Clothing Company FIGS' Solid Active Customer Base Boosts Q3 Profits & Guidance
Portfolio Pulse from Shivani Kumaresan
FIGS, Inc reported Q3 FY23 sales growth of 11% YoY to $142.36 million, beating the analyst consensus estimate. The revenue rise was driven by increased orders from existing and new customers. Gross profit rose 7.2% to $97.4 million. Active customers increased 19.6% to 2.6 million. The company held $232 million in cash and equivalents. FIGS has appointed Mario Marte, former CFO of Chewy, Inc, to its Board of Directors. FIGS also announced the opening of its first permanent physical retail space. The company raised FY23 net revenue growth to about 8.5% and adjusted EBITDA margin to about 14%.
November 03, 2023 | 11:17 am
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POSITIVE IMPACT
FIGS reported strong Q3 FY23 results with sales growth of 11% YoY, beating estimates. The company also announced the appointment of former Chewy CFO to its Board and the opening of its first physical retail space. FY23 guidance was raised.
FIGS reported strong Q3 results, beating estimates, which is a positive signal for investors. The appointment of a former CFO of Chewy, a successful online retailer, to its Board and the opening of its first physical retail space indicate strategic growth plans. The raised FY23 guidance shows the company's confidence in its future performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Mario Marte, former CFO of Chewy, Inc, has been appointed to the Board of Directors of FIGS, Inc.
The news of Mario Marte, former CFO of Chewy, joining the Board of FIGS is not directly related to Chewy's operations or performance. Therefore, it's unlikely to have a significant impact on Chewy's stock in the short term.
CONFIDENCE 90
IMPORTANCE 20
RELEVANCE 20