0001576942-24-000099 | 10-K | XBRL Viewer

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Income Taxes - Schedule of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
Income Taxes Valuation Allowance [Roll Forward]
Valuation allowance at the beginning of the year	$ 154,757	$ 126,463
Valuation allowance charged to expense	29,246	35,836
Valuation allowance credited to other accounts	(7,271)	(7,542)
Valuation allowance at the end of the year	$ 176,732	$ 154,757

Leases (Tables)

12 Months Ended

Aug. 03, 2024

Leases [Abstract]

Schedule of Maturities of Operating Lease Liabilities

The future lease payments as of August 3, 2024, were as follows:


(in thousands)	August 3, 2024
2025	$	27,444
2026	29,276
2027	26,342
2028	22,544
2029	9,169
Thereafter	19,598
Total undiscounted future minimum lease payments(1)	134,373
Less: imputed interest	16,871
Total discounted future minimum lease payments	$	117,502

(1) Total future minimum lease payments have not been reduced by minimum sublease income of approximately $29.8 million.

Schedule of Lease Components and Supplemental Cash Flows


	For the Fiscal Year Ended
(in thousands)	August 3, 2024		July 29, 2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	35,461	$	32,513
Operating lease right-of-use assets obtained in exchange for operating lease liabilities, net of impairments and other reductions (1)	(21,055)		561

(1) In fiscal 2023, we amended our lease agreement for our fulfillment center in Phoenix, AZ, to extend the lease term by five years. In fiscal 2024 and 2023, we recorded impairment charges related to a portion of our corporate office space of $16.6 million and $14.2 million, respectively. Refer to Note 13, “Restructuring” for further details on the impairment charge. In fiscal 2024, we entered into an early termination of our lease at our Dallas warehouse, resulting in removal of the right-of-use asset which was included in the $1.5 million loss on lease termination, recorded within selling, general, and administrative expenses on the consolidated statements of operations and comprehensive loss.

The components of our rent expense, which are recorded in selling, general, and administrative expense in the consolidated statement of operations and comprehensive loss, were as follows:


	For the Fiscal Year Ended
(in thousands)	August 3, 2024		July 29, 2023
Operating lease cost	$	26,949	$	29,724
Variable lease costs	8,807		7,369
Short-term lease costs	13		41
Operating lease impairment (1)	16,562		14,168
Loss on early termination	1,465		—
Sublease income (2)	(8,216)		(7,832)
Total	$	45,580	$	43,470

(1) Refer to Note 13, “Restructuring” for more details.

(2) During fiscal 2024 and fiscal 2023, we had subleases for certain portions of fulfillment centers and our corporate offices due to the reduction in square footage needs for current operations and our recent commitment to a more distributed workforce for corporate employees. We continue to seek sublease arrangements for certain corporate offices and fulfillment centers

Leases

12 Months Ended

Aug. 03, 2024

Leases [Abstract]

Leases

Our leasing portfolio includes lease arrangements for our corporate offices and fulfillment centers. Such leases generally have original lease terms between five years and eleven years, and often include one or more options to renew. We have not considered any of our renewal options reasonably certain to be exercised at lease commencement and do not have residual value guarantees associated with our leases.

As of August 3, 2024, the Company subleases certain office and warehouse space to third parties. These subleases have total original lease terms ranging from three years to eight years that will expire at various dates by fiscal year 2032, one of which includes an option to extend the sublease for an additional two years.

The future lease payments as of August 3, 2024, were as follows:


(in thousands)	August 3, 2024
2025	$	27,444
2026	29,276
2027	26,342
2028	22,544
2029	9,169
Thereafter	19,598
Total undiscounted future minimum lease payments(1)	134,373
Less: imputed interest	16,871
Total discounted future minimum lease payments	$	117,502

(1) Total future minimum lease payments have not been reduced by minimum sublease income of approximately $29.8 million.

The weighted average remaining term for our leases as of August 3, 2024, and July 29, 2023, was 5.1 years and 5.6 years, respectively. The weighted average discount rate for our leases as of August 3, 2024, and July 29, 2023, was 5.2%.

Supplemental Cash Flow Information


	For the Fiscal Year Ended
(in thousands)	August 3, 2024		July 29, 2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	35,461	$	32,513
Operating lease right-of-use assets obtained in exchange for operating lease liabilities, net of impairments and other reductions (1)	(21,055)		561

Operating Lease Cost

Operating lease cost is recorded on a straight-line basis over the lease term. For impaired operating leases, the right-of-use asset is depreciated on a straight-line basis over the remaining lease term. Certain leases contain variable payments, which are expensed as incurred and not included in our operating lease right-of-use assets and operating lease liabilities. These amounts primarily include payments for maintenance, utilities, taxes, and insurance on our office and fulfillment center leases.

The components of our rent expense, which are recorded in selling, general, and administrative expense in the consolidated statement of operations and comprehensive loss, were as follows:


	For the Fiscal Year Ended
(in thousands)	August 3, 2024		July 29, 2023
Operating lease cost	$	26,949	$	29,724
Variable lease costs	8,807		7,369
Short-term lease costs	13		41
Operating lease impairment (1)	16,562		14,168
Loss on early termination	1,465		—
Sublease income (2)	(8,216)		(7,832)
Total	$	45,580	$	43,470

(1) Refer to Note 13, “Restructuring” for more details.

Income Taxes - Schedule of Components of the Provision for Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Current:
Federal	$ (1,663)	$ 951	$ 137
State	2	(80)	(2,472)
Total current	(1,661)	871	(2,335)
Deferred:
Total deferred	0	0	0
Total income tax provision (benefit)	$ (1,661)	$ 871	$ (2,335)

- Definition

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

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+ Details

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Aug. 03, 2024	Sep. 18, 2024	Jan. 27, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Aug. 03, 2024
Current Fiscal Year End Date	--08-03
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 1500
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders to be filed with the U.S. Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K.
Entity Central Index Key	0001576942
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Public Float			$ 292,283,501
Entity Common Stock, Shares Outstanding		104,519,802
Common Class B
Document Information [Line Items]
Entity Public Float			$ 1,191,263
Entity Common Stock, Shares Outstanding		22,318,035

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

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Income Taxes - Schedule of Components of Net Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Income Tax Disclosure [Abstract]
United States	$ (120,546)	$ (149,465)	$ (183,940)
Loss before income taxes	$ (120,546)	$ (149,465)	$ (183,940)

- 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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Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock - Additional Information (Details)	12 Months Ended
	Aug. 03, 2024 USD ($) class vote	Jan. 31, 2022 USD ($)
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of new classes of common stock authorized \| class	2
Common stock, conversion ratio	1
Share repurchase program, remaining authorized, amount \| $	$ 120,000,000
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Share repurchase amount \| $		$ 150,000,000
Common Class A \| IPO
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of votes per share \| vote	1
Common Class B \| IPO
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of votes per share \| vote	10

Fair Value Measurements - Schedule of Fair Values of Our Investments Accounted for as Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Jul. 29, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 84,012	$ 18,335
Gross Unrealized Gains	107
Gross Unrealized Losses	(13)	(174)
Fair Value	84,106	18,161
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,588	7,266
Gross Unrealized Gains	16
Gross Unrealized Losses	(1)	(40)
Fair Value	13,603	7,226
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	67,451	11,069
Gross Unrealized Gains	88
Gross Unrealized Losses	(12)	(134)
Fair Value	67,527	10,935
U.S. Agency Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,973	0
Gross Unrealized Gains	3
Gross Unrealized Losses	0	0
Fair Value	$ 2,976	$ 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

Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock - Common Stock Equivalents Excluded From Computation of Diluted Loss Per Share (Details) - shares	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per share (in shares)	18,334,291	19,561,687	23,921,186
Restricted stock units that settle into Class A common stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per share (in shares)	8,239,439	11,455,577	19,217,622
Options \| Class A Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per share (in shares)	9,368,354	7,297,653	3,629,617
Options \| Class B Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per share (in shares)	726,498	808,457	1,073,947

