fix 彈性以及整體客戶體驗等方面工作的成效；並強化我們所看到的機會：隨著活躍客戶基礎擴大，長期而言可提升錢包份額。

We continue to deliver strong margins. Gross margin was 43.7%, again, above the midpoint of our FY26 range of 43% to 44%, while contribution margins remain robust and north of 30% for the ninth straight quarter.

我們持續交出強勁的毛利率。毛利率為 43.7%，再次高於我們 2026 財年 43% 至 44% 區間的中位數；同時，貢獻毛利率仍然強勁，且連續第九個季度維持在 30% 以上。

Advertising was 10.2% of revenue in Q3, in line with our expectations. Q3 adjusted EBITDA came in at $13.2 million or 3.9% margin.

第三季廣告費用占營收比重為 10.2%，符合我們的預期。第三季調整後 EBITDA 為 1,320 萬美元，或 3.9% 利潤率。

We exceeded our guidance due to stronger-than-expected revenue and disciplined expense management. We ended Q3 with $229.4 million in cash and investments; and no debt. We generated $6.5 million of free cash flow in the quarter.

由於營收強於預期以及費用管理有紀律，我們超越了指引。第三季末我們持有 2.294 億美元的現金與投資，且無負債。本季我們產生 650 萬美元的自由現金流。

Our strong balance sheet and stable cash flows give us the flexibility to sustain our investments in the growth of the business, while also returning capital to shareholders, when we believe it represents an attractive use of cash.

我們強健的資產負債表與穩定的現金流，讓我們具備彈性，既能持續投資於業務成長，同時也能在我們認為是具吸引力的現金用途時，將資本回饋給股東。

During the quarter, we bought back 4.5 million shares for $15.1 million under our previously authorized share-repurchase program, which leaves $104.9 million in that program.

本季期間，我們依據先前核准的庫藏股回購計畫，以1,510萬美元回購了450萬股，該計畫尚餘1.049億美元額度。

Our decision to repurchase shares reflects our confidence in the progress we are making, the durability of our financial position, and our commitment to strategic capital allocation.

我們回購股票的決定，反映了我們對目前進展的信心、對財務狀況韌性的肯定，以及對策略性資本配置的承諾。

Inventory, at the end of Q3, was $132.2 million, up 15.6% year over year, reflecting investments in our client experience and increased demand for larger fixes.

第三季末存貨為1.322億美元，年增15.6%，反映我們對客戶體驗的投資，以及對較大規模 Fix 的需求增加。

Turning to our outlook for Q4 and FY26:

接著談我們對第四季與2026財年的展望：

For Q4, we expect total revenue to be between $322 million to $327 million. We expect Q4 adjusted EBITDA to be between $7 million and $10 million.

就第四季而言，我們預期總營收介於3.22億至3.27億美元之間。我們預期第四季調整後 EBITDA 介於700萬至1,000萬美元之間。

As a result, for full-year FY26, we are tightening our ranges and raising the midpoints for both revenue and adjusted EBITDA to reflect the resilience we're seeing in existing client engagement, despite an increasingly challenged consumer environment.

因此，就2026財年全年而言，我們正在收斂區間並上調營收與調整後 EBITDA 的區間中位數，以反映即使消費環境日益嚴峻，我們在既有客戶互動上所看到的韌性。

We now expect total revenue to be between $1.346 billion to $1.351 billion. We now expect total adjusted EBITDA for the year to be between $49 million and $52 million.

我們目前預期總營收介於13.46億至13.51億美元之間。我們目前預期全年調整後 EBITDA 總額介於4,900萬至5,200萬美元之間。

We continue to expect to be free cash flow positive for the full year. We still expect full-year gross margin to be between 43% to 44% and full-year advertising costs to be between 9% to 10% of revenue.

我們仍預期全年自由現金流為正。我們仍預期全年毛利率介於43%至44%，且全年廣告成本約占營收的9%至10%。

As we close out FY26, we are encouraged by the meaningful progress we are making across the business. Active client trends are improving. AOV growth remains healthy. We expect continued market-share gains.

在結束2026財年之際，我們對於在整體業務上取得的顯著進展感到振奮。活躍客戶趨勢正在改善。AOV 成長仍維持健康。我們預期市占率將持續提升。

Our financial model continues to demonstrate strong margins, disciplined expense management, positive free cash flow, and progress towards net-income profitability.

我們的財務模型持續展現強勁的利潤率、嚴謹的費用管理、正向的自由現金流，以及朝向淨利獲利的進展。

That performance gives us the flexibility to keep investing in the areas we believe can drive durable growth, such as strengthening the client experience, thoughtfully rebuilding our active-client base, and advancing the innovation that differentiates Stitch Fix.

這樣的表現讓我們有彈性持續投資於我們認為能帶來長期成長的領域，例如強化客戶體驗、審慎重建活躍客戶基礎，以及推進能讓 Stitch Fix 脫穎而出的創新。

We are confident in the path ahead, encouraged by the traction we are building and committed to delivering further progress in the quarters to come.

我們對前方道路充滿信心，對正在累積的動能感到鼓舞，並承諾在接下來的季度持續交出更進一步的成果。

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

接下來，接線員，我們可以開放問答。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

（接線員指示）

Jay Sole, UBS.

UBS 的 Jay Sole。

Great. Hope you can hear me.

