Stitch Fix (SFIX) Announces Share Repurchase Authorization of $150 Million

Stitch Fix, Inc. (NASDAQ: SFIX), the leading online personal styling service, today announced that its Board of Directors has authorized a share repurchase program where Stitch Fix may purchase up to $150 million of its Class A common stock.

“This share repurchase program reflects the confidence we have in our strategy, unique value proposition and the growth potential ahead for Stitch Fix, which we believe is not reflected in the current market valuation,” said Elizabeth Spaulding, CEO of Stitch Fix. “As a company, we are committed to creating long-term, sustainable value for our shareholders and our employees, and believe a share repurchase program, in addition to the disciplined investments we are making, will allow us to unlock the long term opportunity we see ahead. We remain relentlessly focused on continuing to build and improve on our unique client experience in the months and years to come as we continue on our journey to become the global destination for personalized shopping, styling and inspiration.”

Under the repurchase program, Stitch Fix may purchase shares of its Class A common stock on a discretionary basis from time to time through open market repurchases, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans. The timing and actual number of shares repurchased will be determined by management depending on a variety of factors, including stock price, trading volume, market conditions and other general business considerations. The repurchase program has no expiration date and may be modified, suspended, or terminated at any time.

Repurchases under this program will be funded from the company’s existing cash and cash equivalents or future cash flow. As of October 30, 2021, Stitch Fix had $400.5 million in cash, cash equivalents, and marketable securities. The Company had 83,193,536 shares of Class A common stock and 25,601,420 shares of Class B common stock outstanding as of October 30, 2021.

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