0001576942-23-000154 | 10-Q | XBRL Viewer

Income Taxes (Tables)

3 Months Ended

Oct. 28, 2023

Schedule of Effective Tax Rate from Income

The following table summarizes our effective tax rate from income (loss) from continuing operations for the periods presented:


	For the Three Months Ended
(in thousands)	October 28, 2023			October 29, 2022
Loss from continuing operations before income taxes	$	(26,002)		$	(47,965)
Provision for income taxes	169			187
Effective tax rate	(0.7)		%	(0.4)		%

Credit Agreement	3 Months Ended
Credit Agreement	Oct. 28, 2023
Debt Disclosure [Abstract]
Credit Agreement	Credit Agreement Prior to December 4, 2023, we were party to an amended and restated credit agreement, entered into June 2, 2021 and amended on July 29, 2022 (the “Amended Credit Agreement”) with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (successor by purchase to the Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bridge Bank, N.A. (as successor of Silicon Valley Bank)), and other lenders, to provide a revolving line of credit of up to $100.0 million, including a letter of credit sub-facility in the aggregate amount of $30.0 million, and a swingline sub-facility in the aggregate amount of $40.0 million. We also had the option to request an incremental facility of up to $150.0 million from one or more of the lenders under the Amended Credit Agreement. As of October 28, 2023, we did not have any borrowings outstanding under the Amended Credit Agreement and we had $79.1 million in borrowing capacity as reduced by outstanding letters of credit. On December 4, 2023, we entered into a first lien credit agreement with Citibank, N.A., as agent and lender, which provides for a $50.0 million revolving credit facility maturing on December 4, 2026 (the “2023 Credit Facility”). Upon entry into the 2023 Credit Facility, the Amended Credit Agreement was terminated. The 2023 Credit Facility includes a sub-facility that provides for the issuance of letters of credit in an amount of up to $30.0 million. Availability of the 2023 Credit Facility will be based upon a borrowing base formula and periodic borrowing base certifications valuing certain of our accounts receivable, credit card receivables, and inventory as reduced by certain reserves, if any. Our initial borrowing availability is $50.0 million. The 2023 Credit Facility is subject to customary fees for loan facilities of this type, including a commitment fee equal to 0.30% based on the average daily undrawn potion of the 2023 Credit Facility, payable quarterly. The interest rate applicable to the 2023 Credit Facility will be, at our option, either (a) the Adjusted Term SOFR rate for the applicable interest period (subject to a 0.00% floor), plus a margin of 2.00% or (b) the Base Rate plus a margin of 2.00%. The Base Rate is the highest of (a) the federal funds rate plus 0.50%, (b) the Wall Street Journal prime rate and (c) the Adjusted Term SOFR rate for a one month interest period plus 1.00%. Debt under the 2023 Credit Facility is guaranteed by substantially all of our material domestic subsidiaries and is secured by substantially all of our and such subsidiaries’ assets. The 2023 Credit Facility contains affirmative and negative covenants, indemnification provisions, and events of default. The 2023 Credit Facility also contains financial covenants that require us to maintain a minimum liquidity level and a minimum total consolidated fixed charge coverage ratio during the periods set forth in the 2023 Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Oct. 28, 2023	Dec. 01, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 28, 2023
Document Transition Report	false
Entity File Number	001-38291
Entity Registrant Name	STITCH FIX, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-5026540
Entity Address, Address Line One	1 Montgomery Street
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	San Francisco,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94104
City Area Code	415
Local Phone Number	882-7765
Title of 12(b) Security	Class A common stock, par value $0.00002 per share
Trading Symbol	SFIX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001576942
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--08-03
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		92,485,905
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,405,020

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2011, 2017, and 2019 Plans - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Oct. 28, 2023	Jul. 29, 2023
Number of Options
Outstanding, beginning balance (in shares)	8,106,110
Granted (in shares)	0
Exercised (in shares)	0
Cancelled (in shares)	(474,413)
Outstanding, ending balance (in shares)	7,631,697	8,106,110
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 7.06
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Cancelled (in dollars per share)	10.95
Outstanding, ending balance (in dollars per share)	$ 6.82	$ 7.06
Weighted- Average Remaining Contractual Life (in years)
Outstanding, weighted-average remaining contractual life	8 years 6 months 14 days	8 years 9 months 10 days
Aggregate Intrinsic Value (in thousands)
Outstanding, aggregate intrinsic value	$ 17	$ 4,770

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of average share price	7 days
Unrecognized compensation expense related to unvested options and RSUs, net of forfeitures	$ 111.2
Unrecognized compensation expense related to unvested options weighted average recognition period	1 year 9 months 18 days
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 19.9	$ 31.1
2017 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	5,252,851
2017 Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	44,038,883
2019 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	1,805,478
2019 Inducement Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	10,750,000
Stock Options \| 2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options vesting percentage	25.00%
Award vesting period	3 years
Options exercisable period	10 years
Stock Options \| 2017 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable period	10 years
Stock Options \| 2017 Incentive Plan \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	6 months
Stock Options \| 2017 Incentive Plan \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	30 months
Performance-Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	848,489

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Oct. 28, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

The tables below present the changes in AOCI by component and, if applicable, the reclassifications out of AOCI for the periods presented:


	For the Three Months Ended
	October 28, 2023						October 29, 2022
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total		Available-for-sale Securities		Foreign Currency Translation		Total
Beginning balance	$	(602)	$	1,129	$	527	$	(2,340)	$	(1,187)	$	(3,527)
Other comprehensive income (loss) before reclassifications (1)	121		(2,274)		(2,153)		(168)		(1,612)		(1,780)
Amounts reclassified from AOCI	—		—		—		(18)		—		(18)
Release of cumulative foreign currency translation adjustments associated with discontinued operations (2)	—		1,145		1,145		—		—		—
Net change in AOCI	121		(1,129)		(1,008)		(186)		(1,612)		(1,798)
Ending balance	$	(481)	$	—	$	(481)	$	(2,526)	$	(2,799)	$	(5,325)

(1) There was no associated income tax effect for losses on available-for-sale securities for the three months ended October 28, 2023 or October 29, 2022, as we have recorded a valuation allowance against these deferred tax balances.

(2) During the three months ended October 28, 2023, we ceased operations of our UK business and the accounting requirements for reporting the UK business as a discontinued operation were met. Accordingly, historical foreign currency translation losses, which were previously recognized in AOCI, were fully reclassified from stockholders’ equity to loss from discontinued operations, net of income taxes in the condensed consolidated statements of operations and comprehensive loss. Refer to Note 2, “Summary of Significant Accounting Policies” and Note 12, “Discontinued Operations” for further details.

Net Loss Per Share from Continuing Operations Attributable to Common Stockholders

3 Months Ended

Oct. 28, 2023

Earnings Per Share [Abstract]

Net Loss Per Share from Continuing Operations Attributable to Common Stockholders

Basic and diluted loss per share from continuing operations attributable to common stockholders is presented in conformity with the two-class method required for participating securities: Class A and Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock is convertible at any time at the option of the stockholder into one share of Class A common stock.

Basic net loss per share from continuing operations attributable to common stockholders is computed by dividing the net loss from continuing operations attributable to common stockholders by the weighted-average number of common shares outstanding during the period.

For the calculation of diluted loss per share from continuing operations, net loss from continuing operations attributable to common stockholders for basic loss per share is adjusted by the effect of dilutive securities. Diluted net loss per share from continuing operations attributable to common stockholders is computed by dividing the net loss from continuing operations attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares. In periods of loss, there are no potentially dilutive common shares to add to the weighted-average number of common shares outstanding. The undistributed losses are allocated based on the contractual participation rights of the Class A and Class B common shares as if the losses for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed loss is allocated on a proportionate basis.

The table below presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted loss per share from continuing operations attributable to Class A and Class B common stockholders:


	For the Three Months Ended
(in thousands, except share and per share amounts)	October 28, 2023		October 29, 2022
Numerator:
Net loss from continuing operations attributable to Class A and Class B common stockholders	$	(26,171)	$	(48,152)
Denominator:
Weighted-average shares of common stock - basic	116,645,160		112,359,901
Weighted-average shares of common stock - diluted	116,645,160		112,359,901
Loss per share from continuing operations attributable to Class A and Class B common stockholders:
Basic	$	(0.22)	$	(0.43)
Diluted	$	(0.22)	$	(0.43)

As the Company has reported net loss from continuing operations for each of the periods presented, all potentially dilutive securities were considered antidilutive. The following common stock equivalents were excluded from the computation of diluted loss per share from continuing operations because their effect would have been antidilutive for the periods presented:


	For the Three Months Ended
	October 28, 2023	October 29, 2022
Restricted stock units that settle into Class A common stock	16,797,675	17,381,827
Stock options to purchase Class A common stock	6,826,227	3,341,137
Stock options to purchase Class B common stock	805,470	1,040,311
Total	24,429,372	21,763,275

Share Repurchase Program

In January 2022, the Company's Board of Directors authorized a share repurchase program to repurchase up to $150.0 million of our outstanding Class A common stock, with no expiration date (the “2022 Repurchase Program”). The actual timing, number, and value of shares repurchased in the future will be determined by the Company in its discretion and will depend on a number of factors, including market conditions, applicable legal requirements, our capital needs, and whether there is a better alternative use of capital.