很好。希望你們聽得到我。

Very interesting, on the AOV trends. Can you double-click on those a little bit?

關於 AOV 的趨勢非常有意思。你們能否再更深入說明一下？

You mentioned what's driving it. But it seems like it really outperformed in the quarter. Tell us, maybe, some of the strategies that are, really, the key to getting the more units per fix and some of the other drivers of AOV that you mentioned.

你提到是什麼在驅動它。但看起來本季表現確實超出預期。能否跟我們談談，也許有哪些策略才是真正的關鍵，能讓每次 Fix 的件數增加，以及你提到的其他一些 AOV 驅動因素？

Thank you.

謝謝。

Hey, Jay. It's Matt here. Appreciate the recognition. We're really proud of the work that we've done to reimagine the client experience.

嗨，Jay。我是 Matt。感謝你的肯定。我們對於重新構想客戶體驗所做的工作感到非常自豪。

Through those efforts, we've been able to drive 11 consecutive quarters of average order-value gains. There's a few key contributing factors to that:

透過這些努力，我們已連續11個季度推動平均訂單價值成長。其中有幾個關鍵的貢獻因素：

One is the success that we've seen with larger fixes. As we've enabled our clients to have fixes -- six, seven, or eight items -- we've seen many clients self-select into those larger fixes, helping us capture additional wallet share, better provide head-to-toe outfitting, and ensure that we're able to meet or exceed the needs for several additional use cases.

其一是我們在較大規模 Fix 上看到的成功。當我們讓客戶可以選擇較大規模的 Fix——六、七或八件商品——我們看到許多客戶會自行選擇這些較大 Fix，這有助於我們取得更多錢包份額、更好地提供從頭到腳的整體穿搭，並確保我們能滿足或超越更多額外使用情境的需求。

We also see the success and the average order value of those larger fixes nearly double that of a traditional fix.

我們也看到這些較大 Fix 的成功，其平均訂單價值幾乎是傳統 Fix 的兩倍。

One of the other factors of the reimagination of the client experience is the investments that we've made to improve our portfolio of assortment. That's true in both the market brands that we carry, as well as the private brands that we develop.

客戶體驗重新構想的另一個因素，是我們為改善商品組合所做的投資。這同時適用於我們引進的市場品牌，以及我們自行開發的自有品牌。

Within the market brands, we've brought on several new brands, which we've highlighted on prior calls, as well as noted in today's prepared remarks. That's helped us improve our AURs across the board, which we're up, I believe, for a seventh consecutive quarter.

在市場品牌方面，我們引進了數個新品牌，我們在先前的電話會議以及今天的事先準備發言中都有提到。這幫助我們全面提升 AUR，我相信這已是連續第七個季度上升。

We've also been investing heavily into our private brands, delivering exceptional value and quality across the board. Our clients have continued to take notice there, which has helped us, again, capture higher average unit retails within our private-brand portfolio.

我們也持續大力投資自有品牌，在各方面提供卓越的價值與品質。客戶也持續注意到這點，這再次幫助我們在自有品牌組合中取得更高的平均單品零售價格。

While not directly or not impacting average order value, worth noting that our private brands are also delivering about 500 basis points of higher gross margin than the market brands.

雖然不直接影響平均訂單價值，但值得一提的是，我們的自有品牌毛利率也比市場品牌高約500個基點。

Got it. Maybe, Matt, if I can ask you about just the active client -- the momentum you've gotten, sequentially. I think the trend in active-client growth improved for the eighth quarter in a row.

了解。Matt，也許我可以再問一下活躍客戶——你們在環比動能上的提升。我認為活躍客戶成長的趨勢已連續第八個季度改善。

Looking ahead to the fourth quarter, how are client-acquisition and retention trends shaping up? What's your level of confidence in being able to maintain the positive sequential momentum?

展望第四季，客戶獲取與留存的趨勢如何發展？你們對於維持正向的環比動能有多大信心？

Yeah. Jay, this is David. I can take that. Thanks for the question.

是的。Jay，我是 David。我來回答。謝謝你的問題。

First, to your point, we're really encouraged with the results we saw this quarter. It's just one more proof point that that methodical approach that we've been taking to grow active clients is working.

首先，如你所說，我們對本季看到的結果感到非常振奮。這再次證明我們採取的、有條不紊的活躍客戶成長方法正在奏效。

As for Q4 -- just to remind you that Q1 and Q3 tend to be seasonally stronger quarters for active clients -- Q4 tends to be seasonally less strong around client acquisition. That's what we're seeing, as we go into Q4.

至於第四季——提醒一下，第一季與第三季通常在活躍客戶方面具有季節性較強的表現——第四季在客戶獲取方面通常季節性較弱。我們在進入第四季時也正看到這樣的情況。

And so, because of that, we actually expect Q4 to be down slightly, sequentially; somewhere between about 0.5% to 1% down, sequentially.

因此，基於這點，我們實際上預期第四季環比會小幅下滑；大約環比下降0.5%到1%之間。

With that said, to your point, we still do expect year-over-year comps to continue to improve in Q4, as they have the last eight quarters.

不過，如你所說，我們仍預期第四季的年對年比較將持續改善，就像過去八個季度一樣。

Because of that work, we continue to be really encouraged by the overall trends that Matt highlighted in the remarks earlier around new, re-engaged, and client retention.

