Stitch Fix, Inc. (NASDAQ:SFIX) Q4 2020 Earnings Conference Call - Final Transcript

Sep 22, 2020 • 05:00 pm ET


Stitch Fix, Inc. (NASDAQ:SFIX) Q4 2020 Earnings Conference Call - Final Transcript


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Good day, everyone and welcome to today's Stitch Fix Fourth Quarter 2020 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. David Pearce, Vice President of Investor Relations. Please go ahead.

David Pearce

Thank you for joining us on the call today to discuss the results for our fourth quarter and full fiscal year for 2020. Joining me on today's call are Katrina Lake, Founder and CEO of Stitch Fix; Elizabeth Spaulding, President; and Mike Smith, President, COO and Interim CFO. I would also like to mention that we are joining you remotely today from our home offices. We have posted complete Q4 and full year financial results in our shareholder letter on the IR section of our website, A link to the webcast of today's conference call can also be found on our site. We would like to remind everyone that we will be making forward-looking statements on this call, which involve risks and uncertainties. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance.

Please review our filings with the SEC for a discussion of the factors that could cause our results to differ. Also note that the forward-looking statements on this call are based on the information available to us as of today's date. We disclaim any obligation to update any forward-looking statements, except as required by law. During this call, we will discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our IR website. These non-GAAP measures are not intended to be a substitute for our GAAP results. Finally, this call in its entirety is being webcast on our IR website and a replay of this call will be available on the website shortly.

I'd now like to turn the call over to Katrina.

Katrina Lake

Thanks, David, and thank you for joining us. After the market closed today we issued our quarterly shareholder letter with more details on our results and strategy. As I'll share today, our business ended Q4 in a position of strength and we're excited about the opportunities that lie ahead in fiscal 2021. Specifically, there are four themes on today's call. First, we navigated the COVID trough and have emerged even stronger. Second, our business is healthy with strong underlying fundamentals. Third, we are well-positioned strategically and financially to take market share and play offense in 2021. And finally, we are accelerating the expansion of our consumer experience due to the momentum we've seen across our Fix and direct buy offerings.

Combined, these themes give us confidence and optimism for the year ahead. With that, I'd like to remind the script to talk about the first point and paint the picture of where we were when we last met in June. Our distribution centers were recovering from significant disruption due to the COVID crisis. At one point, half of