Accrued Liabilities

12 Months Ended

Aug. 03, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	August 3, 2024		July 29, 2023
Compensation and related benefits	$	13,804	$	12,836
Advertising	6,967		6,625
Sales taxes	6,583		5,358
Shipping and freight	10,998		8,628
Accrued accounts payable	10,607		4,058
Inventory purchases	14,473		22,684
Sales refund reserve	6,417		6,509
Other	3,158		3,195
Total accrued liabilities	$	73,007	$	69,893

Discontinued Operations - Schedule of Components of Loss from Discontinued Operations (Details) - Discontinued Operations - Operation Of U K Business - USD ($) $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, net	$ 9,377	$ 45,902	$ 55,008
Cost of goods sold	6,771	29,994	33,207
Gross profit	2,606	15,908	21,801
Selling, general, and administrative expenses	11,618	38,425	45,377
Operating loss	(9,012)	(22,517)	(23,576)
Interest income	187	379	6
Other expenses, net	(176)	1,120	(1,961)
Loss before income taxes	(9,001)	(21,018)	(25,531)
Provision (benefit) for income taxes	954	619	(15)
Net loss from discontinued operations, net of income taxes	$ (9,955)	$ (21,637)	$ (25,516)

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Aug. 03, 2024

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 fiscal 2024 and fiscal 2023:


	Changes in Accumulated Other Comprehensive Income (Loss)
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total
Balance at July 29, 2023	$	(602)	$	1,129	$	527
Other comprehensive income (loss) before reclassifications (1)	267		(2,274)		(2,007)

Release of cumulative foreign currency translation adjustments associated with discontinued operations (2)	—		1,145		1,145
Net change in AOCI	267		(1,129)		(862)
Balance at August 3, 2024	$	(335)	$	—	$	(335)


	Changes in Accumulated Other Comprehensive Income (Loss)
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total
Balance at July 30, 2022	$	(2,340)	$	(1,187)	$	(3,527)
Other comprehensive loss before reclassifications (1)	1,593		2,316		3,909
Amounts reclassified from AOCI	145		—		145
Net change in AOCI	1,738		2,316		4,054
Balance at July 29, 2023	$	(602)	$	1,129	$	527

(1) There was no associated income tax effect for losses on available-for-sale securities during fiscal 2024 and fiscal 2023, as we have recorded a valuation allowance against these deferred tax balances.

(2) 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, in the first quarter of fiscal 2024, we reclassified historical foreign currency translation losses, which were previously recognized in AOCI, from stockholders’ equity to loss from discontinued operations, net of income taxes in the consolidated statements of operations and comprehensive loss. Refer to Note 2, “Summary of Significant Accounting Policies” and Note 14, “Discontinued Operations” for further details.

Fair Value Measurements

12 Months Ended

Aug. 03, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Our financial instruments consist of cash, cash equivalents, investments, accounts payable, and accrued liabilities. At August 3, 2024 and July 29, 2023, the carrying values of cash, accounts receivable, accounts payable, and accrued liabilities approximated fair value due to their short-term nature. We measure our cash equivalents and investments on a recurring basis 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. Further, the Company measures the fair value of certain lease right of use assets and other long-lived assets subject to long-lived asset impairment using Level 3 unobservable inputs. Refer to Note 2 “Significant Accounting Policies” and Note 13 “Restructuring” for further details.

Our cash equivalents and investments accounted for as available-for-sale securities that were measured at fair value on a recurring basis as of August 3, 2024, and July 29, 2023 were as follows:


	August 3, 2024								July 29, 2023
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash equivalents:
Money market funds	$	84,594	$	—	$	—	$	84,594	$	80,251	$	—	$	—	$	80,251


Investments:
U.S. Treasury securities	13,603		—		—		13,603		7,226		—		—		7,226
Corporate bonds	—		67,527		—		67,527		—		10,935		—		10,935
U.S. Agency Securities	—		2,976		—		2,976		—		—		—		—
Total	$	98,197	$	70,503	$	—	$	168,700	$	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 for fiscal 2024 and fiscal 2023.

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 August 3, 2024, and July 29, 2023:


	August 3, 2024								July 29, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Losses		Fair Value

Investments:
U.S. Treasury securities	$	13,588	16		(1)		13,603		$	7,266	$	(40)	$	7,226
Corporate bonds	67,451		88		(12)		67,527		11,069		(134)		10,935
U.S. Agency Securities	2,973		3		—		2,976		—		—		—
Total	$	84,012	$	107	$	(13)	$	84,106	$	18,335	$	(174)	$	18,161

No significant available-for-sale securities held as of the periods presented have been in a continuous unrealized loss position for more than 12 months as of August 3, 2024.

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)

During fiscal 2024, all investments that were in a continuous unrealized loss position as of July 29, 2023, matured. As of August 3, 2024, we have no investments in a continuous loss position. 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 August 3, 2024, the losses on our available-for-sale securities were immaterial. 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 August 3, 2024, were immaterial.

The fair values of available-for-sale securities by contractual maturity as of August 3, 2024, were as follows:


	August 3, 2024
(in thousands)	One Year or Less		Over One Year Through Five Years		Over Five Years		Total

Investments:
U.S. Treasury securities	$	13,603	$	—	$	—	$	13,603

Corporate bonds	67,527		—		—		67,527
U.S. Agency Securities	2,976		—		—		2,976
Total	$	84,106	$	—	$	—	$	84,106

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 107
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 03, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Schedule of Shares Available For Grant (Details) - 2017 Plan	12 Months Ended
	Aug. 03, 2024 shares
Shares Available for Grant
Outstanding, ending balance (in shares)	5,239,593
Options
Shares Available for Grant
Outstanding, beginning balance (in shares)	7,212,154
Number of shares authorized for issuance (in shares)	5,781,112
Granted (in shares)	(16,162,749)
Forfeited (in shares)	8,409,076
Outstanding, ending balance (in shares)	5,239,593

Significant Accounting Policies - Schedule of Contractual Liabilities and Revenue Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 29, 2023	Aug. 03, 2024
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 11,366	$ 9,217
Revenue recognized	128
Total deferred revenue
Deferred Revenue Arrangement [Line Items]
Deferred revenue	11,366	9,217
Referral credits
Deferred Revenue Arrangement [Line Items]
Deferred revenue	362	179
Upfront styling fees
Deferred Revenue Arrangement [Line Items]
Deferred revenue	6,075	4,859
Revenue recognized	6,067
Style Pass annual fees
Deferred Revenue Arrangement [Line Items]
Deferred revenue	4,521	3,426
Revenue recognized	4,307
Freestyle orders
Deferred Revenue Arrangement [Line Items]
Deferred revenue	770	932
Revenue recognized	554
Gift card liability
Deferred Revenue Arrangement [Line Items]
Deferred revenue	10,328	$ 6,749
Revenue recognized	$ 4,559

Income Taxes - Schedule of Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Reconciliation of Unrecognized Tax Benefits
Balance at the beginning of the year	$ 29,916	$ 26,106	$ 23,625
Lapse of statute of limitations	(377)	(474)	(2,191)
Increase related to prior period tax positions	2,572	1,134	309
Decrease related to prior period tax positions	(1,927)	0	(12)
Increase related to current year tax positions	2,632	3,150	4,375
Balance at the end of the year	$ 32,816	$ 29,916	$ 26,106