也因為這些工作，我們對 Matt 先前在發言中提到的整體趨勢——包括新客、重新互動客戶，以及客戶留存——仍然感到非常鼓舞。

That methodical approach is the one that we will continue to use to make sure that we're rebuilding a healthy and profitable client base.

我們將持續採用這種有條不紊的方法，以確保我們正在重建一個健康且具獲利能力的客戶基礎。

That continues to be our focus in Q4. Our goal remains to return to that year-over-year client growth in FY27. These results and our guide show clear progress towards that.

這仍是我們在第四季的重點。我們的目標仍是在2027財年回到年對年客戶成長。這些結果與我們的指引顯示朝該目標有明確進展。

Yeah. If I can squeeze in one more and then I'll pass it on: If you can maybe just put your finger on exactly what it was to allow you to raise the adjusted EBITDA guide, especially the lower end of the guide, as much as you did.

好的。如果我可以再塞一個問題，之後我就交給其他人：你能否指出究竟是什麼讓你們能上調調整後 EBITDA 指引，尤其是把指引下緣上調了這麼多？

What's happening that's allowing you to do that -- of all the different things that you mentioned?

在你提到的各種因素之中，是什麼正在發生，讓你們能做到這點？

Yeah. Certainly, Jay.

是的。當然可以，Jay。

On the adjusted EBITDA side -- I think we've talked about this quite a bit over the last few quarters -- like, we continue to be very, very focused on expense discipline and leverage in the business.

在調整後 EBITDA 方面——我想我們在過去幾個季度已經談了很多——我們仍然非常、非常專注於費用紀律以及業務的槓桿效益。

It's something that we continue to focus on this quarter. It's something that we'll continue to focus on in coming quarters.

這是我們本季持續聚焦的事項。這也是我們在接下來幾季會持續聚焦的事項。

A couple data points: Like, SG&A spend, in Q3, was down over 220 basis points from last year. It was down, I think, over 800 basis points from two years ago. Part of that is also SBC expense, which I know is below EBITDA but another area that we continue to focus on.

幾個數據點：例如，第三季的 SG&A 支出較去年下降超過 220 個基點。我記得相較兩年前則下降超過 800 個基點。其中一部分也來自 SBC 費用，我知道它在 EBITDA 之下，但這也是我們持續關注的另一個領域。

And so I think we just continue to make sure that we are driving financial discipline, while still certainly investing in growth. That's, really, where we felt comfortable putting EBITDA where it is, from a guide perspective.

因此，我認為我們只是持續確保在推動財務紀律的同時，仍然確實投資於成長。從指引的角度來看，這也是我們覺得把 EBITDA 放在目前水準上是合理的原因。

Yeah. Maybe one additional build on that, Jay -- and it was noted in the prepared remarks: We continue to lean in and capitalize on infusing both AI and additional initiatives in terms of the efficiencies of our operations.

是的。也許再補充一點，Jay——而且在事先準備的講稿中也有提到：我們持續加大投入並把握機會，將 AI 與其他計畫導入，以提升營運效率。

We continue to drive leverage throughout our fulfillment network and supply chain. We continue to drive efficiencies and leverage throughout our styling network, as well.

我們持續在履約網路與供應鏈中推動槓桿效益。我們也持續在造型師網路中推動效率與槓桿效益。

All of those improvements are helping us continue to improve our bottom-line performance.

所有這些改善都在幫助我們持續提升獲利表現。

Got it. Okay. Thank you so much.

了解。好的。非常感謝。

Owen Rickert, Northland Capital Markets.

Owen Rickert，Northland Capital Markets。

Thanks for taking my questions here.

謝謝讓我在這裡提問。

First for me: Household accounts were called out as a growth initiative. How much penetration have you seen there? What is the RPAC list associated with clients who do adopt that feature?

我第一個問題：你們提到「家庭帳戶」是成長計畫之一。目前看到的滲透率有多少？採用該功能的客戶，其 RPAC 指標表現如何？

Hey, Owen. It's Matt.

嗨，Owen。我是 Matt。

We've been extremely pleased with the adoption of household accounts since we rolled that out.

自從我們推出家庭帳戶以來，我們對其採用情況感到非常滿意。

That household-account feature came through the client insights that we gathered a couple of years ago; whereby, our clients spoke loud and clear that we were offering a superior service that they absolutely loved but how could we bring that, not just for the primary-account owner, but such that it could be used for the entire household?

家庭帳戶這項功能源自我們在幾年前蒐集到的客戶洞察；也就是說，我們的客戶非常明確地表示，我們提供的是他們非常喜愛的優質服務，但他們希望這項服務不僅能給主要帳戶持有人使用，也能讓整個家庭都能使用。

When we launched that feature, we saw some pretty quick organic adoption. That adoption accelerated. It has sustained, since we launched. It has made a material impact to the overall improvement in our active-client count.

當我們推出這項功能時，看到相當快速的自然採用。採用速度也加快。自推出以來一直維持。它對我們活躍客戶數的整體改善帶來了實質影響。

It's something that we're going to continue to lean into, creating awareness and consideration for the feature across the board. It's something that is now part of our core messaging throughout both our on-site experiences, as well as through our CRM.