We did not repurchase any shares during the three months ended October 28, 2023 or October 29, 2022. As of October 28, 2023, $120.0 million remained available under the 2022 Repurchase Program authorization. Repurchases under the 2022 Repurchase Program during any given fiscal period will reduce the number of weighted-average common shares outstanding for the respective period.

Accrued Liabilities

3 Months Ended

Oct. 28, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	October 28, 2023		July 29, 2023
Compensation and related benefits	$	16,725	$	12,836
Advertising	6,322		6,625
Sales taxes	6,696		5,358
Shipping and freight	8,130		8,628
Accrued accounts payable	4,544		4,058
Inventory purchases	21,835		22,684
Sales refund reserve	7,137		6,509
Other	3,725		3,195
Total accrued liabilities	$	75,114	$	69,893

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Oct. 28, 2023

Accounting Policies [Abstract]

Summary of Contractual Liabilities and Revenue Recognized

The following table summarizes the balances of contractual liabilities included in deferred revenue, gift card liability, and other current liabilities as of the dates indicated:


(in thousands)	October 28, 2023		July 29, 2023
Deferred revenue:
Upfront styling fees	$	5,862	$	6,075
Style Pass annual fees	3,950		4,521
Freestyle orders	890		770
Total deferred revenue	$	10,702	$	11,366
Gift card liability	$	9,826	$	10,328
Other current liabilities:
Referral credits	$	430	$	362

The following table summarizes revenue recognized during the three months ended October 28, 2023, that was previously included in deferred revenue, gift card liability, and other current liabilities at July 29, 2023:


(in thousands)	Revenue Recognized From Amounts Previously Included in Deferred Balances at July 29, 2023
Upfront styling fees	$	5,986
Style Pass annual fees	2,114
Freestyle orders	554
Gift card liability	1,013
Referral credits	87

Credit Agreement (Details) - USD ($)	Dec. 04, 2023	Jun. 02, 2021	Oct. 28, 2023
Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000
Credit sublimit		30,000,000
Swingline provision		40,000,000
Option increase amount		$ 150,000,000
Credit Facility \| Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Outstanding borrowings			$ 79,100,000
Credit Facility \| 2023 Credit Facility \| Citibank, N.A. \| Subsequent event
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000
2023 Credit Facility \| Credit Agreement \| Subsequent event
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 30,000,000
Commitment fee percentage	0.30%
Basis spread on variable rate	0.00%
2023 Credit Facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) \| Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
2023 Credit Facility \| Credit Agreement \| Base Rate \| Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
2023 Credit Facility \| Credit Agreement \| Federal Funds Rate \| Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
2023 Credit Facility \| Credit Agreement \| Eurodollar \| Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Treasury Stock
Stockholders' equity, beginning balance (in shares) at Jul. 30, 2022		111,592,931
Stockholders' equity, beginning balance at Jul. 30, 2022	$ 322,651	$ 2	$ 522,658	$ (3,527)	$ (166,440)	$ (30,042)
Stockholders' equity, beginning balance (in shares) at Jul. 30, 2022						(2,302,141)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)		1,517,266
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	(3,753)		(3,753)
Stock-based compensation	33,585		33,585
Net loss	(55,918)				(55,918)
Other comprehensive loss, net of tax	(1,798)			(1,798)
Stockholders' equity, ending balance (in shares) at Oct. 29, 2022		113,110,197
Stockholders' equity, ending balance at Oct. 29, 2022	294,767	$ 2	552,490	(5,325)	(222,358)	$ (30,042)
Stockholders' equity, ending balance (in shares) at Oct. 29, 2022						(2,302,141)
Stockholders' equity, beginning balance (in shares) at Jul. 29, 2023		117,924,387
Stockholders' equity, beginning balance at Jul. 29, 2023	$ 247,310	$ 2	615,236	527	(338,413)	$ (30,042)
Stockholders' equity, beginning balance (in shares) at Jul. 29, 2023	(2,302,141)					(2,302,141)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)		2,268,679
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	$ (4,172)		(4,172)
Stock-based compensation	24,100		24,100
Net loss	(35,490)				(35,490)
Other comprehensive loss, net of tax	(1,008)			(1,008)
Stockholders' equity, ending balance (in shares) at Oct. 28, 2023		120,193,066
Stockholders' equity, ending balance at Oct. 28, 2023	$ 230,740	$ 2	$ 635,164	$ (481)	$ (373,903)	$ (30,042)
Stockholders' equity, ending balance (in shares) at Oct. 28, 2023	(2,302,141)					(2,302,141)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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-Topic 235
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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Oct. 28, 2023	Jul. 29, 2023
Accounting Policies [Abstract]
Inventory reserves	$ 41.8	$ 38.7

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	$ 247,310,000	$ 322,651,000
Release of cumulative foreign currency translation adjustments associated with discontinued operations	(1,129,000)	(1,612,000)
Total other comprehensive loss, net of tax	(1,008,000)	(1,798,000)
Stockholders' equity, ending balance	230,740,000	294,767,000
Losses on available-for-sale securities	0	0
Total
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	527,000	(3,527,000)
Other comprehensive income (loss) before reclassifications	(2,153,000)	(1,780,000)
Amounts reclassified from AOCI	0	(18,000)
Release of cumulative foreign currency translation adjustments associated with discontinued operations	1,145,000	0
Total other comprehensive loss, net of tax	(1,008,000)	(1,798,000)
Stockholders' equity, ending balance	(481,000)	(5,325,000)
Available-for-sale Securities
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	(602,000)	(2,340,000)
Other comprehensive income (loss) before reclassifications	121,000	(168,000)
Amounts reclassified from AOCI	0	(18,000)
Release of cumulative foreign currency translation adjustments associated with discontinued operations	0	0
Total other comprehensive loss, net of tax	121,000	(186,000)
Stockholders' equity, ending balance	(481,000)	(2,526,000)
Foreign Currency Translation
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	1,129,000	(1,187,000)
Other comprehensive income (loss) before reclassifications	(2,274,000)	(1,612,000)
Amounts reclassified from AOCI	0	0
Release of cumulative foreign currency translation adjustments associated with discontinued operations	1,145,000	0
Total other comprehensive loss, net of tax	(1,129,000)	(1,612,000)
Stockholders' equity, ending balance	$ 0	$ (2,799,000)

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Jul. 29, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 3,110
June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent	6.00%
Restructuring charges	$ 7,950	$ 927
June 9th, 2022 Restructuring Plan \| Bethlehem, Pennsylvania and Dallas, Texas
Restructuring Cost and Reserve [Line Items]
Restructuring charges	8,000
June 9th, 2022 Restructuring Plan \| Minimum \| Bethlehem, Pennsylvania and Dallas, Texas
Restructuring Cost and Reserve [Line Items]
Additional cash restructuring charges	1,000
June 9th, 2022 Restructuring Plan \| Maximum \| Bethlehem, Pennsylvania and Dallas, Texas
Restructuring Cost and Reserve [Line Items]
Additional cash restructuring charges	3,000
June 9th, 2022 Restructuring Plan \| Severance and employee-related benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,462	$ 927	$ 36,400
June 9th, 2022 Restructuring Plan \| Severance and employee-related benefits \| Bethlehem, Pennsylvania and Dallas, Texas
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 2,600
June 9th, 2022 Restructuring Plan \| Accelerated Depreciation And Other Restructuring Charges \| Minimum \| Bethlehem, Pennsylvania and Dallas, Texas
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,000
June 9th, 2022 Restructuring Plan \| Accelerated Depreciation And Other Restructuring Charges \| Maximum \| Bethlehem, Pennsylvania and Dallas, Texas
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 6,000
June 9th, 2022 Restructuring Plan \| Salaried Employees
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent	20.00%

Summary of Significant Accounting Policies

3 Months Ended

Oct. 28, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to July 31. The fiscal year ending August 3, 2024 (“fiscal 2024”) consists of 53 weeks, with the extra week occurring in the fourth fiscal quarter ending August 3, 2024. The fiscal year ending July 29, 2023 (“fiscal 2023”) consisted of 52 weeks.

The accompanying unaudited condensed consolidated financial statements include the accounts of Stitch Fix, Inc. and our wholly-owned subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all normal recurring adjustments, which are necessary for the fair statement of our financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending August 3, 2024, or for any other interim period or for any other future year. All intercompany balances and transactions have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended July 29, 2023 (the “2023 Annual Report”).

Discontinued Operations

During the first quarter of fiscal 2024, we ceased operations of our UK business and the accounting requirements for reporting the UK business as a discontinued operation were met. Accordingly, the condensed consolidated financial statements reflect the results of the UK business as a discontinued operation for all periods presented. Unless otherwise noted, amounts and disclosures throughout these Notes to Condensed Consolidated Financial Statements relate to the Company's continuing operations. Refer to Note 12, “Discontinued Operations” for further details.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and the accompanying footnotes.

Significant estimates and assumptions are used for inventory, stock-based compensation expense, income taxes, and revenue recognition. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements.

Significant Accounting Policies

Unless noted below, there have been no changes to the Company’s significant accounting policies, as described in our 2023 Annual Report, that had a material impact on these condensed consolidated financial statements and related notes.