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Income Statement [Abstract]
Revenue, net	$ 1,337,468	$ 1,592,521	$ 2,017,804
Cost of goods sold	745,430	916,908	1,131,132
Gross profit	592,038	675,613	886,672
Selling, general, and administrative expenses	725,465	830,894	1,071,142
Operating loss	(133,427)	(155,281)	(184,470)
Interest income	11,250	5,841	924
Other income (expense), net	1,631	(25)	(394)
Loss before income taxes	(120,546)	(149,465)	(183,940)
Provision (benefit) for income taxes	(1,661)	871	(2,335)
Net loss from continuing operations	(118,885)	(150,336)	(181,605)
Net loss from discontinued operations, net of income taxes	(9,955)	(21,637)	(25,516)
Net loss	(128,840)	(171,973)	(207,121)
Other comprehensive income (loss):
Change in unrealized loss on available-for-sale securities, net of tax	267	1,738	(2,050)
Foreign currency translation	(1,129)	2,316	(4,888)
Total other comprehensive income (loss), net of tax	(862)	4,054	(6,938)
Comprehensive loss	$ (129,702)	$ (167,919)	$ (214,059)
Loss per share from continuing operations, attributable to common stockholders:
Basic (in dollars per share)	$ (0.99)	$ (1.31)	$ (1.67)
Diluted (in dollars per share)	(0.99)	(1.31)	(1.67)
Loss per share from discontinued operations, attributable to common stockholders:
Basic (in dollars per share)	(0.08)	(0.19)	(0.23)
Diluted (in dollars per share)	(0.08)	(0.19)	(0.23)
Loss per share attributable to common stockholders:
Basic (in dollars per share)	(1.07)	(1.50)	(1.90)
Diluted (in dollars per share)	$ (1.07)	$ (1.50)	$ (1.90)
Weighted-average shares used to compute loss per share attributable to common stockholders:
Basic (in shares)	120,214,198	114,684,980	108,762,589
Diluted (in shares)	120,214,198	114,684,980	108,762,589

Stock-Based Compensation (Tables)

12 Months Ended

Aug. 03, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes the shares available for grant under the 2017 Plan:


						Shares Available for Grant
Balance at July 29, 2023						7,212,154
Authorized						5,781,112
Granted						(16,162,749)

Forfeited						8,409,076
Balance at August 3, 2024						5,239,593

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	4,191,676	3.37
Exercised	(268,954)	3.82
Forfeited	(1,933,980)	6.79
Balance at August 3, 2024	10,094,852	$	5.67	8.36	$	4,272
Options vested and exercisable at August 3, 2024	4,157,276	$	8.50	7.23	$	838
Options vested and expected to vest at August 3, 2024	10,051,147	$	5.67	8.35	$	4,242

Schedule of Unvested Restricted Stock Units Activity

The following table summarizes the RSU award activity under the 2017 Plan and 2019 Plan:


	Unvested RSUs
	Class A Common Stock	Weighted- Average Grant Date Fair Value
Unvested at July 29, 2023	11,455,577	$	10.47

Granted	14,029,968	3.21
Vested	(8,867,095)	6.39
Forfeited	(8,379,011)	6.99
Unvested at August 3, 2024	8,239,439	$	6.04

Schedule of Black Scholes Option Pricing Model Assumptions

The fair value of stock options granted to employees was estimated at the grant date using the Black-Scholes option-pricing model with the following assumptions:


	For the Fiscal Year Ended
	August 3, 2024		July 29, 2023		July 30, 2022
Expected term (in years)	3.7 - 5.5		3.2 - 5.5		3.1 - 5.5
Volatility	77.3% - 79.9%		80.3% - 87.3%		62.1% - 79.2%
Risk free interest rate	4.1% - 4.8%		3.6% - 4.4%		0.8% - 2.9%
Dividend yield	—	%	—	%	—	%

Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis Based on Fair Value (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Jul. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 84,106	$ 18,161
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	13,603	7,226
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	67,527	10,935
U.S. Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,976	0
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	168,700	98,412
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	98,197	87,477
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	70,503	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 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	13,603	7,226
Fair Value, Recurring \| U.S. Treasury securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	13,603	7,226
Fair Value, Recurring \| U.S. Treasury securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair Value, Recurring \| U.S. Treasury securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	67,527	10,935
Fair Value, Recurring \| Corporate bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair Value, Recurring \| Corporate bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	67,527	10,935
Fair Value, Recurring \| Corporate bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair Value, Recurring \| U.S. Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,976	0
Fair Value, Recurring \| U.S. Agency Securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair Value, Recurring \| U.S. Agency Securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,976	0
Fair Value, Recurring \| U.S. Agency Securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Fair Value, Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	84,594	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	84,594	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

Property and Equipment, net - Schedule of Estimated Useful Lives of Assets (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Jul. 29, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 207,185	$ 216,943
Less: accumulated depreciation and amortization	(155,668)	(137,186)
Property and equipment, net	51,517	79,757
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment	7,136	9,005
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	39,604	51,073
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	40,279	51,382
Capitalized software
Property, Plant and Equipment [Line Items]
Property and equipment	120,003	105,483
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 163	$ 0

Discontinued Operations - Schedule of Major Classes of Assets and Liabilities (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Jul. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets, discontinued operations	$ 0	$ 9,623
Operating lease right-of-use assets	63,780	104,533
Long-term assets, discontinued operations	0	2,046
Operating lease liabilities	117,502
Current liabilities, discontinued operations	502	12,782
Discontinued Operations \| Operation Of U K Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory, net	0	6,628
Prepaid expenses and other current assets	0	2,995
Current assets, discontinued operations	0	9,623
Operating lease right-of-use assets	0	1,565
Other long-term assets	0	481
Long-term assets, discontinued operations	0	2,046
Total assets, discontinued operations	0	11,669
Accounts payable	0	2,586
Operating lease liabilities	0	1,132
Accrued liabilities	502	8,903
Other current liabilities	0	161
Current liabilities, discontinued operations	502	12,782
Total liabilities, discontinued operations	$ 502	$ 12,782

Description of Business	12 Months Ended
Description of Business	Aug. 03, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Stitch Fix, Inc. (“we,” “our,” “us,” or “the Company”) is an online personal styling service that helps people discover the styles they will love that fit perfectly so they always look - and feel - their best. Clients engage with us by (1) receiving a curated shipment of items informed by our algorithms and chosen by a Stitch Fix Stylist (a “Fix”); or (2) purchasing directly from our website or mobile app based on an individualized assortment of outfit and item recommendations (“Freestyle”). Clients choose to schedule regular shipments or order a Fix on demand. Then, after receiving a Fix, they can purchase the items they want to keep and return the other items, if any. We are incorporated in Delaware and have operations in the United States. Previously, we also had operations in the United Kingdom (“UK”). During the first quarter of fiscal 2024, we ceased operations of our UK business and met the requirements to report the UK business as a discontinued operation for all periods presented.

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of options granted (in dollars per share)	$ 2.09	$ 2.72	$ 6.26
Grant date fair value of options vested	$ 7.1	$ 11.8	$ 14.0
Aggregate intrinsic value	$ 0.1	0.4	3.5
Period of average share price	7 days
Stock based compensation		(4.4)
Unrecognized compensation expense related to unvested options and RSUs, net of forfeitures	$ 51.0
Unrecognized compensation expense, period for recognition (in years)	1 year 7 months 6 days
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	$ 76.8	$ 102.1	$ 126.1
2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	5,239,593
2017 Plan \| Common Class A
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)	1,046,447
2019 Inducement Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	10,750,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable period	10 years
Options \| 2011 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 \| 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable period	10 years
Number of shares authorized for issuance (in shares)	5,781,112
Number of shares available for grant (in shares)	5,239,593	7,212,154
Options \| 2017 Plan \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	6 months
Options \| 2017 Plan \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	30 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	848,489

Income Taxes

12 Months Ended

Aug. 03, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss from continuing operations before income taxes were as follows:


	For the Fiscal Year Ended
(in thousands)	August 3, 2024		July 29, 2023		July 30, 2022
Loss from continuing operations before income taxes:
United States	$	(120,546)	$	(149,465)	$	(183,940)