這是我們會持續加大投入的方向，全面提升市場對這項功能的認知與考量。這也已經成為我們核心訊息的一部分，涵蓋站內體驗以及 CRM 溝通。

In terms of how we're thinking about it, our goal is to ensure that we're using household accounts to capture additional wallet share from that entire family.

就我們的思考而言，我們的目標是確保透過家庭帳戶，從整個家庭中取得更多錢包份額。

That continues to be a focus for us to ensure that we are the retailer for any and all Apparel, Accessories, and Footwear needs for the entire household, such that they never have a reason to waste a day walking a cavernous store or scrolling endlessly online.

這仍是我們的重點：確保我們成為整個家庭在服飾、配件與鞋類各種需求的零售商，讓他們不必浪費一天在空曠的大型門市裡逛來逛去，或在網路上無止盡地滑。

They can just use the superior service offering unparalleled convenience to have all of their needs met.

他們只要使用我們更優質、提供無與倫比便利性的服務，就能滿足所有需求。

Okay. Got it. That makes sense. Super helpful.

好的。了解。這很合理。非常有幫助。

Then, lastly for me: Maybe, how are you thinking about the balance between the fix and freestyle as the primary growth drivers, going forward? Maybe, does the mix shift between the two have any meaningful margin implications?

最後一個問題：往前看，你們如何看待 Fix 與 Freestyle 之間的平衡，作為主要成長動能？兩者的組合變化是否會對毛利率帶來任何顯著影響？

Yeah. Owen, it's Matt, again.

是的。Owen，我又是 Matt。

In terms of fix and freestyle, one of the important things for us is to show up for the client in the best way possible, however we can best meet their needs.

就 Fix 與 Freestyle 而言，對我們來說很重要的一點是，以最好的方式出現在客戶面前，並以最能滿足他們需求的方式提供服務。

Whether that is through a fix experience or a freestyle experience, we've continued to lean into and invest in both of those channels.

無論是透過 Fix 體驗或 Freestyle 體驗，我們都持續加大投入並投資這兩個渠道。

Also, what we've started to do over the last several quarters is, actually, break down the barriers between those channels, such that a client, for example, could be initiating their shopping journey within freestyle; but then, while in Freestyle, actually use the item that they're shopping for to become the anchor for their next fix; and work with their stylist to build an outfit around that item or to provide a few variations of that similar item.

此外，過去幾個季度我們開始做的是，實際上打破這些渠道之間的藩籬；例如，客戶可以在 Freestyle 中開始他們的購物旅程，但在 Freestyle 裡，實際上可以把正在選購的商品作為下一次 Fix 的核心單品，並與造型師合作，圍繞該單品搭配整套穿搭，或提供幾種相似單品的不同變化。

When we're thinking about where that growth is coming from, at the end of the day, we're a bit indifferent. What we're looking for is, how can we ensure that we continue to drive engagement and capture that wallet share overall, for us?

當我們思考成長來自哪裡時，說到底，我們並不特別偏好哪一邊。我們關注的是：如何確保我們能持續提升互動，並為我們整體取得更多錢包份額？

David, if there's anything to add in terms of the relative profitability of both?

David，如果要補充兩者相對獲利能力的看法，有什麼可以補充的嗎？

I think, at the end of the day, they're pretty similar. We're very comfortable just meeting the client where they are.

我認為，說到底兩者其實相當接近。我們非常樂於在客戶所在之處與他們互動。

Great. Super helpful, guys. Thanks for taking my questions here.

很好。各位非常有幫助。謝謝讓我在這裡提問。

Of course, Owen.

當然，Owen。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey Advisory Group。

On the revenue per active client, in terms of what you're seeing, where do you see that going -- difference between brands and private label in terms of what you're seeing?

關於每位活躍客戶的營收（revenue per active client），就你們目前看到的情況，你們認為未來走勢如何——在你們觀察中，品牌與自有品牌之間有何差異？

What's the category trends? How do you feel about the state of the consumer?

各品類的趨勢如何？你們如何看待消費者的狀況？

Lastly, on advertising, which was flat at, I believe, 10.2%, how do you think of the trajectory of advertising spend, moving forward?

最後，關於廣告支出，我記得是持平在 10.2%，你們如何看待未來廣告支出的走勢？

Thank you.

謝謝。

Hey, Dana. I captured a few questions there.

嗨，Dana。我剛剛記下了幾個問題。

The first is in terms of our revenue per active client success and where we see that trending. The second is, in terms of the performance of private brands versus market brands, which categories we're seeing success with; how we're viewing the consumer. And then, finally, the current trends in our advertising expense.

第一個是關於我們每位活躍客戶營收的表現，以及我們認為它的趨勢走向。第二個是自有品牌相較於市場品牌的表現、我們在哪些品類看到成功，以及我們如何看待消費者。最後是我們廣告費用的當前趨勢。

If I start at the top, we are very encouraged, given what we're seeing in the total market, today, for our revenue per active client to continue to set new highs for us, from a reporting perspective.

如果我先從第一點開始，考量到我們今天在整體市場看到的情況，我們對每位活躍客戶營收持續創下（就揭露口徑而言的）新高感到非常振奮。

It is a really strong signal to us that we are delivering an exceptional service. Our goal is to continue to drive that metric as much as we can by meeting the client where they are.