Short-Term Investments

Our short-term investments have been classified and accounted for as available-for-sale securities. The allowance for expected credit losses on our available-for-sale debt securities was immaterial at both October 28, 2023 and July 29, 2023.

We have elected to present accrued interest receivable separately from short-term investments in the condensed consolidated balance sheets. Accrued interest receivable, which was immaterial at both October 28, 2023 and July 29, 2023, is recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. We did not write off any accrued interest receivable during the three months ended October 28, 2023 or October 29, 2022.

Inventory, net

Inventory, net consists of finished goods recorded at the lower of cost or net realizable value using the first-in-first-out (FIFO) method. Gross inventory costs include both merchandise costs and in-bound freight costs.

Inventory, net includes reserves for excess and slow-moving inventory we expect to write off based on historical trends, damaged inventory, and shrinkage. Our total inventory reserves were $41.8 million and $38.7 million as of October 28, 2023 and July 29, 2023, respectively. At both October 28, 2023 and July 29, 2023, we recorded additional specific reserves related to excess and slow-moving seasonal inventory. Aside from these specific reserves, we have not made any material changes to our assumptions included in the calculations of the lower of cost or net realizable value reserves at October 28, 2023 or July 29, 2023.

Foreign Currency

As of October 28, 2023, we ceased operations of our UK business and met the requirements to report the UK business as a discontinued operation. The functional currency of our UK business is the British pound sterling. We translate assets and liabilities to U.S. dollars using period-end exchange rates, and average monthly exchange rates for revenues, costs, and expenses. Prior to being classified as a discontinued operation, we recorded translation gains and losses in accumulated other comprehensive income (loss) (“AOCI”) as a component of stockholders’ equity. During the three months ended October 28, 2023, historical foreign currency translation losses, which were previously recognized in AOCI, were fully reclassified from equity to loss from discontinued operations, net of income taxes in the condensed consolidated statements of operations and comprehensive loss. Refer to Note 7, “Accumulated Other Comprehensive Income (Loss)” and Note 12, “Discontinued Operations” for further details.

Net foreign exchange transaction gains and losses attributable to continuing operations resulting from the conversion of the transaction currency to functional currency are recorded in other income (expense), net from continuing operations in the condensed consolidated statements of operations and comprehensive loss.

Fair Value Measurements

We apply fair value accounting for assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis, using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes three levels of the fair value hierarchy as follows:

•Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

•Level 2: Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

•Level 3: Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

Revenue Recognition

We generate revenue primarily from the sale of merchandise to clients in a Fix and when clients purchase merchandise directly from Freestyle. Clients create an online account on our website or mobile app, complete a style profile, and order a Fix or merchandise to be delivered on a specified date.

Revenue is recognized when control of the promised goods is transferred to the client. For a Fix, control is transferred when the client accepts or rejects the offer to purchase merchandise. Upon acceptance by purchasing one or more items within the Fix at checkout, the total amount of the order, including the upfront styling fee, is recognized as revenue. If none of the items within the Fix are accepted at checkout, the upfront styling fee is recognized as revenue at that time. The Style Pass annual fee is recognized at the earlier of (i) the time at which a client accepts and applies the Style Pass fee to an offer to purchase merchandise or (ii) upon expiry of the annual period. Under Style Pass arrangements, if a client does not accept any items within the Fix, the annual fee will continue to be deferred until it is applied to a future purchase or upon expiry of the annual period. If a client would like to exchange an item, we recognize revenue at the time the exchanged item is shipped, which coincides with the transfer of control to the customer. For a Freestyle purchase, control is transferred and revenue is recognized upon shipment to the client.

We deduct discounts, sales tax, and estimated refunds to arrive at net revenue. Sales tax collected from clients is not considered revenue and is included in accrued liabilities until remitted to the taxing authorities. Our refund reserve is included in accrued liabilities in the condensed consolidated balance sheets.

We have five types of contractual liabilities: (i) cash collections of upfront styling fees, which are included in deferred revenue and are recognized as revenue upon the earlier of application to a merchandise purchase or expiry of the offer, (ii) cash collections of Style Pass annual fees, which are included in deferred revenue and are recognized upon the earlier of application to a merchandise purchase or expiry of the Style Pass annual period, (iii) unredeemed gift cards, which are included in gift card liability and recognized as revenue upon usage or inclusion in gift card breakage estimates, (iv) referral credits, which are included in other current liabilities and are recognized as revenue when used, and (v) cash collections of Freestyle purchases, which are included in deferred revenue and are recognized as revenue upon shipment.

We expect deferred revenue for upfront styling fees, Freestyle orders, and Style Pass annual fees to be recognized within one year. On average, our gift card liability and other current liabilities are also recognized within one year.

The following table summarizes the balances of contractual liabilities included in deferred revenue, gift card liability, and other current liabilities as of the dates indicated:


(in thousands)	October 28, 2023		July 29, 2023
Deferred revenue:
Upfront styling fees	$	5,862	$	6,075
Style Pass annual fees	3,950		4,521
Freestyle orders	890		770
Total deferred revenue	$	10,702	$	11,366
Gift card liability	$	9,826	$	10,328
Other current liabilities:
Referral credits	$	430	$	362


(in thousands)	Revenue Recognized From Amounts Previously Included in Deferred Balances at July 29, 2023
Upfront styling fees	$	5,986
Style Pass annual fees	2,114
Freestyle orders	554
Gift card liability	1,013
Referral credits	87

Concentration of Credit Risks

We are subject to concentrations of credit risk, principally from cash and cash equivalents and investment securities. The majority of our cash is held by two financial institutions within the United States. Our cash balances held by these institutions exceed federally insured limits. The associated risk of concentration for cash is mitigated by banking with credit-worthy institutions. The associated risk of concentration for cash equivalents and investments is mitigated by maintaining a diversified portfolio of highly rated instruments.

No client accounted for greater than 10% of total revenue, net for the three months ended October 28, 2023 or October 29, 2022.

Recently Issued and Adopted Accounting Pronouncements

There are no new recently issued or adopted accounting pronouncements that are expected to have a material impact on the condensed consolidated financial statements.

Subsequent Events (Details) - USD ($)	Dec. 04, 2023	Jun. 02, 2021
Credit Facility \| Credit Agreement
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000
Credit Facility \| 2023 Credit Facility \| Citibank, N.A. \| Subsequent event
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000
2023 Credit Facility \| Credit Agreement \| Subsequent event
Subsequent Event [Line Items]
Letters of credit outstanding, amount	$ 30,000,000

Discontinued Operations

3 Months Ended

Oct. 28, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

In June 2023, we announced that we would enter a consultation period, in accordance with UK law, to explore exiting the market in the UK. On August 24, 2023, we ended the consultation period, and made the decision to exit our business and wind down our operations in the UK. During the first quarter of fiscal 2024, we ceased operations of our UK business and the accounting requirements for reporting the UK business as a discontinued operation were met. As a result, the UK business is presented in the accompanying condensed financial statements as a discontinued operation for all periods presented.

Cash from our UK business is recorded as continuing operations on the condensed consolidated balance sheets, as any cash remaining after the settlement of outstanding liabilities related to the UK business is expected to be repatriated into the U.S.

The following table summarizes the major classes of assets and liabilities of discontinued operations, which are summarized separately in the condensed consolidated balance sheets:


(in thousands)	October 28, 2023		July 29, 2023

Inventory, net	609		6,628
Prepaid expenses and other current assets	1,829		2,995
Current assets, discontinued operations	2,438		9,623

Operating lease right-of-use assets	504		1,565
Other long-term assets	284		481
Long-term assets, discontinued operations	788		2,046
Total assets, discontinued operations	$	3,226	$	11,669

Accounts payable	$	598	$	2,586
Operating lease liabilities	50		1,132
Accrued liabilities	5,963		8,903
Other current liabilities	67		161
Current liabilities, discontinued operations	6,678		12,782


Total liabilities, discontinued operations	$	6,678	$	12,782

The key components of loss from discontinued operations were as follows:


	For the Three Months Ended
(in thousands)	October 28, 2023		October 29, 2022
Revenue, net	$	8,558	$	11,852
Cost of goods sold	6,490		7,401
Gross profit	2,068		4,451
Selling, general, and administrative expenses	10,135		11,045
Operating loss	(8,067)		(6,594)

Interest income	187		26
Other expense, net (1)	(1,143)		(1,108)
Loss before income taxes	(9,023)		(7,676)
Income tax expense	296		90
Loss from discontinued operations, net of income taxes	$	(9,319)	$	(7,766)

(1) Represents the loss from the release of historical foreign currency translation adjustments related to the UK business. Refer to Note 2, “Summary of Significant Accounting Policies” for further details.

For the three months ended October 28, 2023, we recorded $4.9 million of expense associated with the exit of the UK business, which consisted primarily of severance and employee-related benefits, and early contract termination charges. These charges were recorded in selling, general, and administrative expenses from discontinued operations.

During fiscal 2023, we recorded an aggregate $4.7 million of expenses related to the exit and wind down of the UK business, primarily consisting of liability to account for losses expected to arise from firm purchase commitments for future receipts of inventory in the UK; asset impairment charges related to the property and equipment in the UK; and a specific inventory reserve to record anticipated losses on inventory in the UK at the lower of cost or net realizable value, based on projected sales through the exit of this business. These charges were recorded in both cost of goods sold and selling, general, and administrative expenses from discontinued operations.