Total loss from continuing operations before income taxes	$	(120,546)	$	(149,465)	$	(183,940)

The components of the income tax provision (benefit) were as follows:


	For the Fiscal Year Ended
(in thousands)	August 3, 2024		July 29, 2023		July 30, 2022
Current:
Federal	$	(1,663)	$	951	$	137
State	2		(80)		(2,472)

Total current	$	(1,661)	$	871	$	(2,335)
Deferred:



Total deferred	$	—	$	—	$	—
Total income tax provision (benefit)	$	(1,661)	$	871	$	(2,335)

The reconciliation of our effective tax rate to the statutory federal rate was as follows:


	For the Fiscal Year Ended
(in thousands, except percentages)	August 3, 2024				July 29, 2023				July 30, 2022
Taxes at federal statutory rate	$	(25,315)	21.0	%	$	(31,388)	21.0	%	$	(38,628)	21.0	%
State taxes, net of federal effect	(11)		0.0	%	(214)		0.1	%	(2,731)		1.5	%
Stock-based compensation	8,376		(6.9)	%	14,917		(10.0)	%	8,840		(4.8)	%

Change in valuation allowance	22,179		(18.4)	%	25,022		(16.7)	%	36,816		(20.0)	%
R&D credits	(6,032)		5.0	%	(8,426)		5.6	%	(7,921)		4.3	%
Uncertain tax positions	(1,545)		1.3	%	31		0.0	%	18		0.0	%
Return to provision	(207)		0.2	%	2		0.0	%	157		(0.1)	%
Other	894		(0.7)	%	927		(0.6)	%	1,114		(0.6)	%
Effective tax rate	$	(1,661)	1.4	%	$	871	(0.6)	%	$	(2,335)	1.3	%

Note: Due to rounding, percentages in this table may not sum to totals.

The components of net deferred tax assets were as follows:


(in thousands)	August 3, 2024		July 29, 2023
Deferred tax assets:
Inventory reserve and UNICAP	$	11,816	$	16,514
Accruals and reserves	1,937		2,796
Research and development credits	48,424		44,923
Capitalized research and development costs	40,094		31,416
Stock-based compensation	7,892		10,511
Deferred revenue	1,661		1,095
Operating lease liability	30,889		40,423
Net operating losses	59,938		49,734
Other	2,071		1,996
Gross deferred tax assets	$	204,722	$	199,408
Less: valuation allowance	(176,732)		(154,757)
Deferred tax assets, net of valuation allowance	$	27,990	$	44,651
Deferred tax liabilities:
Depreciation and amortization	$	(10,747)	$	(16,585)
Operating lease right-of-use assets	(16,767)		(27,505)
Other	(476)		(561)
Gross deferred tax liabilities	$	(27,990)	$	(44,651)

Net deferred tax assets, net of valuation allowance	$	—	$	—

Our effective tax rate and provision for income taxes decreased in fiscal 2024 as compared to fiscal 2023, primarily due to reserve releases in fiscal 2024 from lapses in statutes of limitation and effective settlement of prior year tax positions.

Our effective tax rate and provision for income taxes increased in fiscal 2023 as compared to fiscal 2022, primarily due to increases in federal income taxes and less reserve releases due to lapses in statutes of limitation.

As of August 3, 2024 and July 29, 2023, we had federal net operating loss carryforwards of $186.7 million and $152.7 million, respectively, which will be carried forward indefinitely. As of August 3, 2024, and July 29, 2023, we had federal research and development tax credit carryforwards of $57.1 million and $49.5 million, respectively. The research and development tax credits will expire beginning in 2036, if not utilized.

As of August 3, 2024 and July 29, 2023, we had state net operating loss carryforwards of $328.5 million and $274.7 million, respectively. These state net operating loss carryforwards will expire, if not utilized, beginning in 2025. As of August 3, 2024, and July 29, 2023, we had California research and development tax credit carryforwards of $24.1 million and $23.9 million, respectively, which are not subject to expiration. Utilization of the net operating loss carryforwards, tax credits, and other tax attributes may be subject to various limitations due to the ownership change limitations provided by IRC Section 382 and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before their utilization and reduce our ability to offset future income with our tax attributes.

Uncertain Tax Positions

A reconciliation of our unrecognized tax benefits is as follows:


(in thousands)	August 3, 2024		July 29, 2023		July 30, 2022
Balance at the beginning of the year	$	29,916	$	26,106	$	23,625
Lapse of statute of limitations	(377)		(474)		(2,191)
Increase related to prior period tax positions	2,572		1,134		309
Decrease related to prior period tax positions	(1,927)		—		(12)
Increase related to current year tax positions	2,632		3,150		4,375
Balance at the end of the year	$	32,816	$	29,916	$	26,106

The amount of unrecognized tax benefits relating to our tax positions is subject to change based on future events including, but not limited to, the settlements of ongoing audits and/or the expiration of applicable statutes of limitations. The Company does not expect its gross unrecognized tax benefits to change significantly within the next 12 months. As of August 3, 2024, the total amount of

unrecognized tax benefits, if recognized, would not affect the Company’s effective tax rate due to the existence of carryforwards and the valuation allowance in the United States and applicable U.S. state jurisdictions.

We recognize interest related to uncertain tax positions in our provision for income taxes. As of August 3, 2024, no interest or penalties have been recorded.

We file income tax returns in the U.S. federal and various state and local jurisdictions. As of August 3, 2024, our fiscal 2020 through fiscal 2023 tax returns are subject to potential examination in one or more jurisdictions.

We regularly assess whether it is more likely than not that we will realize our deferred tax assets in each taxing jurisdiction in which we operate. We consider many factors when assessing the likelihood of future realization, including our recent cumulative loss, earnings expectations in earlier future years, and other relevant factors. We continue to record a full valuation allowance on our U.S. federal and state net deferred tax assets due to cumulative historical losses. The valuation allowance primarily relates to federal and state deferred tax assets, including unrealized credit carryforwards and net operating losses. The valuation allowance increased by $22.0 million in fiscal 2024, and by $28.3 million in fiscal 2023.

A reconciliation of our valuation allowance was as follows:


(in thousands)	August 3, 2024		July 29, 2023
Valuation allowance at the beginning of the year	$	154,757	$	126,463
Valuation allowance charged to expense	29,246		35,836
Valuation allowance credited to other accounts	(7,271)		(7,542)
Valuation allowance at the end of the year	$	176,732	$	154,757

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 03, 2024	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)	104,742,401	90,217,226
Common stock, shares outstanding (in shares)	102,440,260	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)	22,318,035	25,405,020
Common stock, shares outstanding (in shares)	22,318,035	25,405,020

Restructuring (Tables)

12 Months Ended

Aug. 03, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Charges

The components of total restructuring charges were as follows:


	For the Fiscal Year Ended
(in thousands)	August 3, 2024		July 29, 2023		July 30, 2022
Cash restructuring charges:
Severance and employee-related benefits (1)	$	10,065	$	18,142	$	10,869
Lease termination (1)	1,466		—		—
Other (1)	3,090		722		—
Non-cash restructuring charges:
Asset impairments (1, 2)	19,283		16,874		6,154
Accelerated depreciation (1)	9,021		2,805		—
Inventory impairment (3)	—		—		719
Other (1)	913		1,364		—
Total restructuring	$	43,838	$	39,907	$	17,742

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

(2) Includes impairments of both operating lease right-of-use assets and property and equipment.