這對我們而言是一個非常強的訊號，代表我們正在提供卓越的服務。我們的目標是透過在客戶所在之處與他們互動，盡可能推升這項指標。

We feel really confident that the service that we offer is one that can meet our clients' needs for nearly all of their use cases for Apparel, Accessories, and Footwear. Our goal is to continue to drive towards that.

我們非常有信心，我們提供的服務能滿足客戶在服飾、配件與鞋類幾乎所有使用情境的需求。我們的目標是持續朝這個方向推進。

Part of that is by the category expansion that we continue to talk to for us to continue to grow in Athleisure; for us to continue to grow in Accessories; for us to continue to grow in Footwear.

其中一部分來自我們持續談到的品類擴張：持續在 Athleisure（運動休閒）成長；持續在配件成長；持續在鞋類成長。

All three of those, growing outsized, relative to our total business; all of them, north of 18% growth in the last quarter.

這三個品類的成長都明顯高於我們整體業務；在上一季，它們的成長率都超過 18%。

We feel really confident that we're going to continue to meet our clients' needs, while also expanding the different use cases that we can serve them, which gives us a line of sight to future revenue per active client growth and future wallet-share gains.

我們非常有信心能持續滿足客戶需求，同時擴大我們能服務他們的不同使用情境，這也讓我們能看見未來每位活躍客戶營收成長，以及未來錢包份額提升的方向。

In terms of market brands and private brands, we're seeing success in both. As we've talked about previously, we're going to be very client-led in this pursuit.

就市場品牌與自有品牌而言，我們看到兩者都取得成功。如同我們先前談到的，在這項追求上，我們將非常以客戶為導向。

For us, it's really important to have the market brands that our clients covet. It's very important for us to have market brands to fill a white space, where our private brands don't have assortment today.

對我們來說，擁有客戶所嚮往的市場品牌非常重要。對我們而言，擁有市場品牌以填補空白地帶也非常重要，因為我們的自有品牌目前在那裡尚未有足夠的品類組合。

It's very important for us to have the leading brands for certain categories and certain use cases, where market brands is a reason to purchase for our clients.

對我們而言，在特定品類與特定使用情境中擁有領先品牌也非常重要，因為市場品牌是客戶購買的理由之一。

It's also a really critical signal for us to ensure that our clients understand that we are the leader, when it comes to style and trend.

這同時也是一個非常關鍵的訊號，能確保客戶理解：在風格與趨勢方面，我們是領導者。

From a private-brand perspective, the team has done a phenomenal job over the last couple of years, increasing the quality and value of the private brands that we offer. Our clients have absolutely taken notice.

從自有品牌的角度來看，團隊在過去幾年做得非常出色，提升了我們所提供自有品牌的品質與價值。我們的客戶確實注意到了。

The awareness, the consideration, and the demand for those brands continues to increase. That's why we were excited to highlight just the success that we're having with our private brands; some of which are growing, now, over 100%, year over year -- something that we take a tremendous amount of pride in.

對這些品牌的認知度、考慮度與需求持續增加。這也是為什麼我們很興奮能強調自有品牌所取得的成功；其中一些品牌目前年增率已超過100%——這是我們引以為傲的成果。

In terms of where we see the consumer today, we're really encouraged about the resilience of the Stitch Fix client. The Stitch Fix client continues to show up and in a really encouraging fashion.

就我們今天所看到的消費者狀況而言，我們對 Stitch Fix 客戶的韌性深受鼓舞。Stitch Fix 客戶持續回來，而且表現相當令人振奮。

The Stitch Fix client, at every single income cohort that we track, continues to show up, equally. We see nearly the same levels of revenue growth, no matter the household income of our clients.

在我們追蹤的每一個收入族群中，Stitch Fix 客戶都持續以同樣的程度回來。不論客戶的家庭收入為何，我們看到的營收成長水準幾乎相同。

We believe that's because of our ability to personalize the experience to each client, no matter what is going on with their budget at any given time.

我們相信這是因為我們能夠為每位客戶個人化體驗，不論他們在任何時間點的預算狀況如何。

Our assortment allows us to serve a significant breadth of different price points, such that, if there is a budget constraint at any given time, we're able to meet that client where they are.

我們的商品組合讓我們能服務相當廣泛的價格帶，因此若在任何時間點出現預算限制，我們也能在客戶所在的位置滿足他們。

We also have the resilience of our business model that is something that, based on the recurring nature of that business model, our product and the relationship that we have with our clients continues to show up for them and is top of mind for them so that even if they are, say, reducing a shopping trip or a shopping journey, the relationship that they have with us; and that deep and enduring relationship that they've built with their stylist is one that transcends whatever macro impact that client might be having and we are able to capture the remaining wallet share that they have.

此外，我們的商業模式也具備韌性；基於這個商業模式的經常性特質，我們的產品以及與客戶之間的關係，持續在他們需要時出現並保持在他們心中。即使他們例如減少一次購物行程或購物旅程，他們與我們的關係——以及他們與造型師建立的深厚且長久的關係——都能超越客戶可能面臨的任何總體環境影響，而我們也能掌握他們剩餘的錢包份額。

David, I'll let you touch on the advertising.

David，我讓你來談談廣告。

Yeah. Dana, on the advertising -- I think we've talked about this before -- of just strength from a seasonality perspective. Certainly, this quarter is one of those quarters.