Related to the UK exit, we estimate that we will incur between $1 million and $2 million in additional cash costs associated with the exit of the UK business. We expect these remaining expenses to be incurred over the next fiscal quarter, with substantially all of these cash payments to be completed by our fiscal quarter ending January 27, 2024.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Income Statement [Abstract]
Revenue, net	$ 364,785	$ 443,741
Cost of goods sold	205,682	256,431
Gross profit	159,103	187,310
Selling, general, and administrative expenses	187,764	235,846
Operating loss	(28,661)	(48,536)
Interest income	2,248	748
Other income (expense), net	411	(177)
Loss before income taxes	(26,002)	(47,965)
Provision for income taxes	169	187
Net loss from continuing operations	(26,171)	(48,152)
Loss from discontinued operations, net of income taxes	(9,319)	(7,766)
Net loss	(35,490)	(55,918)
Other comprehensive income (loss):
Change in unrealized loss on available-for-sale securities, net of tax	121	(186)
Foreign currency translation	(1,129)	(1,612)
Total other comprehensive loss, net of tax	(1,008)	(1,798)
Comprehensive loss	$ (36,498)	$ (57,716)
Loss per share from continuing operations, attributable to common stockholders:
Basic (in dollars per share)	$ (0.22)	$ (0.43)
Diluted (in dollars per share)	(0.22)	(0.43)
Loss per share from discontinued operations, attributable to common stockholders:
Basic (in dollars per share)	(0.08)	(0.07)
Diluted (in dollars per share)	(0.08)	(0.07)
Loss per share attributable to common stockholders:
Basic (in dollars per share)	(0.30)	(0.50)
Diluted (in dollars per share)	$ (0.30)	$ (0.50)
Weighted-average shares used to compute loss per share attributable to common stockholders:
Basic (in shares)	116,645,160	112,359,901
Diluted (in shares)	116,645,160	112,359,901

Fair Value Measurements - Fair Value of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Jul. 29, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 5,493	$ 18,335
Gross Unrealized Losses	(53)	(174)
Fair Value	5,440	18,161
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	269	7,266
Gross Unrealized Losses	(1)	(40)
Fair Value	268	7,226
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,224	11,069
Gross Unrealized Losses	(52)	(134)
Fair Value	$ 5,172	$ 10,935

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Stock Based Compensation

3 Months Ended

Oct. 28, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Plans

2011 Equity Incentive Plan

In 2011, we adopted the 2011 Equity Incentive Plan (the “2011 Plan”). The 2011 Plan provided for the grant of stock-based awards to employees, directors, and non-employees under terms and provisions established by the Board of Directors.

The 2011 Plan allowed for the grant of incentive stock options or nonqualified stock options, as well as restricted stock units (“RSU”), restricted stock awards (“RSA”), and stock appreciation rights. Only incentive and nonqualified stock options were granted under the 2011 Plan. Employee stock option awards generally vested 25% on the first anniversary of the grant date with the remaining shares subject to the option vesting ratably over the next three years subject to the employee’s continued service with the Company. Options generally expire after 10 years. Effective upon our initial public offering in 2017, the 2011 Plan was replaced by the 2017 Incentive Plan.

2017 Incentive Plan

In November 2017, our Board of Directors and stockholders adopted our 2017 Incentive Plan (the “2017 Plan”). The remaining shares available for issuance under our 2011 Plan became reserved for issuance under the 2017 Plan. Our 2017 Plan provides for the grant of Class A incentive stock options to employees, including employees of our subsidiary, and for the grant of nonqualified stock options, stock appreciation rights, RSAs, RSU awards, performance stock awards, performance cash awards, and other forms of stock awards to employees, directors, and consultants, including employees and consultants of our subsidiaries. Employee stock option awards generally begin to vest six months after the grant date with the remaining shares subject to the option vesting ratably over the next thirty months. Options generally expire after 10 years. RSU awards made to employees generally vest ratably on a quarterly basis subject to the employee’s continued service with the Company. As of October 28, 2023, the number of shares authorized for issuance under the 2017 Plan was 44,038,883 shares of Class A common stock, and the number of shares available for grant was 5,252,851.

2019 Inducement Plan

In October 2019, our Board of Directors adopted our 2019 Inducement Plan (the “2019 Plan”). Our 2019 Plan provides for the grant of Class A nonqualified stock options and RSU awards to individuals who satisfy the standards for inducement grants under the relevant Nasdaq Stock Market rules. As of October 28, 2023, the number of shares authorized for issuance under the 2019 Plan was 10,750,000 shares of Class A common stock and the number of shares available for grant was 1,805,478.

Stock Options

Stock option activity under the 2011 Plan, 2017 Plan, and 2019 Plan was as follows:


	Options Outstanding
	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Balance at July 29, 2023	8,106,110	$	7.06	8.78	$	4,770
Granted	—	—
Exercised	—	—
Cancelled	(474,413)	10.95
Balance at October 28, 2023	7,631,697	$	6.82	8.54	$	17

During the three months ended October 28, 2023 and October 29, 2022, no options were granted to employees.

Restricted Stock Units

RSU award activity under the 2017 Plan and 2019 Plan was as follows:


	Unvested RSUs
	Class A Common Stock	Weighted- Average Grant Date Fair Value
Unvested at July 29, 2023	11,455,577	$	10.47
Granted	9,161,252	3.07
Vested	(2,268,679)	7.51
Forfeited	(1,550,475)	9.61
Unvested at October 28, 2023	16,797,675	$	6.91

Performance-Based Stock Awards

The Company incurs stock-based compensation expense under compensation arrangements with certain of its employees under which the Company will settle bonuses for a fixed dollar amount by issuing a variable number of restricted stock units. The awards have both service and performance conditions. During the three months ended October 28, 2023, the Company issued 848,489 RSUs based on the Company’s trailing seven days average share price, following the Company’s public release of fiscal 2023 financial results. Stock-based compensation expense is recorded over the fiscal year in which performance is assessed.

Stock-Based Compensation Expense

Stock-based compensation expense for options and RSUs granted to employees was $19.9 million for the three months ended October 28, 2023, and $31.1 million for the three months ended October 29, 2022. Stock-based compensation expense is included in selling, general, and administrative expenses in the condensed consolidated statements of operations and comprehensive loss.

As of October 28, 2023, the total unrecognized compensation expense related to unvested options and RSUs, net of estimated forfeitures, was $111.2 million, which we expect to recognize over an estimated weighted average period of 1.8 years.

Restructuring

3 Months Ended

Oct. 28, 2023

Restructuring and Related Activities [Abstract]

Restructuring

In June 2022, we announced a restructuring plan (the “2022 Restructuring Plan”) to reduce our future fixed and variable operating costs and allow us to centralize key capabilities, strengthen decision-making to drive efficiencies, and ensure we are allocating resources to our most critical priorities.

In furtherance of and as an expansion of the 2022 Restructuring Plan, in January 2023, we implemented a plan of termination (“January 2023 Reduction in Force”). The January 2023 Reduction in Force reduced our then-current employee workforce by approximately 6%, including approximately 20% of our then-salaried positions. During fiscal 2023, we recorded an aggregate $36.4 million of restructuring charges related to this action, primarily consisting of severance and employee-related benefits; impairment related to a portion of our corporate office space; and accelerated depreciation expense related to assets at our Salt Lake City fulfillment center, which were not transferred to other fulfillment centers in our network and for which we did not have immediate plans to use.

In furtherance of and as an expansion of the 2022 Restructuring Plan, in June 2023, we announced the intended closures of our fulfillment centers in Bethlehem, Pennsylvania and Dallas, Texas (the “Bethlehem and Dallas Closures”). During fiscal 2023, we recorded an aggregate $2.6 million related to this action, primarily consisting of severance and employee-related benefits, and accelerated depreciation expense and other restructuring costs. During the three months ended October 28, 2023, we recorded $8.0 million, primarily related to the Bethlehem and Dallas closures, as detailed below.

The components of total restructuring charges were as follows:


	For the Three Months Ended
(in thousands)	October 28, 2023		October 29, 2022
Cash restructuring charges:
Severance and employee-related benefits	$	2,462	$	927
Other	648		—
Non-cash restructuring charges:

Accelerated depreciation	4,178		—

Other	662		—
Total restructuring (1)	$	7,950	$	927

(1) Recorded in selling, general, and administrative expenses on the condensed consolidated statements of operations and comprehensive loss.

The following table provides the changes in the Company’s restructuring related liabilities, which are included within accounts payable and accrued liabilities on the condensed consolidated balance sheets:


(in thousands)	Severance and Employee Related Benefits and Other
Balance at July 29, 2023	$	1,923
Charges incurred	3,110
Cash payments	(2,266)
Balance at October 28, 2023	$	2,767

We estimate that we will incur between $1 million and $3 million in additional cash restructuring charges related to the Bethlehem and Dallas Closures, which primarily consist of severance and employee-related benefits, and to a lesser extent, transportation costs to redistribute inventory to other fulfillment centers, and other closure costs. We estimate that we will also incur between $5 million and $6 million in additional accelerated depreciation expense and other non-cash restructuring costs. We expect these expenses will be incurred over the next two fiscal quarters, with substantially all of the cash payments to be completed by the end of the third fiscal quarter ending April 27, 2024.