(3) Recognized in cost of goods sold on the 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 consolidated balance sheets:


(in thousands)	Severance and Employee Related Benefits and Other
Balance at July 30, 2022	$	290
Charges incurred	18,863
Cash payments	(17,230)
Balance at July 29, 2023	$	1,923
Charges incurred	14,621
Cash payments	(13,284)
Balance at August 3, 2024	$	3,260

Credit Facility	12 Months Ended
Credit Facility	Aug. 03, 2024
Debt Disclosure [Abstract]
Credit Facility	Credit Facility 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. 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 is 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 borrowing availability based on balances as of August 3, 2024, was $45.0 million, and our excess availability was $25.0 million as a result of outstanding letters of credit and no outstanding borrowing. 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 portion 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 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, if applicable, a minimum total consolidated fixed charge coverage ratio during the periods set forth in the 2023 Credit Facility. As of August 3, 2024, we were in compliance with all financial covenants.

- 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
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

12 Months Ended

Aug. 03, 2024

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, we 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, nonqualified stock options, stock appreciation rights, RSAs, RSUs, 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 August 3, 2024, 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 5,239,593.

The following table summarizes the shares available for grant under the 2017 Plan:


						Shares Available for Grant
Balance at July 29, 2023						7,212,154
Authorized						5,781,112
Granted						(16,162,749)

Forfeited						8,409,076
Balance at August 3, 2024						5,239,593

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 August 3, 2024, 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 1,046,447.

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	4,191,676	3.37
Exercised	(268,954)	3.82
Forfeited	(1,933,980)	6.79
Balance at August 3, 2024	10,094,852	$	5.67	8.36	$	4,272
Options vested and exercisable at August 3, 2024	4,157,276	$	8.50	7.23	$	838
Options vested and expected to vest at August 3, 2024	10,051,147	$	5.67	8.35	$	4,242

The weighted-average grant date fair value of options granted during fiscal 2024, fiscal 2023, and fiscal 2022 was $2.09, $2.72, and $6.26 per share, respectively. The total grant date fair value of options that vested during fiscal 2024, fiscal 2023, and fiscal 2022 was $7.1 million, $11.8 million, and $14.0 million, respectively. The aggregate intrinsic value of options exercised during fiscal 2024, fiscal 2023, and fiscal 2022 was $0.1 million, $0.4 million, and $3.5 million, respectively. The aggregate intrinsic value of options exercised is the difference between the fair value of the underlying common stock on the date of exercise and the exercise price for in-the-money stock options.

Restricted Stock Units

Employee RSUs are granted under the 2017 Plan and 2019 Plan, settle into Class A common stock, and generally vest ratably on a quarterly basis subject to the employee’s continued service with the Company.

The following table summarizes the RSU award activity under the 2017 Plan and 2019 Plan:


	Unvested RSUs
	Class A Common Stock	Weighted- Average Grant Date Fair Value
Unvested at July 29, 2023	11,455,577	$	10.47

Granted	14,029,968	3.21
Vested	(8,867,095)	6.39
Forfeited	(8,379,011)	6.99
Unvested at August 3, 2024	8,239,439	$	6.04

Performance-Based Stock Awards

In fiscal 2023, the Company incurred stock-based compensation expense under compensation arrangements with certain of its employees under which the Company settled bonuses for a fixed dollar amount by issuing a variable number of restricted stock units. The awards had both service and performance conditions. During the first quarter of fiscal 2024, the Company issued 848,489 RSUs based on the Company’s trailing seven-day 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 $76.8 million, $102.1 million, and $126.1 million for fiscal 2024, fiscal 2023, and fiscal 2022, respectively. As a result of the 2022 Restructuring Plan, described in Note 13, “Restructuring,” stock-based compensation expense decreased by $4.4 million in fiscal 2023 due to forfeitures of previously granted awards above our estimate. Stock-based compensation expense is included in selling, general, and administrative expenses in the consolidated statements of operations and comprehensive loss.

The Company recognized no income tax benefit from stock-based compensation expense during fiscal 2024 and fiscal 2023 as the Company currently maintains a full valuation allowance against its net deferred tax assets.

As of August 3, 2024, the total unrecognized compensation expense related to unvested options and RSUs, net of estimated forfeitures, was $51.0 million, which we expect to recognize over an estimated weighted average period of 1.6 years.

The fair value of stock options granted to employees was estimated at the grant date using the Black-Scholes option-pricing model with the following assumptions:


	For the Fiscal Year Ended
	August 3, 2024		July 29, 2023		July 30, 2022
Expected term (in years)	3.7 - 5.5		3.2 - 5.5		3.1 - 5.5
Volatility	77.3% - 79.9%		80.3% - 87.3%		62.1% - 79.2%
Risk free interest rate	4.1% - 4.8%		3.6% - 4.4%		0.8% - 2.9%
Dividend yield	—	%	—	%	—	%

Accrued Liabilities (Tables)

12 Months Ended

Aug. 03, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	August 3, 2024		July 29, 2023
Compensation and related benefits	$	13,804	$	12,836
Advertising	6,967		6,625
Sales taxes	6,583		5,358
Shipping and freight	10,998		8,628
Accrued accounts payable	10,607		4,058
Inventory purchases	14,473		22,684
Sales refund reserve	6,417		6,509
Other	3,158		3,195
Total accrued liabilities	$	73,007	$	69,893