好的。Dana，關於廣告——我想我們之前談過——從季節性角度來看確實很強。當然，本季就是其中一個季度。

We were really comfortable with spending at the high end of the range. I think we'd actually said that in our last call -- that we expected to spend at the high end of our range.

我們很放心把支出放在區間的高端。我想我們在上次電話會議其實也說過——我們預期會在區間高端投入。

Certainly, we're seeing strength across each area of active clients. New-client acquisition was up, again, certainly, quarter over quarter but, also, year over year.

我們確實看到各個活躍客戶面向都呈現強勁。新客獲取再次上升，當然不僅季比增加，也年比增加。

Re-engaged clients are still incredibly healthy and a great avenue for us to bring clients back into the experience. Client retention continues to look better.

重新啟用的客戶仍然非常健康，也是我們把客戶帶回體驗的一個很好的途徑。客戶留存看起來持續改善。

Because of that, certainly, marketing plays a big part in that. We're really comfortable with those levels of investments -- and continuing to spend.

因此，行銷在其中當然扮演很大的角色。我們對這些投資水準——以及持續投入——都很有信心。

Right now, our expectation is to still spend within that 9% to 10% range.

目前，我們的預期仍是在9%到10%的區間內投入。

Thank you.

謝謝。

David Bellinger, Mizuho Securities USA.

David Bellinger，Mizuho Securities USA。

Hey, everyone. Thanks for the question.

嗨，各位。謝謝讓我提問。

I want to go back to the consumer comments you were just making. You mentioned a few times in the prepared remarks some of this increasingly dynamic spending backdrop.

我想回到你們剛才對消費者的評論。你們在準備好的發言中多次提到這種日益動態的支出環境。

Can you walk us through the cadence of this quarter? Anything on quarter to date that's changed or that has shown up in the business? Does this have to do anything with this sequential contraction that we're looking for in fiscal Q4?

你們能帶我們走一遍本季的節奏嗎？截至目前本季有沒有任何變化，或是在業務上出現了什麼？這是否與我們在財年第四季所預期的連續性收縮有關？

Yeah. David, a couple things there:

是的。David，這裡有幾點：

In Q3, certainly, really happy with the performance. If you're talking about the progression through the quarter, it was definitely interesting.

在第三季，我們當然對表現非常滿意。如果你談的是季度內的進展，確實很有意思。

We probably had a little bit of a slower start to the quarter. That was around average order value that we were talking about earlier in the call.

我們可能在季度初稍微慢了一點。那與我們在電話會議前面提到的平均訂單金額（AOV）有關。

And then, it really rebounded mid-quarter. And so really saw some strength, as we exited the quarter.

然後在季度中段確實反彈。因此在季度末段，我們確實看到一些強勁表現。

We expect that strength to continue in Q4. We had already had an assumption. I think we had talked about this 4% to 6% increase in AOV in the back half of the year.

我們預期這股強勁將延續到第四季。我們先前就已經有一個假設。我想我們談過下半年AOV將增加4%到6%。

We had expected Q3 to be at the lower end of that range and Q4 to be at the higher end of that range. And so, because of that, that's why our guide stayed consistent for Q4. Because we already had baked in a higher AOV for Q4. And so just really encouraged with those trends.

我們原本預期第三季會落在該區間的低端，而第四季會落在該區間的高端。因此，我們對第四季的指引才會維持一致。因為我們已經把第四季較高的AOV納入假設。所以對這些趨勢感到非常鼓舞。

Going into Q4, we continue to see resilience with our existing clients. If there's any macro headwind, we're maybe seeing a little bit of an increase in client acquisition costs, from a marketing standpoint. We're seeing that across the industry.

進入第四季，我們持續看到既有客戶的韌性。如果說有任何總體逆風，我們可能看到從行銷角度來看，客戶獲取成本略有上升。我們在整個產業都看到這種情況。

But what's really interesting -- and I think it goes back to what Matt was saying -- is, our existing clients remain incredibly resilient. That's true across all of our income cohorts.

但真正有趣的是——我想這也回到 Matt 剛才說的——我們的既有客戶仍然非常有韌性。這在我們所有收入族群中都成立。

And so really encouraged by that. We see that continuing in Q4. All of that is included in our guide.

因此我們對此非常鼓舞。我們預期第四季會持續如此。這些都已包含在我們的指引中。

Understood. No. Thanks for all that.

了解。不。謝謝你們的說明。

And then, going forward, if you think about SG&A dollars, the last few quarters have been in this $150 million or so range.

接著往前看，如果你們思考SG&A費用金額，過去幾季大約都在1.5億美元左右的區間。

As the business gets back to growth mode, is there anything we should think about that should come into that base or some type of incremental uplift in SG&A dollars, as the business returns to growth?

當業務回到成長模式時，有沒有什麼我們應該納入這個基礎的考量，或是當業務重返成長時，SG&A費用金額會有某種增量上升？

Thank you.

謝謝。

Yeah. David, thanks for the question.

是的。David，謝謝你的問題。

For SG&A, I think it goes back -- I think we had touched on this a little bit earlier. But we have been really focused on driving leverage, actually, across the entire P&L.