Restructuring (Tables)

3 Months Ended

Oct. 28, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Charges

The components of total restructuring charges were as follows:


	For the Three Months Ended
(in thousands)	October 28, 2023		October 29, 2022
Cash restructuring charges:
Severance and employee-related benefits	$	2,462	$	927
Other	648		—
Non-cash restructuring charges:

Accelerated depreciation	4,178		—

Other	662		—
Total restructuring (1)	$	7,950	$	927

(1) Recorded in selling, general, and administrative expenses on the condensed consolidated statements of operations and comprehensive loss.


(in thousands)	Severance and Employee Related Benefits and Other
Balance at July 29, 2023	$	1,923
Charges incurred	3,110
Cash payments	(2,266)
Balance at October 28, 2023	$	2,767

Accrued Liabilities (Tables)

3 Months Ended

Oct. 28, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	October 28, 2023		July 29, 2023
Compensation and related benefits	$	16,725	$	12,836
Advertising	6,322		6,625
Sales taxes	6,696		5,358
Shipping and freight	8,130		8,628
Accrued accounts payable	4,544		4,058
Inventory purchases	21,835		22,684
Sales refund reserve	7,137		6,509
Other	3,725		3,195
Total accrued liabilities	$	75,114	$	69,893

Discontinued Operations - Components of Loss from Discontinued Operations (Details) - Discontinued Operations - Operation of UK Business - USD ($) $ in Thousands	3 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, net	$ 8,558	$ 11,852
Cost of goods sold	6,490	7,401
Gross profit	2,068	4,451
Selling, general, and administrative expenses	10,135	11,045
Operating loss	(8,067)	(6,594)
Interest income	187	26
Other expense, net	(1,143)	(1,108)
Loss from discontinued operations, net of income taxes	(9,023)	(7,676)
Income tax expense	296	90
Loss from discontinued operations, net of income taxes	$ (9,319)	$ (7,766)

Stock-Based Compensation - Summary of Restricted Stock Units Award Activity (Details) - Class A Common Stock - Restricted stock units that settle into Class A common stock	3 Months Ended
	Oct. 28, 2023 $ / shares shares
Class A Common Stock
Unvested, beginning balance (in shares) \| shares	11,455,577
Granted (in shares) \| shares	9,161,252
Vested (in shares) \| shares	(2,268,679)
Forfeited (in shares) \| shares	(1,550,475)
Unvested, ending balance (in shares) \| shares	16,797,675
Weighted- Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 10.47
Granted (in dollars per share) \| $ / shares	3.07
Vested (in dollars per share) \| $ / shares	7.51
Forfeited (in dollars per share) \| $ / shares	9.61
Unvested, ending balance (in dollars per share) \| $ / shares	$ 6.91

Fair Value Measurements - Fair Value of Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Jul. 29, 2023
Debt Securities, Available-for-sale [Line Items]
One Year or Less	$ 5,440
Over One Year Through Five Years	0
Over Five Years	0
Total	5,440	$ 18,161
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
One Year or Less	268
Over One Year Through Five Years	0
Over Five Years	0
Total	268	7,226
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
One Year or Less	5,172
Over One Year Through Five Years	0
Over Five Years	0
Total	$ 5,172	$ 10,935

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Discontinued Operations - Major Classes of Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Jul. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets, discontinued operations	$ 2,438	$ 9,623
Long-term assets, discontinued operations	788	2,046
Current liabilities, discontinued operations	6,678	12,782
Discontinued Operations \| Operation of UK Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory, net	609	6,628
Prepaid expenses and other current assets	1,829	2,995
Current assets, discontinued operations	2,438	9,623
Operating lease right-of-use assets	504	1,565
Other long-term assets	284	481
Long-term assets, discontinued operations	788	2,046
Total assets, discontinued operations	3,226	11,669
Accounts payable	598	2,586
Operating lease liabilities	50	1,132
Accrued liabilities	5,963	8,903
Other current liabilities	67	161
Current liabilities, discontinued operations	6,678	12,782
Total liabilities, discontinued operations	$ 6,678	$ 12,782

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Oct. 28, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The tables below present the changes in AOCI by component and, if applicable, the reclassifications out of AOCI for the periods presented:


	For the Three Months Ended
	October 28, 2023						October 29, 2022
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total		Available-for-sale Securities		Foreign Currency Translation		Total
Beginning balance	$	(602)	$	1,129	$	527	$	(2,340)	$	(1,187)	$	(3,527)
Other comprehensive income (loss) before reclassifications (1)	121		(2,274)		(2,153)		(168)		(1,612)		(1,780)
Amounts reclassified from AOCI	—		—		—		(18)		—		(18)
Release of cumulative foreign currency translation adjustments associated with discontinued operations (2)	—		1,145		1,145		—		—		—
Net change in AOCI	121		(1,129)		(1,008)		(186)		(1,612)		(1,798)
Ending balance	$	(481)	$	—	$	(481)	$	(2,526)	$	(2,799)	$	(5,325)

Restructuring - Components of Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Jul. 29, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 3,110
June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	7,950	$ 927
Severance and employee-related benefits \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,462	927	$ 36,400
Other \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	648	0
Accelerated depreciation \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,178	0
Other \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 662	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Loss Per Share from Continuing Operations Attributable to Common Stockholders (Tables)

3 Months Ended

Oct. 28, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted EPS


	For the Three Months Ended
(in thousands, except share and per share amounts)	October 28, 2023		October 29, 2022
Numerator:
Net loss from continuing operations attributable to Class A and Class B common stockholders	$	(26,171)	$	(48,152)
Denominator:
Weighted-average shares of common stock - basic	116,645,160		112,359,901
Weighted-average shares of common stock - diluted	116,645,160		112,359,901
Loss per share from continuing operations attributable to Class A and Class B common stockholders:
Basic	$	(0.22)	$	(0.43)
Diluted	$	(0.22)	$	(0.43)

Schedule of Common Stock Equivalents Excluded from Computation of Diluted Earnings Per Share

The following common stock equivalents were excluded from the computation of diluted loss per share from continuing operations because their effect would have been antidilutive for the periods presented:


	For the Three Months Ended
	October 28, 2023	October 29, 2022
Restricted stock units that settle into Class A common stock	16,797,675	17,381,827
Stock options to purchase Class A common stock	6,826,227	3,341,137
Stock options to purchase Class B common stock	805,470	1,040,311
Total	24,429,372	21,763,275

Summary of Significant Accounting Policies - Summary of Contractual Liabilities and Revenue Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 29, 2023	Oct. 28, 2023
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 11,366	$ 10,702
Upfront styling fees
Deferred Revenue Arrangement [Line Items]
Deferred revenue	6,075	5,862
Revenue recognized	5,986
Style Pass annual fees
Deferred Revenue Arrangement [Line Items]
Deferred revenue	4,521	3,950
Revenue recognized	2,114
Freestyle orders
Deferred Revenue Arrangement [Line Items]
Deferred revenue	770	890
Revenue recognized	554
Gift card liability
Deferred Revenue Arrangement [Line Items]
Deferred revenue	10,328	9,826
Revenue recognized	1,013
Total deferred revenue
Deferred Revenue Arrangement [Line Items]
Deferred revenue	11,366	10,702
Referral credits
Deferred Revenue Arrangement [Line Items]
Deferred revenue	362	$ 430
Revenue recognized	$ 87

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation (Tables)

3 Months Ended

Oct. 28, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity under the 2011 Plan, 2017 Plan, and 2019 Plan was as follows:


	Options Outstanding
	Number of Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Balance at July 29, 2023	8,106,110	$	7.06	8.78	$	4,770
Granted	—	—
Exercised	—	—
Cancelled	(474,413)	10.95
Balance at October 28, 2023	7,631,697	$	6.82	8.54	$	17

Schedule of Unvested Restricted Stock Units Activity

RSU award activity under the 2017 Plan and 2019 Plan was as follows:


	Unvested RSUs
	Class A Common Stock	Weighted- Average Grant Date Fair Value
Unvested at July 29, 2023	11,455,577	$	10.47
Granted	9,161,252	3.07
Vested	(2,268,679)	7.51
Forfeited	(1,550,475)	9.61
Unvested at October 28, 2023	16,797,675	$	6.91