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Aug. 03, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of Stitch Fix, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Fiscal Year	Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to July 31. The fiscal year ended August 3, 2024 (“fiscal 2024”) consisted of 53 weeks, with the extra week occurring in the fourth fiscal quarter ending August 3, 2024. The fiscal years ended July 29, 2023 (“fiscal 2023”), and July 30, 2022 (“fiscal 2022”) consisted of 52 weeks. Discontinued Operations During the first quarter of fiscal 2024, we ceased operations of our UK business and met the accounting requirements for reporting the UK business as a discontinued operation. Accordingly, the consolidated financial statements reflect the reclassification of the UK business as a discontinued operation for all periods presented in our consolidated financial statements. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to the Company's continuing operations. Refer to Note 14, “Discontinued Operations” for further details.
Segment Information	Segment Information We have one operating segment and one reportable segment as our chief operating decision maker, who is our Chief Executive Officer, reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance.
Use of Estimates	Use of Estimates The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in our consolidated financial statements and the accompanying footnotes. Significant estimates and assumptions are used for inventory, stock-based compensation expense, and revenue recognition. Actual results could differ from those estimates, and such differences may be material to our consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash consists of bank deposits and amounts in transit from banks for client credit card and debit card transactions that will process in less than seven days. Cash equivalents consist of investments in short-term money market funds.
Investments	Investments Our investments have been classified and accounted for as available-for-sale securities. We determine the appropriate classification of our investments at the time of purchase and reevaluate the classification at each balance sheet date. Available-for-sale securities with maturities of 12 months or less are classified as short-term and available-for-sale securities with maturities greater than 12 months are classified as long-term. Our available-for-sale securities are carried at fair value, with unrealized gains and losses, net of taxes, reported within accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity. The cost of securities sold is based upon the specific identification method. For debt securities with an amortized cost basis in excess of estimated fair value, we determine what amount of that deficit, if any, is caused by expected credit losses. The portion of the deficit attributable to expected credit losses is recognized in other income (expense), net in our consolidated statements of income, and was immaterial during fiscal 2024 and fiscal 2023. The allowance for expected credit losses on our available-for-sale debt securities was immaterial at both August 3, 2024 and July 29, 2023. We have elected to present accrued interest receivable separately from short-term investments in our consolidated balance sheets. Accrued interest receivable was $0.6 million and $0.1 million as of August 3, 2024, and July 29, 2023, respectively, and was recorded in prepaid expenses and other current assets in the consolidated balance sheets. We have also elected to exclude accrued interest receivable from the estimation of expected credit losses on our available-for-sale securities and reverse accrued interest receivable through interest income when amounts are determined to be uncollectible. We did not write off any accrued interest receivable during fiscal 2024 or fiscal 2023.
Foreign Currency	Foreign Currency During the first quarter of fiscal 2024, 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 was the British pound sterling. We translated 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 AOCI as a component of stockholders’ equity. During the twelve months ended August 3, 2024, 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 consolidated statements of operations and comprehensive loss. Refer to Note 9, “Accumulated Other Comprehensive Income (Loss)” and Note 14, “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 in the 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.
Inventory, net	Inventory, net Inventory, net consists of finished goods which are 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, inventory we intend to liquidate, damaged inventory, and shrinkage.
Property and Equipment, net	Property and Equipment, net Property and equipment, net is recorded at cost less accumulated depreciation and amortization. Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets. Repair and maintenance costs are expensed as incurred. We capitalize eligible costs to develop our proprietary systems, website, and mobile app. Capitalization of such costs begins when the preliminary project stage is completed and it is probable that the project will be completed and the software will be used to perform the function intended. A subsequent addition, modification, or upgrade to internal-use software is capitalized to the extent that it enhances the software’s functionality or extends its useful life. Costs related to design or maintenance are expensed as incurred.
Leases	Leases Our leasing portfolio consists of operating leases, which include lease arrangements for our corporate offices and fulfillment centers. Operating leases with a term greater than one year are recorded on the consolidated balance sheets as operating lease right-of-use assets and operating lease liabilities at the commencement date. These balances are initially recorded at the present value of future minimum lease payments, which is calculated using our incremental borrowing rate and the expected lease term. Certain adjustments to our operating lease right-of-use assets may be required for items such as initial direct costs paid or incentives received. We have subleased certain portions of our fulfillment centers and corporate offices due to the reduction in square footage needs for our current operations. Sublease income is recorded as a reduction to rent expense, which is reflected in selling, general, and administrative expense (“SG&A”) in the consolidated statement of operations and comprehensive loss. We continue to seek sublease arrangements for certain corporate office space and fulfillment centers.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We review our long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated from the use of the asset and its eventual disposition. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount exceeds the estimated fair value of the impaired assets. Assets to be disposed of are reported at the lower of their carrying amount or fair value less cost to sell. If a right-of-use asset is impaired, the carrying value is adjusted to the estimated fair value of the right-of-use asset and is disconnected from the lease liability and amortized on a straight-line basis over the remaining lease term. The lease liability continues to be accreted using the same constant periodic discount rate as before the impairment. Thus, after impairment, the operating lease is no longer accounted for using the straight-line treatment of total lease expense. In the fourth quarter of fiscal 2024, we identified triggering events requiring impairment testing of our right-of-use lease asset associated with our San Francisco headquarters. We recorded an asset impairment charge of $19.3 million, related to a portion of our corporate office space, which was allocated between operating lease right-of-use assets and property and equipment, net to record the corresponding assets at their estimated fair market value. The significant assumptions used in the discounted cash flow models for each of the asset groups included projected sublease income based on estimated market rental rates, expected vacancy periods prior to the commencement of future subleases, and expected lease incentives offered to future tenants. These fair value measurements qualify as level 3 measurements in the fair value hierarchy. Refer to Note 4, “Leases” and Note 13, “Restructuring” for further information.
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. Each Fix represents an offer made by us to the client to purchase merchandise. The client is charged a nonrefundable upfront styling fee before the Fix is shipped. As an alternative to the styling fee, we offer select clients the option to purchase a Style Pass. Style Pass clients pay a nonrefundable annual fee for unlimited Fixes that is credited towards merchandise purchases. If the offer to purchase merchandise is accepted, we charge the client the order amount for the accepted merchandise, net of the upfront styling fee or Style Pass annual fee. For each Fix, acceptance occurs when the client checks out the merchandise on our website or mobile app. We offer a discount to clients who purchase all of the items in the Fix. We recognize revenue through the following steps: (1) identification of the contract, or contracts, with the customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, we satisfy a performance obligation. Our styling fee and Style Pass arrangements represent the option to purchase merchandise. These fees and arrangements are not distinct within the context of the contract with our Fix customers and therefore do not give rise to separate performance obligations. Both the upfront styling fee and Style Pass annual fee are included in deferred revenue until the performance obligation is satisfied when the client exercises his or her option to purchase merchandise (i.e., upon checkout of a Fix) or when the option(s) to purchase merchandise expire(s). 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. All shipping costs are accounted for in cost of goods sold and all handling costs are accounted for as fulfillment costs within SG&A, and are therefore not evaluated as a separate performance obligation. Discounts are recorded as a reduction to revenue when the order is accepted. We record a refund reserve based on our historical refund patterns. Our refund reserve, which is included in accrued liabilities in the consolidated balance sheets, was $6.4 million and $6.5 million as of August 3, 2024, and July 29, 2023, respectively. 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 sell gift cards to clients and establish a liability based upon the face value of such gift cards. We reduce the liability and recognize revenue upon usage of the gift card. If a gift card is not used, we will recognize estimated gift card breakage revenue proportionately to customer usage of gift cards over the expected gift card usage period, subject to requirements to remit balances to governmental agencies. All commissions paid to third parties upon issuance of gift cards are recognized in SG&A as incurred, as on average, gift cards are used within a one-year period. Similarly, referral credits that are considered incremental costs of obtaining a contract with a customer are recognized in SG&A when issued, as on average, referral credits are used within a one-year period. 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.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold consists of the costs of merchandise, expenses for shipping to and from clients and inbound freight, inventory write-offs and changes in our inventory reserve, payment processing fees, and packaging materials costs, offset by the recoverable cost of merchandise estimated to be returned.
Selling, General, and Administrative Expenses	Selling, General, and Administrative Expenses SG&A expenses consist primarily of compensation and benefits costs, including stock-based compensation expense, for our employees including our Stylist, fulfillment center operations, data analytics, merchandising, engineering, client experience, marketing, and corporate personnel. SG&A expenses also include marketing and advertising, third-party logistics costs, facility costs for our fulfillment centers and offices, professional services fees, information technology, and depreciation and amortization.
Advertising Expenses	Advertising Expenses Marketing expense is recorded in SG&A in the consolidated statements of operations and comprehensive loss, and the largest component of our marketing expense is advertising expense. At any given time, our advertising efforts may include, social media marketing, keyword search campaigns, affiliate programs, partnerships, campaigns with celebrities and influencers, display advertising, television, radio, video, content, direct mail, email, mobile “push” communications, SMS, and search engine optimization. Costs associated with the production of advertising, such as writing, copy, printing, and other production costs are expensed as incurred. Costs associated with communicating advertising on online influencer campaigns and on all television and radio campaigns are expensed the first time the advertisement is run. All other online advertising costs are expensed as incurred. We recorded advertising expense of $111.4 million, $111.6 million, and $189.9 million for fiscal 2024, fiscal 2023, and fiscal 2022, respectively.
Marketing Programs	Marketing Programs We have a client referral program under which we issue credits for future purchases to clients when their referral results in a new client who has ordered a Fix or made a purchase on Freestyle. We record a liability at the time of issuing the credit and reduce the liability upon application of the credit to a client’s purchase. We also have an affiliate program under which we make cash payments to lifestyle or fashion influencers or others who refer clients in high volumes. Amounts related to both of these programs are included within selling, general, and administrative expenses in the consolidated statements of operations and comprehensive loss.
Income Taxes	Income Taxes We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which they are expected to be realized or settled. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the amount that is more likely than not to be realized. We consider many factors when assessing the likelihood of future realization, including our recent cumulative loss, earnings expectations in earlier future years, and other relevant factors. We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We recognize interest and penalties related to unrecognized tax benefits, if any, as income tax expense.
Stock-Based Compensation Expense	Stock-Based Compensation Expense We measure stock-based compensation expense associated with option awards made to employees and members of our board of directors based on the estimated fair values of the awards at the grant date using the Black-Scholes option-pricing model. We measure stock-based compensation expense associated with restricted stock unit (“RSU”) awards made to employees and members of our board of directors based on the fair values of those awards at the grant date. For options and RSU’s with service conditions only, stock-based compensation expense is recognized, net of forfeitures, over the requisite service period using the straight-line method such that an expense is only recognized for those awards that we expect to vest. For RSU’s with performance conditions, the Company will settle bonuses for a fixed dollar amount by issuing a variable number of RSU’s, and stock-based compensation expense is recorded over the fiscal year in which performance is assessed. Except for performance-based stock awards, forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures of performance-based stock awards are recorded in the period in which they occur. We record stock-based compensation of stock options granted to employees by estimating the fair value of stock-based awards using the Black-Scholes option-pricing model and amortizing the fair value of the stock-based awards granted over the applicable vesting period of the awards on a straight-line basis. The fair value of stock options granted to employees was estimated at the grant date using the Black-Scholes option-pricing model with the following assumptions: •Fair Value of Common Stock - The fair value of the shares of common stock underlying our stock options has been determined based on market prices. •Expected Term - The expected term represents the period that our stock options are expected to be outstanding and is determined for the vast majority of our awards using historical averages. •Expected Volatility - The expected volatility was estimated based on an even blend of our historical volatility since IPO and the implied volatility of Stitch Fix call options in the 30 days preceding a stock option grant. •Risk-Free Interest Rate - The risk-free interest rate is based on the U.S. Treasury zero coupon notes in effect at the time of grant for periods corresponding with the expected term of the option. •Expected Dividend - We have not paid dividends on our common stock and do not anticipate paying dividends on our common stock; therefore, we use an expected dividend yield of zero.
Stock-Based Compensation Expense	Stock-Based Compensation Expense We measure stock-based compensation expense associated with option awards made to employees and members of our board of directors based on the estimated fair values of the awards at the grant date using the Black-Scholes option-pricing model. We measure stock-based compensation expense associated with restricted stock unit (“RSU”) awards made to employees and members of our board of directors based on the fair values of those awards at the grant date. For options and RSU’s with service conditions only, stock-based compensation expense is recognized, net of forfeitures, over the requisite service period using the straight-line method such that an expense is only recognized for those awards that we expect to vest. For RSU’s with performance conditions, the Company will settle bonuses for a fixed dollar amount by issuing a variable number of RSU’s, and stock-based compensation expense is recorded over the fiscal year in which performance is assessed. Except for performance-based stock awards, forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures of performance-based stock awards are recorded in the period in which they occur. We record stock-based compensation of stock options granted to employees by estimating the fair value of stock-based awards using the Black-Scholes option-pricing model and amortizing the fair value of the stock-based awards granted over the applicable vesting period of the awards on a straight-line basis. The fair value of stock options granted to employees was estimated at the grant date using the Black-Scholes option-pricing model with the following assumptions: •Fair Value of Common Stock - The fair value of the shares of common stock underlying our stock options has been determined based on market prices. •Expected Term - The expected term represents the period that our stock options are expected to be outstanding and is determined for the vast majority of our awards using historical averages. •Expected Volatility - The expected volatility was estimated based on an even blend of our historical volatility since IPO and the implied volatility of Stitch Fix call options in the 30 days preceding a stock option grant. •Risk-Free Interest Rate - The risk-free interest rate is based on the U.S. Treasury zero coupon notes in effect at the time of grant for periods corresponding with the expected term of the option. •Expected Dividend - We have not paid dividends on our common stock and do not anticipate paying dividends on our common stock; therefore, we use an expected dividend yield of zero.
Comprehensive Loss	Comprehensive Loss Comprehensive loss represents all changes in stockholders’ equity during a period from sources other than transactions with stockholders. Comprehensive loss includes the net loss for the period, the gain (loss) due to foreign currency translation, and the change in unrealized gain (loss) on available-for-sale securities.
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 one financial institution within the United States. Our cash balance held by this institution exceeds 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 in fiscal 2024, fiscal 2023, or fiscal 2022.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07). This update is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This standard also enhances interim disclosure requirements and provides new segment disclosure requirements for entities with a single reportable segment. This standard is effective for us beginning in fiscal 2025 for the annual period, and the interim periods thereafter. We are currently evaluating the impact that this standard will have on our consolidated financial statements and related disclosures. In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). This update enhances the transparency and decision usefulness of income tax disclosures by improving the income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The update also includes certain other amendments to improve the effectiveness of income tax disclosures. This standard is effective for us beginning in fiscal 2026 with early adoption permitted. We do not anticipate this standard to have a material impact on our consolidated financial statements or related disclosures.