關於SG&A，我想回到——我想我們稍早有稍微提到。但我們一直非常專注於推動整個損益表的槓桿效益。

Certainly, in gross margin. But then, below gross margin, to your point, SG&A -- a big part of that is our variable labor teams, our warehouse teams, our stylist teams -- driven a lot of leverage there.

當然是在毛利率方面。但在毛利以下，如你所說的SG&A——其中很大一部分是我們的可變人力團隊、倉儲團隊、造型師團隊——我們在那裡推動了大量的槓桿效益。

And so, even, over the last year, SG&A spend has come down 220 basis points. And so we continue to really make sure that we are driving that leverage.

因此，即使在過去一年，SG&A支出也下降了220個基點。所以我們會持續確保我們正在推動這種槓桿效益。

SBC, I think, is something we've called out in the past, as well. That's a big part of the total SG&A spend. SBC was at 3.3% of revenue this quarter. That's down 100 basis points.

SBC（以股份為基礎的薪酬），我想也是我們過去提過的。這是SG&A總支出中的一大部分。本季SBC占營收的3.3%。這下降了100個基點。

And so just across each one of the areas of SG&A, we want to make sure that we are investing appropriately for growth -- that we continue to drive leverage.

因此，在SG&A的各個領域，我們希望確保為成長進行適當投資——並持續推動槓桿效益。

We don't see any significant investment needs to turn that in the other direction. We just want to make sure we're still driving leverage in the P&L.

我們沒有看到任何重大的投資需求會讓這個方向反轉。我們只是想確保我們仍在損益表上持續推動槓桿效益。

Aneesha Sherman, Bernstein.

Aneesha Sherman，Bernstein。

Thank you. Congrats on a great quarter.

謝謝。恭喜你們交出一個很棒的季度。

David, I want to follow up on your comments on the prior question. It sounds like you're saying that you ended Q3 at a high point, in terms of revenue growth, relative to the first half of Q3. I would imagine above the quarter's average of 4.7%.

David，我想延續你對上一個問題的評論。聽起來你是在說，相較於Q3上半段，Q3結束時的營收成長處於較高水準。我想應該高於本季平均的4.7%。

What does that imply for the current trend? Are you running ahead of the Q4 guide or at the top of the Q4 guidance range, at the moment? Do you expect it to decelerate a little bit through the quarter to get through to that 3.5% to 5% guidance range?

這對目前的趨勢意味著什麼？就目前而言，你們的表現是超前Q4指引，還是位於Q4指引區間的上緣？你們是否預期在本季內會稍微放緩，以落在3.5%到5%的指引區間？

And then, related to that, AOV, your compares get a little tougher in Q4. Are you seeing or expecting any moderation; or flattening out of the AOV growth in Q4, as those compares get a bit tougher?

另外，相關的一點是AOV，你們在Q4的比較基期會稍微更具挑戰。隨著比較基期變得更嚴峻，你們是否看到或預期Q4的AOV成長會有所降溫，或趨於持平？

Yeah. Thanks for the question, Aneesha.

是的。謝謝你的問題，Aneesha。

On the trends, definitely, what we called out holds in Q3. We were definitely a little bit slow at the beginning of the quarter and then, rebounded.

就趨勢而言，我們在Q3所提到的情況確實成立。本季一開始確實稍微偏慢，之後又反彈。

For Q4, I think we see something similar, where there's a little bit of a slower start to the quarter, from an AOV perspective; and then, it's already starting to come back. And so we see a little bit of the same.

至於Q4，我認為我們看到類似情況：從AOV角度來看，本季初期會稍微慢一些；但現在已經開始回升。所以我們看到有點相同的模式。

For AOV in Q4, though, we had already assumed that it was going to be 6%, year over year. And so, still, really comfortable with the AOV compares in Q4.

不過，對於Q4的AOV，我們原本就已假設年增會是6%。因此，我們對Q4的AOV比較基期仍然非常有信心。

It was just, in Q3, we got there faster than we had expected in being able to rebound to be able to land just above 6% for the quarter in Q3.

只是，在Q3，我們反彈的速度比預期更快，因此能在Q3整季落在略高於6%。

That's one of the reasons why we didn't necessarily play forward the beat -- is because we already had the strength included in our guide for Q4, last quarter.

這也是我們沒有把這次優於預期的表現直接往前推的原因之一——因為上一季我們在Q4指引中就已經納入了這樣的強勁表現。

Okay. That makes a lot of sense.

好的。這很有道理。

If I can ask one follow-up on your new-client LTVs: Beyond the family accounts that are obviously helping there, is there any particular -- other -- mix shift, in terms of demographics, amongst those new clients that's driving higher LTVs that you're seeing in your mix?

如果我可以再追問一個關於你們新客戶LTV的問題：除了明顯有助於提升的家庭帳戶之外，是否還有任何特定——其他——組合變化，例如新客戶的人口統計結構，正在推動你們所看到的更高LTV？

Hey, Aneesha, it's Matt. I'll take that question.

嗨，Aneesha，我是Matt。我來回答這個問題。

First, just a point of clarification: Within our household accounts, we treat each of those accounts separately.

首先，先澄清一點：在我們的家庭帳戶中，我們會將每個帳戶分開看待。

From an LTV perspective, while we're really encouraged by the results we're seeing in household accounts, the growth we've seen in new-client LTVs is actually independent of that.