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Oct. 28, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to July 31. The fiscal year ending August 3, 2024 (“fiscal 2024”) consists of 53 weeks, with the extra week occurring in the fourth fiscal quarter ending August 3, 2024. The fiscal year ending July 29, 2023 (“fiscal 2023”) consisted of 52 weeks. The accompanying unaudited condensed consolidated financial statements include the accounts of Stitch Fix, Inc. and our wholly-owned subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all normal recurring adjustments, which are necessary for the fair statement of our financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending August 3, 2024, or for any other interim period or for any other future year. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended July 29, 2023 (the “2023 Annual Report”). Discontinued Operations During the first quarter of fiscal 2024, we ceased operations of our UK business and the accounting requirements for reporting the UK business as a discontinued operation were met. Accordingly, the condensed consolidated financial statements reflect the results of the UK business as a discontinued operation for all periods presented. Unless otherwise noted, amounts and disclosures throughout these Notes to Condensed Consolidated Financial Statements relate to the Company's continuing operations.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and the accompanying footnotes. Significant estimates and assumptions are used for inventory, stock-based compensation expense, income taxes, and revenue recognition. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements.
Short-Term Investments	Short-Term Investments Our short-term investments have been classified and accounted for as available-for-sale securities. The allowance for expected credit losses on our available-for-sale debt securities was immaterial at both October 28, 2023 and July 29, 2023. We have elected to present accrued interest receivable separately from short-term investments in the condensed consolidated balance sheets. Accrued interest receivable, which was immaterial at both October 28, 2023 and July 29, 2023, is recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. We did not write off any accrued interest receivable during the three months ended October 28, 2023 or October 29, 2022.
Inventory, net	Inventory, net Inventory, net consists of finished goods recorded at the lower of cost or net realizable value using the first-in-first-out (FIFO) method. Gross inventory costs include both merchandise costs and in-bound freight costs. Inventory, net includes reserves for excess and slow-moving inventory we expect to write off based on historical trends, damaged inventory, and shrinkage.
Foreign Currency	Foreign Currency As of October 28, 2023, we ceased operations of our UK business and met the requirements to report the UK business as a discontinued operation. The functional currency of our UK business is the British pound sterling. We translate assets and liabilities to U.S. dollars using period-end exchange rates, and average monthly exchange rates for revenues, costs, and expenses. Prior to being classified as a discontinued operation, we recorded translation gains and losses in accumulated other comprehensive income (loss) (“AOCI”) as a component of stockholders’ equity. During the three months ended October 28, 2023, historical foreign currency translation losses, which were previously recognized in AOCI, were fully reclassified from equity to loss from discontinued operations, net of income taxes in the condensed consolidated statements of operations and comprehensive loss. Refer to Note 7, “Accumulated Other Comprehensive Income (Loss)” and Note 12, “Discontinued Operations” for further details. Net foreign exchange transaction gains and losses attributable to continuing operations resulting from the conversion of the transaction currency to functional currency are recorded in other income (expense), net from continuing operations in the condensed consolidated statements of operations and comprehensive loss.
Fair Value Measurements	Fair Value Measurements We apply fair value accounting for assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis, using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes three levels of the fair value hierarchy as follows: •Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; •Level 2: Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and •Level 3: Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.
Revenue Recognition	Revenue Recognition We generate revenue primarily from the sale of merchandise to clients in a Fix and when clients purchase merchandise directly from Freestyle. Clients create an online account on our website or mobile app, complete a style profile, and order a Fix or merchandise to be delivered on a specified date. Revenue is recognized when control of the promised goods is transferred to the client. For a Fix, control is transferred when the client accepts or rejects the offer to purchase merchandise. Upon acceptance by purchasing one or more items within the Fix at checkout, the total amount of the order, including the upfront styling fee, is recognized as revenue. If none of the items within the Fix are accepted at checkout, the upfront styling fee is recognized as revenue at that time. The Style Pass annual fee is recognized at the earlier of (i) the time at which a client accepts and applies the Style Pass fee to an offer to purchase merchandise or (ii) upon expiry of the annual period. Under Style Pass arrangements, if a client does not accept any items within the Fix, the annual fee will continue to be deferred until it is applied to a future purchase or upon expiry of the annual period. If a client would like to exchange an item, we recognize revenue at the time the exchanged item is shipped, which coincides with the transfer of control to the customer. For a Freestyle purchase, control is transferred and revenue is recognized upon shipment to the client. We deduct discounts, sales tax, and estimated refunds to arrive at net revenue. Sales tax collected from clients is not considered revenue and is included in accrued liabilities until remitted to the taxing authorities. Our refund reserve is included in accrued liabilities in the condensed consolidated balance sheets. We have five types of contractual liabilities: (i) cash collections of upfront styling fees, which are included in deferred revenue and are recognized as revenue upon the earlier of application to a merchandise purchase or expiry of the offer, (ii) cash collections of Style Pass annual fees, which are included in deferred revenue and are recognized upon the earlier of application to a merchandise purchase or expiry of the Style Pass annual period, (iii) unredeemed gift cards, which are included in gift card liability and recognized as revenue upon usage or inclusion in gift card breakage estimates, (iv) referral credits, which are included in other current liabilities and are recognized as revenue when used, and (v) cash collections of Freestyle purchases, which are included in deferred revenue and are recognized as revenue upon shipment. We expect deferred revenue for upfront styling fees, Freestyle orders, and Style Pass annual fees to be recognized within one year. On average, our gift card liability and other current liabilities are also recognized within one year.
Concentration of Credit Risks	Concentration of Credit Risks We are subject to concentrations of credit risk, principally from cash and cash equivalents and investment securities. The majority of our cash is held by two financial institutions within the United States. Our cash balances held by these institutions exceed federally insured limits. The associated risk of concentration for cash is mitigated by banking with credit-worthy institutions. The associated risk of concentration for cash equivalents and investments is mitigated by maintaining a diversified portfolio of highly rated instruments. No client accounted for greater than 10% of total revenue, net for the three months ended October 28, 2023 or October 29, 2022.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements There are no new recently issued or adopted accounting pronouncements that are expected to have a material impact on the condensed consolidated financial statements.

Fair Value Measurements (Tables)

3 Months Ended

Oct. 28, 2023

Fair Value Disclosures [Abstract]

Schedule of Short-term and Long-term Investments Accounted for as Available-for-sale Measured at Fair Value on Recurring Basis

Our cash equivalents and investments accounted for as available-for-sale securities that were measured at fair value on a recurring basis as of October 28, 2023 and July 29, 2023 were as follows:


	October 28, 2023								July 29, 2023
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash equivalents:
Money market funds	$	154,424	$	—	$	—	$	154,424	$	80,251	$	—	$	—	$	80,251
Investments:
U.S. Treasury securities	268		—		—		268		7,226		—		—		7,226

Corporate bonds	—		5,172		—		5,172		—		10,935		—		10,935
Total	$	154,692	$	5,172	$	—	$	159,864	$	87,477	$	10,935	$	—	$	98,412

Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-for-sale Investments

The following table sets forth the amortized cost, gross unrealized losses, and fair values of our investments accounted for as available-for-sale securities as of October 28, 2023 and July 29, 2023:


	October 28, 2023				July 29, 2023
(in thousands)	Amortized Cost		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Losses		Fair Value

Investments:
U.S. Treasury securities	$	269	$	(1)	$	268	$	7,266	$	(40)	$	7,226

Corporate bonds	5,224		(52)		5,172		11,069		(134)		10,935
Total	$	5,493	$	(53)	$	5,440	$	18,335	$	(174)	$	18,161

Schedule of Unrealized Loss on Investments

The fair value and gross unrealized losses for those investments that were in a continuous unrealized loss position as of October 28, 2023 were as follows:


	Less Than 12 Months				More Than 12 Months				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Investments:
U.S. Treasury securities	$	268	$	(1)	$	—	$	—	$	268	$	(1)
Corporate bonds	—		—		5,172		(52)		5,172		(52)
Total	$	268	$	(1)	$	5,172	$	(52)	$	5,440	$	(53)

The fair value and gross unrealized losses for those investments that were in a continuous unrealized loss position as of July 29, 2023 were as follows:


	Less Than 12 Months				More Than 12 Months				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investments:
U.S. Treasury securities	$	265	$	(1)	$	6,961	$	(39)	$	7,226	$	(40)
Corporate bonds	—		—		10,935		(134)		10,935		(134)
Total	$	265	$	(1)	$	17,896	$	(173)	$	18,161	$	(174)

Schedule of Fair Value of Available-for-sale Securities By Contractual Maturity

The fair values of available-for-sale securities by contractual maturity as of October 28, 2023 were as follows:


	October 28, 2023
(in thousands)	One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Investments:
U.S. Treasury securities	$	268	$	—	$	—	$	268

Corporate bonds	5,172		—		—		5,172
Total	$	5,440	$	—	$	—	$	5,440

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Cash Flows from Operating Activities from Continuing Operations
Net loss from continuing operations	$ (26,171)	$ (48,152)
Adjustments to reconcile net loss from continuing operations to net cash provided by (used in) operating activities from continuing operations:
Change in inventory reserves	3,083	203
Stock-based compensation expense	19,902	31,129
Depreciation and amortization	13,784	9,846
Other	19	31
Change in operating assets and liabilities:
Inventory	(33,255)	(21,802)
Prepaid expenses and other assets	2,800	(786)
Income tax receivables	0	26,640
Operating lease right-of-use assets and liabilities	(1,349)	(278)
Accounts payable	34,709	(1,187)
Accrued liabilities	7,502	4,284
Deferred revenue	(664)	(714)
Gift card liability	(503)	(533)
Other liabilities	702	(255)
Net cash provided by (used in) operating activities from continuing operations	20,559	(1,574)
Cash Flows from Investing Activities from Continuing Operations
Proceeds from sale of property and equipment	21	0
Purchases of property and equipment	(3,653)	(5,888)
Purchases of securities available-for-sale	0	(258)
Sales of securities available-for-sale	0	4,145
Maturities of securities available-for-sale	12,820	0
Net cash provided by (used in) investing activities from continuing operations	9,188	(2,001)
Cash Flows from Financing Activities from Continuing Operations
Payments for tax withholdings related to vesting of restricted stock units	(4,008)	(3,664)
Other	(100)	(117)
Net cash used in financing activities from continuing operations	(4,108)	(3,781)
Net increase (decrease) in cash and cash equivalents from continuing operations	25,639	(7,356)
Cash Flows from Discontinued Operations
Net cash used in operating activities from discontinued operations	(6,119)	(8,474)
Net cash used in investing activities from discontinued operations	0	(256)
Net cash used in financing activities from discontinued operations	(164)	(89)
Net decrease in cash and cash equivalents from discontinued operations	(6,283)	(8,819)
Effect of exchange rate changes on cash and cash equivalents	(1,895)	(1,414)
Net increase (decrease) in cash and cash equivalents	17,461	(17,589)
Cash and cash equivalents at beginning of period	239,437	130,935
Cash and cash equivalents at end of period	256,898	113,346
Supplemental Disclosure
Cash paid for income taxes	386	83
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Purchases of property and equipment included in accounts payable and accrued liabilities	1,099	1,579
Capitalized stock-based compensation	$ 1,303	$ 1,871