Commitments and Contingencies (Details) $ in Millions	Aug. 03, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments	$ 132.9

Fair Value Measurements - Schedule of Fair Value of Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Jul. 29, 2023
Debt Securities, Available-for-sale [Line Items]
One Year or Less	$ 84,106
Over One Year Through Five Years	0
Over Five Years	0
Fair Value	84,106	$ 18,161
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
One Year or Less	13,603
Over One Year Through Five Years	0
Over Five Years	0
Fair Value	13,603	7,226
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
One Year or Less	67,527
Over One Year Through Five Years	0
Over Five Years	0
Fair Value	67,527	10,935
U.S. Agency Securities
Debt Securities, Available-for-sale [Line Items]
One Year or Less	2,976
Over One Year Through Five Years	0
Over Five Years	0
Fair Value	$ 2,976	$ 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

Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Aug. 03, 2024 USD ($)	Aug. 03, 2024 USD ($) segment	Jul. 29, 2023 USD ($)	Jul. 30, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating segments \| segment		1
Number of reportable segments \| segment		1
Inventory reserve	$ 23,600	$ 23,600	$ 38,700
Restructuring charges		14,621	18,863
Refund reserve	6,400	6,400	6,500
Advertising expenses		$ 111,400	$ 111,600	$ 189,900
Dividend yield		0.00%	0.00%	0.00%
Options
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Dividend yield		0.00%
June 9th, 2022 Restructuring Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restructuring charges		$ 43,838	$ 39,907	$ 17,742
Asset Impairments \| June 9th, 2022 Restructuring Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restructuring charges		19,283	16,874	$ 6,154
Asset Impairments \| June 9th, 2022 Restructuring Plan \| Corporate Office Space
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restructuring charges	19,300
Prepaid Expenses and Other Current Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued interest receivable	$ 600	$ 600	$ 100

Credit Facility (Details) - USD ($)	Dec. 04, 2023	Aug. 03, 2024	Jun. 02, 2021
Senior Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 100,000,000.0
Credit sublimit			30,000,000.0
Swingline provision			$ 40,000,000.0
Commitment fee percentage	0.30%
Basis spread on variable rate (percentage)	0.00%
Senior Revolving Credit Facility \| Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	2.00%
Senior Revolving Credit Facility \| Credit Agreement \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	2.00%
Senior Revolving Credit Facility \| Credit Agreement \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	0.50%
Senior Revolving Credit Facility \| Credit Agreement \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.00%
Senior Revolving Credit Facility \| Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity		$ 25,000,000.0
Senior Revolving Credit Facility \| 2023 Credit Agreement \| Citibank N A Member
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000.0	45,000,000.0
Outstanding borrowing		$ 0
2023 Credit Agreement \| Credit Agreement
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 30,000,000.0

Significant Accounting Policies (Tables)

12 Months Ended

Aug. 03, 2024

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Assets

The estimated useful lives of our assets are as follows:


						Estimated useful life
Computer equipment and capitalized software						3 years
Office furniture and equipment						5 years
Leasehold improvements						Shorter of lease term or estimated useful life

Property and equipment, net consisted of the following:


(in thousands)	August 3, 2024		July 29, 2023
Computer equipment	$	7,136	$	9,005
Office furniture and equipment	39,604		51,073
Leasehold improvements	40,279		51,382
Capitalized software	120,003		105,483
Construction in progress	163		—