從LTV角度來看，雖然我們對家庭帳戶看到的成果感到非常振奮，但我們所看到的新客戶LTV成長其實與此無關、是獨立的。

For us to have effectively doubled our new-client LTVs from where they were just three years ago, that's really the aggregate impact of everything that we have done to improve both the experience and our assortment.

我們能在短短三年內，將新客戶LTV有效地提高到原來的兩倍，這其實是我們為改善體驗與商品組合所做的一切努力所帶來的整體綜合效果。

Part of that is the larger fixes that we offer. Part of that is the continued improvements in our assortment. Part of that is all of the continued investments that we're making into our engagement mechanisms, from Stitch Fix Vision to our AI Style Assistant to our Stylist Connect platform.

其中一部分來自我們提供更大尺碼的修正。其中一部分來自我們商品組合的持續改善。其中一部分來自我們持續投入各種互動機制，包括Stitch Fix Vision、我們的AI造型助理，以及Stylist Connect平台。

As we continue to create more opportunities for us to engage our clients; as we continue to create services that up-level the experience for our clients, we're continuing to see that increase in spend for each of the new clients that we acquire.

隨著我們持續創造更多與客戶互動的機會；並持續打造能提升客戶體驗層級的服務，我們也持續看到每位新獲得客戶的消費金額增加。

In terms of who's coming into this service, our marketing team continues to do a really good job, getting more and more focused and methodical in terms of who we're targeting, such that we are bringing in clients that have a clear resonance for the service that we offer; and also finding very specific client segments, like we've discussed before, that we believe we'll be able to serve at an exceptional level.

至於進入這項服務的是哪些人，我們的行銷團隊持續做得非常好，在目標客群的鎖定上越來越聚焦且更有方法論，讓我們能帶進對我們所提供服務有明確共鳴的客戶；同時也能找到非常特定的客戶區隔——如同我們先前討論過的——我們相信能以卓越水準服務他們。

A great example of that is the success that we've had, targeting clients that are likely on a GLP-1 medication and going through a body transformation.

一個很好的例子是，我們在鎖定可能正在使用GLP-1藥物、並正經歷身形轉變的客戶方面所取得的成功。

We're able to follow them, all the way through the funnel, from prospect marketing, that explains to them why this service is one that will help them ensure they have all of their apparel needs met, as their body is transforming.

我們能在整個漏斗中一路跟進他們，從潛在客戶行銷開始，向他們說明為什麼這項服務能在他們身形轉變的過程中，幫助他們確保各種服裝需求都能被滿足。

They come into a landing page that really helps explain, again, why this service is right for them. And then their stylist can work for them to meet their needs at each stage of the body-transformation journey that they're going through.

他們會進到一個著陸頁，再次清楚說明為什麼這項服務適合他們。接著，他們的造型師就能在他們身形轉變旅程的每個階段，協助滿足其需求。

We have lots of different segments that we're able to focus on similar to that, as well as ensuring that the clients that we bring in, we just continue to serve at a really high level, overall.

我們還有許多不同的區隔也能以類似方式聚焦；同時也確保我們帶進來的客戶，整體而言都能持續獲得非常高水準的服務。

Thank you.

謝謝。

Of course.

不客氣。

At this time, there are no further questions.

目前沒有其他問題。

I would now like to turn the call back to Matt Baer for closing remarks.

現在我想把電話交回給Matt Baer作結語。

Okay. Thank you.

好的。謝謝。

To close, I just want to reiterate how proud I am of the team, overall: the progress that we've delivered this quarter and the success that we've been able to drive throughout the entirety of this transformation.

最後，我想再次強調，我對整個團隊感到非常自豪：我們本季所交出的進展，以及在這次轉型的整個過程中所推動的成功。

We're building a healthier and more durable client base. We continue to strengthen our assortment.

我們正在建立更健康且更具韌性的客戶基礎。我們持續強化我們的商品組合。

We're deepening the engagement levels with our clients. awe continue to prove that Stitch Fix can deliver a more personal, a more convenient, and a more inspiring way to shop.

我們正在加深與客戶的互動程度。我們也持續證明，Stitch Fix能提供更個人化、更便利、也更具啟發性的購物方式。

I'm excited. The progress continues to show up across multiple dimensions of the business.

我很振奮。這些進展持續在業務的多個面向展現出來。

We're growing our revenue. We're improving our active client trends. We're gaining market share. We're doing all of this while maintaining the financial discipline that has been central to the transformation.

我們正在成長營收。我們正在改善活躍客戶的趨勢。我們正在提升市占率。我們在做到這一切的同時，也維持了這次轉型核心所強調的財務紀律。

That includes the robust margins that we're delivering, our positive free cash flow, the strategic capital allocation that David discussed, and the progress towards net-income profitability.

這包括我們所交出的強勁毛利率、正向的自由現金流、David所談到的策略性資本配置，以及朝向淨利獲利的進展。

At Stitch Fix, we're operating from a position of strength. I'm confident in our ability to continue to do so.

在Stitch Fix，我們正以強勢的姿態營運。我對我們持續做到這一點的能力充滿信心。

I appreciate your interest in our business. I look forward to sharing our continued progress in the future.

感謝你們對我們業務的關注。我期待未來與各位分享我們持續的進展。

Thank you.

謝謝。

This concludes today's call. Thank you, all, for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。現在您可以掛線。