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Oct. 28, 2023	Jul. 29, 2023
Treasury stock (in shares)	2,302,141	2,302,141
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.00002	$ 0.00002
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	94,788,046	90,217,226
Common stock, shares outstanding (in shares)	92,485,905	90,217,226
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.00002	$ 0.00002
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	25,405,020	25,405,020
Common stock, shares outstanding (in shares)	25,405,020	25,405,020

Subsequent Events	3 Months Ended
Subsequent Events	Oct. 28, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On December 4, 2023, we entered into a first lien credit agreement with Citibank, N.A., as agent and lender, which provides for a $50.0 million revolving credit facility maturing on December 4, 2026. The 2023 Credit Facility includes a sub-facility that provides for the issuance of letters of credit in an amount of up to $30.0 million. Availability of the 2023 Credit Facility will be based upon a borrowing base formula and periodic borrowing base certifications valuing certain of our accounts receivable, credit card receivables, and inventory as reduced by certain reserves, if any. Upon entry into the 2023 Credit Facility, our existing first lien amended and restated credit agreement, entered into June 2, 2021 and amended on July 29, 2022, with Silicon Valley Bank, as administrative agent and lender, and the other lenders party thereto, was terminated. Refer to Note 5, “Credit Agreement” for additional information regarding the 2023 Credit Facility.

Income Taxes

3 Months Ended

Oct. 28, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The following table summarizes our effective tax rate from income (loss) from continuing operations for the periods presented:


	For the Three Months Ended
(in thousands)	October 28, 2023			October 29, 2022
Loss from continuing operations before income taxes	$	(26,002)		$	(47,965)
Provision for income taxes	169			187
Effective tax rate	(0.7)		%	(0.4)		%

Our continuing operations are subject to income taxes in the United States. Our effective tax rate for the three months ended October 28, 2023 differs from the federal statutory income tax rate primarily due to the full valuation allowance recorded on our net federal and state deferred tax assets. The tax provision for the three months ended October 28, 2023 is primarily comprised of state taxes.

Our effective tax rate for the three months ended October 29, 2022 differed from the federal statutory income tax rate primarily due to the full valuation allowance recorded on our net federal and state deferred tax assets. The tax provision for the three months ended October 29, 2022 is primarily comprised of state taxes.

We continue to monitor the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 28, 2023	Jul. 29, 2023
Current assets:
Cash and cash equivalents	$ 256,898	$ 239,437
Short-term investments	5,440	18,161
Inventory, net	160,720	130,548
Prepaid expenses and other current assets	24,789	27,692
Current assets, discontinued operations	2,438	9,623
Total current assets	450,285	425,461
Property and equipment, net	71,490	79,757
Operating lease right-of-use assets	98,645	104,533
Other long-term assets	2,830	2,681
Long-term assets, discontinued operations	788	2,046
Total assets	624,038	614,478
Current liabilities:
Accounts payable	131,444	96,730
Operating lease liabilities	27,650	28,210
Accrued liabilities	75,114	69,893
Gift card liability	9,826	10,328
Deferred revenue	10,702	11,366
Other current liabilities	9,479	8,802
Current liabilities, discontinued operations	6,678	12,782
Total current liabilities	270,893	238,111
Operating lease liabilities, net of current portion	118,741	125,418
Other long-term liabilities	3,664	3,639
Total liabilities	393,298	367,168
Commitments and contingencies
Stockholders’ equity:
Additional paid-in capital	635,164	615,236
Accumulated other comprehensive income (loss)	(481)	527
Accumulated deficit	(373,903)	(338,413)
Treasury stock, at cost – 2,302,141 and 2,302,141 shares as of October 28, 2023, and July 29, 2023, respectively	(30,042)	(30,042)
Total stockholders’ equity	230,740	247,310
Total liabilities and stockholders’ equity	624,038	614,478
Class A Common Stock
Stockholders’ equity:
Common stock	1	1
Class B Common Stock
Stockholders’ equity:
Common stock	$ 1	$ 1

Restructuring - Restructuring Charges Rollforward (Details) $ in Thousands	3 Months Ended
	Oct. 28, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 1,923
Charges incurred	3,110
Cash payments	(2,266)
Restructuring reserve, ending balance	$ 2,767

Net Loss Per Share from Continuing Operations Attributable to Common Stockholders - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Numerator:
Net loss from continuing operations attributable to Class A and Class B common stockholders	$ (26,171)	$ (48,152)
Denominator:
Weighted-average shares of common stock - basic (in shares)	116,645,160	112,359,901
Weighted-average shares of common stock - diluted (in shares)	116,645,160	112,359,901
Loss per share from continuing operations attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ (0.22)	$ (0.43)
Diluted (in dollars per share)	$ (0.22)	$ (0.43)

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Oct. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies We record a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably possible. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Although we cannot predict with assurance the outcome of any litigation or tax matters, we do not believe there are currently any such actions that, if resolved unfavorably, would have a material impact on our operating results, financial position, and cash flows. On August 26, 2022, a class action lawsuit alleging violations of federal securities laws was filed by certain of our stockholders in the U.S. District Court for the Northern District of California, naming as defendants us and certain of our officers and directors. An amended complaint was filed on August 15, 2023. The lawsuit alleges violations of the Securities Exchange Act of 1934, as amended, by us and our officers for allegedly making materially false and misleading statements regarding our Freestyle offering between December 2020 and June 2022. The plaintiffs seek unspecified monetary damages and other relief. The Company filed a motion to dismiss on November 1, 2023. On March 17, 2023, a derivative action was filed against our directors in the same court, alleging the same violations of securities laws as alleged in the Class Action and breach of fiduciary duties. There have been no other material changes to our commitments and contingencies disclosed in our 2023 Annual Report. Indemnifications In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, directors, officers, and other parties with respect to certain matters. We have not incurred any material costs as a result of such indemnifications and have not accrued any liabilities related to such obligations in the condensed consolidated financial statements.

Fair Value Measurements

3 Months Ended

Oct. 28, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Our financial instruments consist of cash, cash equivalents, investments, accounts payable, and accrued liabilities. At October 28, 2023 and July 29, 2023, the carrying values of cash, accounts payable, and accrued liabilities approximated fair value due to their short-term nature. We measure our cash equivalents and investments at fair value within Level 1 or Level 2 of the fair value hierarchy because we value these investments using unadjusted, quoted market prices; or alternative pricing sources and models utilizing market observable inputs, respectively.

Our cash equivalents and investments accounted for as available-for-sale securities that were measured at fair value on a recurring basis as of October 28, 2023 and July 29, 2023 were as follows:


	October 28, 2023								July 29, 2023
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash equivalents:
Money market funds	$	154,424	$	—	$	—	$	154,424	$	80,251	$	—	$	—	$	80,251
Investments:
U.S. Treasury securities	268		—		—		268		7,226		—		—		7,226

Corporate bonds	—		5,172		—		5,172		—		10,935		—		10,935
Total	$	154,692	$	5,172	$	—	$	159,864	$	87,477	$	10,935	$	—	$	98,412

There were no transfers of financial assets or liabilities into or out of Level 1, Level 2, or Level 3 during the three months ended October 28, 2023 or October 29, 2022.

