$SFIX 10-K out recently. Some interesting tidbits I found:
- Stitch Fix is less than 10 years old and only available in the U.S. and U.K.
- First new product outside of Fixes (Direct Buy) is barely one year old
- "We believe that an intelligent combination of data science and human judgment is required to deliver the personalized retail experience that consumers seek."
- The specific term "data science" is mentioned 25 times in the 10-k
- Stitch Fix has over 4,700 stylists
- They are not a traditional subscription service, and offer "on-demand" fixes for clients
- "Exclusive Brands are a meaningful part of our business and we expect them to be a permanent part of our portfolio"
- SGA expense was 35% of sales in 2016, but has inched up to 47% in 2020
- Company has been cash flow positive since 2014
- in March of this year, three of there eight fulfillment centers closed
- "Our current marketing efforts include client referrals, affiliate programs, partnerships, display advertising, television, print, radio, video, content, direct mail, social media, email, mobile “push” communications, search engine optimization, and keyword search campaigns."
- they have $568 million in contractual obligations, the majority of which is for products to be bought within a year
- Inventory estimated to be $125 million
- Current ratio above 2 and no significant LT debt
- $67 million in SBC in 2020
- $4.8 million in one-time expense to move stylists (i.e. fire and rehire new ones) from California
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