The following table sets forth the amortized cost, gross unrealized losses, and fair values of our investments accounted for as available-for-sale securities as of October 28, 2023 and July 29, 2023:


	October 28, 2023				July 29, 2023
(in thousands)	Amortized Cost		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Losses		Fair Value

Investments:
U.S. Treasury securities	$	269	$	(1)	$	268	$	7,266	$	(40)	$	7,226

Corporate bonds	5,224		(52)		5,172		11,069		(134)		10,935
Total	$	5,493	$	(53)	$	5,440	$	18,335	$	(174)	$	18,161

The fair value and gross unrealized losses for those investments that were in a continuous unrealized loss position as of October 28, 2023 were as follows:


	Less Than 12 Months				More Than 12 Months				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

Investments:
U.S. Treasury securities	$	268	$	(1)	$	—	$	—	$	268	$	(1)
Corporate bonds	—		—		5,172		(52)		5,172		(52)
Total	$	268	$	(1)	$	5,172	$	(52)	$	5,440	$	(53)

The fair value and gross unrealized losses for those investments that were in a continuous unrealized loss position as of July 29, 2023 were as follows:


	Less Than 12 Months				More Than 12 Months				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investments:
U.S. Treasury securities	$	265	$	(1)	$	6,961	$	(39)	$	7,226	$	(40)
Corporate bonds	—		—		10,935		(134)		10,935		(134)
Total	$	265	$	(1)	$	17,896	$	(173)	$	18,161	$	(174)

The total fair value of investments in a continuous unrealized loss and the related gross unrealized losses have both decreased since July 29, 2023, due to maturities and approaching maturities of our investments during the three months ended October 28, 2023. We evaluate securities for expected credit losses on a quarterly basis with consideration given to the financial condition and near-term prospects of the issuer, whether we intend to sell the securities, and whether it is more likely than not that we will be required to sell the securities before recovery of their amortized cost basis. As of October 28, 2023, the losses on our available-for-sale securities were directly related to the increase in market interest rates and not the creditworthiness of the issuers. We have the current intent and ability to retain these securities until maturity or recovery of the amortized cost basis. Therefore, expected credit losses as of October 28, 2023 were immaterial.

The fair values of available-for-sale securities by contractual maturity as of October 28, 2023 were as follows:


	October 28, 2023
(in thousands)	One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Investments:
U.S. Treasury securities	$	268	$	—	$	—	$	268

Corporate bonds	5,172		—		—		5,172
Total	$	5,440	$	—	$	—	$	5,440

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Insider Trading Arrangements

3 Months Ended

Oct. 28, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During our last fiscal quarter, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions or written plans for the purchase or sale of the Company’s securities set forth in the table below:

Type of Trading Arrangement

Name and Position

Action

Date

Rule 10b5-1

Non-Rule 10b5-1

Total Shares of Class A Common Stock

Total Shares of Class B Common Stock

Expiration Date

Katrina Lake, Executive Chairperson

Adoption

9/27/2023

2,500,000

12/11/2024

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Katrina Lake [Member]

Trading Arrangements, by Individual

Name

Katrina Lake

Title

Executive Chairperson

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

9/27/2023

Arrangement Duration

441 days

Aggregate Available

2,500,000

Income Taxes - Schedule of Effective Tax Rate from Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Income Tax Disclosure [Abstract]
Loss from continuing operations before income taxes	$ (26,002)	$ (47,965)
Provision for income taxes	$ 169	$ 187
Effective tax rate	(0.70%)	(0.40%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Net Loss Per Share from Continuing Operations Attributable to Common Stockholders - Schedule of Common Stock Equivalents Excluded from Computation of Diluted Earnings (Loss) Per Share (Details) - shares	3 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the computation of diluted loss per share (in shares)	24,429,372	21,763,275
Restricted stock units that settle into Class A common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the computation of diluted loss per share (in shares)	16,797,675	17,381,827
Stock Options \| Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the computation of diluted loss per share (in shares)	6,826,227	3,341,137
Stock Options \| Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the computation of diluted loss per share (in shares)	805,470	1,040,311

Description of Business	3 Months Ended
Description of Business	Oct. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Stitch Fix, Inc. (“we,” “our,” “us,” or “the Company”) delivers personalization to our clients through the pairing of data science and human judgment. Currently, clients can engage with us in one of two ways that, combined, form an ecosystem of personalized experiences across styling, shopping, and inspiration: (1) by receiving a personalized shipment of items informed by our algorithms and sent by a Stitch Fix stylist (a “Fix”); or (2) by purchasing directly from our website or mobile app based on a personalized assortment of outfit and item recommendations (“Freestyle”). Clients can choose to schedule automatic shipments or order a Fix on demand after they fill out a style profile on our website or mobile app. After receiving a Fix, our clients purchase the items they want to keep and return the other items, if any. Freestyle utilizes our algorithms to recommend a personalized assortment of outfit and item recommendations that will update throughout the day and will continue to evolve as we learn more about the client. We are incorporated in Delaware and have operations in the United States. Previously, we also had operations in the United Kingdom (“UK”). On August 24, 2023, we ended the consultation period required by UK law, and made the decision to exit our business and wind down our operations in the UK. As of October 28, 2023, we ceased operations of our UK business, and met the requirements to report the UK business as a discontinued operation for all periods presented.

Discontinued Operations (Tables)

3 Months Ended

Oct. 28, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations, Assets and Liabilities and Components of Loss

The following table summarizes the major classes of assets and liabilities of discontinued operations, which are summarized separately in the condensed consolidated balance sheets:


(in thousands)	October 28, 2023		July 29, 2023

Inventory, net	609		6,628
Prepaid expenses and other current assets	1,829		2,995
Current assets, discontinued operations	2,438		9,623

Operating lease right-of-use assets	504		1,565
Other long-term assets	284		481
Long-term assets, discontinued operations	788		2,046
Total assets, discontinued operations	$	3,226	$	11,669

Accounts payable	$	598	$	2,586
Operating lease liabilities	50		1,132
Accrued liabilities	5,963		8,903
Other current liabilities	67		161
Current liabilities, discontinued operations	6,678		12,782


Total liabilities, discontinued operations	$	6,678	$	12,782

The key components of loss from discontinued operations were as follows:


	For the Three Months Ended
(in thousands)	October 28, 2023		October 29, 2022
Revenue, net	$	8,558	$	11,852
Cost of goods sold	6,490		7,401
Gross profit	2,068		4,451
Selling, general, and administrative expenses	10,135		11,045
Operating loss	(8,067)		(6,594)

Interest income	187		26
Other expense, net (1)	(1,143)		(1,108)
Loss before income taxes	(9,023)		(7,676)
Income tax expense	296		90
Loss from discontinued operations, net of income taxes	$	(9,319)	$	(7,766)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Oct. 28, 2023	Oct. 29, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (35,490)	$ (55,918)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Jul. 29, 2023
Payables and Accruals [Abstract]
Compensation and related benefits	$ 16,725	$ 12,836
Advertising	6,322	6,625
Sales taxes	6,696	5,358
Shipping and freight	8,130	8,628
Accrued accounts payable	4,544	4,058
Inventory purchases	21,835	22,684
Sales refund reserve	7,137	6,509
Other	3,725	3,195
Total accrued liabilities	$ 75,114	$ 69,893

Fair Value Measurements - Unrealized Loss on Investments (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Jul. 29, 2023
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, fair value, less than 12 months	$ 268	$ 265
Available-for-sale, unrealized losses, less than 12 months	(1)	(1)
Available-for-sale, fair value, more than 12 months	5,172	17,896
Available-for-sale, unrealized losses, more than 12 months	(52)	(173)
Available-for-sale, fair value, total	5,440	18,161
Available-for-sale, unrealized losses, total	(53)	(174)
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, fair value, less than 12 months	268	265
Available-for-sale, unrealized losses, less than 12 months	(1)	(1)
Available-for-sale, fair value, more than 12 months	0	6,961
Available-for-sale, unrealized losses, more than 12 months	0	(39)
Available-for-sale, fair value, total	268	7,226
Available-for-sale, unrealized losses, total	(1)	(40)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, fair value, less than 12 months	0	0
Available-for-sale, unrealized losses, less than 12 months	0	0
Available-for-sale, fair value, more than 12 months	5,172	10,935
Available-for-sale, unrealized losses, more than 12 months	(52)	(134)
Available-for-sale, fair value, total	5,172	10,935
Available-for-sale, unrealized losses, total	$ (52)	$ (134)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Oct. 28, 2023	Jul. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges	$ 3,110
Discontinued Operations \| Operation of UK Business \| UNITED KINGDOM
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges	4,900
Discontinued Operations \| Operation of UK Business \| UNITED KINGDOM \| Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional cash restructuring charges	1,000
Discontinued Operations \| Operation of UK Business \| UNITED KINGDOM \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Additional cash restructuring charges	$ 2,000
Discontinued Operations \| Operation of UK Business \| Facility Closing \| UNITED KINGDOM
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges		$ 4,700

Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis Based on Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Jul. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 5,440	$ 18,161
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	159,864	98,412
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	154,692	87,477
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	5,172	10,935
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Fair Value, Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	154,424	80,251
Fair Value, Recurring \| Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	154,424	80,251
Fair Value, Recurring \| Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair Value, Recurring \| Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	268	7,226
U.S. Treasury securities \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	268	7,226
U.S. Treasury securities \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	268	7,226
U.S. Treasury securities \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
U.S. Treasury securities \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	5,172	10,935
Corporate bonds \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	5,172	10,935
Corporate bonds \| Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Corporate bonds \| Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	5,172	10,935
Corporate bonds \| Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0

Net Loss Per Share from Continuing Operations Attributable to Common Stockholders - Additional Information (Details)	3 Months Ended
	Oct. 28, 2023 USD ($) class vote	Jan. 31, 2022 USD ($)
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of new classes of common stock authorized \| class	2
Common stock, conversion ratio	1
Aggregate purchase price \| $	$ 120,000,000
Class A Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Share repurchase amount \| $		$ 150,000,000
Class A Common Stock \| IPO
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of votes per share \| vote	1
Class B Common Stock \| IPO
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of votes per share \| vote	10