Total property and equipment	207,185		216,943
Less: accumulated depreciation and amortization	(155,668)		(137,186)
Property and equipment, net	$	51,517	$	79,757

Schedule 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)	August 3, 2024		July 29, 2023
Deferred revenue:
Upfront styling fees	$	4,859	$	6,075
Style Pass annual fees	3,426		4,521
Freestyle orders	932		770
Total deferred revenue	$	9,217	$	11,366
Gift card liability	$	6,749	$	10,328
Other current liabilities:
Referral credits	$	179	$	362

The following table summarizes net revenue recognized during fiscal 2024, which 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	$	6,067
Style Pass annual fees	4,307
Freestyle orders	554
Gift card liability	4,559
Referral credits	128

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 44.9	$ 41.2	$ 33.5

Property and Equipment, net (Tables)

12 Months Ended

Aug. 03, 2024

Property, Plant and Equipment [Abstract]

Schedule of Estimated Useful Lives of Assets

The estimated useful lives of our assets are as follows:


						Estimated useful life
Computer equipment and capitalized software						3 years
Office furniture and equipment						5 years
Leasehold improvements						Shorter of lease term or estimated useful life

Property and equipment, net consisted of the following:


(in thousands)	August 3, 2024		July 29, 2023
Computer equipment	$	7,136	$	9,005
Office furniture and equipment	39,604		51,073
Leasehold improvements	40,279		51,382
Capitalized software	120,003		105,483
Construction in progress	163		—

Total property and equipment	207,185		216,943
Less: accumulated depreciation and amortization	(155,668)		(137,186)
Property and equipment, net	$	51,517	$	79,757

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Valuation allowance, increase (decrease)	$ 22.0	$ 28.3
California
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Research and development tax credit carryforwards	24.1	23.9
Domestic Tax Authority
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating loss carryforwards	186.7	152.7
Research and development tax credit carryforwards	57.1	49.5
State
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating loss carryforwards	$ 328.5	$ 274.7

Income Taxes (Tables)

12 Months Ended

Aug. 03, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income (Loss) Before Income Taxes

The components of loss from continuing operations before income taxes were as follows:


	For the Fiscal Year Ended
(in thousands)	August 3, 2024		July 29, 2023		July 30, 2022
Loss from continuing operations before income taxes:
United States	$	(120,546)	$	(149,465)	$	(183,940)

Total loss from continuing operations before income taxes	$	(120,546)	$	(149,465)	$	(183,940)

Schedule of Components of Provision for Income Tax Expense

The components of the income tax provision (benefit) were as follows:


	For the Fiscal Year Ended
(in thousands)	August 3, 2024		July 29, 2023		July 30, 2022
Current:
Federal	$	(1,663)	$	951	$	137
State	2		(80)		(2,472)

Total current	$	(1,661)	$	871	$	(2,335)
Deferred:



Total deferred	$	—	$	—	$	—
Total income tax provision (benefit)	$	(1,661)	$	871	$	(2,335)

Schedule of Reconciliation of Effective Tax Rate to the Statutory Federal Rate

The reconciliation of our effective tax rate to the statutory federal rate was as follows:


	For the Fiscal Year Ended
(in thousands, except percentages)	August 3, 2024				July 29, 2023				July 30, 2022
Taxes at federal statutory rate	$	(25,315)	21.0	%	$	(31,388)	21.0	%	$	(38,628)	21.0	%
State taxes, net of federal effect	(11)		0.0	%	(214)		0.1	%	(2,731)		1.5	%
Stock-based compensation	8,376		(6.9)	%	14,917		(10.0)	%	8,840		(4.8)	%

Change in valuation allowance	22,179		(18.4)	%	25,022		(16.7)	%	36,816		(20.0)	%
R&D credits	(6,032)		5.0	%	(8,426)		5.6	%	(7,921)		4.3	%
Uncertain tax positions	(1,545)		1.3	%	31		0.0	%	18		0.0	%
Return to provision	(207)		0.2	%	2		0.0	%	157		(0.1)	%
Other	894		(0.7)	%	927		(0.6)	%	1,114		(0.6)	%
Effective tax rate	$	(1,661)	1.4	%	$	871	(0.6)	%	$	(2,335)	1.3	%

Schedule of Components of Net Deferred Tax Assets

The components of net deferred tax assets were as follows:


(in thousands)	August 3, 2024		July 29, 2023
Deferred tax assets:
Inventory reserve and UNICAP	$	11,816	$	16,514
Accruals and reserves	1,937		2,796
Research and development credits	48,424		44,923
Capitalized research and development costs	40,094		31,416
Stock-based compensation	7,892		10,511
Deferred revenue	1,661		1,095
Operating lease liability	30,889		40,423
Net operating losses	59,938		49,734
Other	2,071		1,996
Gross deferred tax assets	$	204,722	$	199,408
Less: valuation allowance	(176,732)		(154,757)
Deferred tax assets, net of valuation allowance	$	27,990	$	44,651
Deferred tax liabilities:
Depreciation and amortization	$	(10,747)	$	(16,585)
Operating lease right-of-use assets	(16,767)		(27,505)
Other	(476)		(561)
Gross deferred tax liabilities	$	(27,990)	$	(44,651)

Net deferred tax assets, net of valuation allowance	$	—	$	—

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of our unrecognized tax benefits is as follows:


(in thousands)	August 3, 2024		July 29, 2023		July 30, 2022
Balance at the beginning of the year	$	29,916	$	26,106	$	23,625
Lapse of statute of limitations	(377)		(474)		(2,191)
Increase related to prior period tax positions	2,572		1,134		309
Decrease related to prior period tax positions	(1,927)		—		(12)
Increase related to current year tax positions	2,632		3,150		4,375
Balance at the end of the year	$	32,816	$	29,916	$	26,106

Schedule of Valuation Allowance

A reconciliation of our valuation allowance was as follows:


(in thousands)	August 3, 2024		July 29, 2023
Valuation allowance at the beginning of the year	$	154,757	$	126,463
Valuation allowance charged to expense	29,246		35,836
Valuation allowance credited to other accounts	(7,271)		(7,542)
Valuation allowance at the end of the year	$	176,732	$	154,757

Fair Value Measurements (Tables)

12 Months Ended

Aug. 03, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis Based on Fair Value

Our cash equivalents and investments accounted for as available-for-sale securities that were measured at fair value on a recurring basis as of August 3, 2024, and July 29, 2023 were as follows:


	August 3, 2024								July 29, 2023
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Cash equivalents:
Money market funds	$	84,594	$	—	$	—	$	84,594	$	80,251	$	—	$	—	$	80,251


Investments:
U.S. Treasury securities	13,603		—		—		13,603		7,226		—		—		7,226
Corporate bonds	—		67,527		—		67,527		—		10,935		—		10,935
U.S. Agency Securities	—		2,976		—		2,976		—		—		—		—
Total	$	98,197	$	70,503	$	—	$	168,700	$	87,477	$	10,935	$	—	$	98,412

Schedule of Fair Values of Our Investments Accounted for as Available-for-Sale Securities

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 August 3, 2024, and July 29, 2023:


	August 3, 2024								July 29, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Losses		Fair Value

Investments:
U.S. Treasury securities	$	13,588	16		(1)		13,603		$	7,266	$	(40)	$	7,226
Corporate bonds	67,451		88		(12)		67,527		11,069		(134)		10,935
U.S. Agency Securities	2,973		3		—		2,976		—		—		—
Total	$	84,012	$	107	$	(13)	$	84,106	$	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 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 August 3, 2024, were as follows:


	August 3, 2024
(in thousands)	One Year or Less		Over One Year Through Five Years		Over Five Years		Total

Investments:
U.S. Treasury securities	$	13,603	$	—	$	—	$	13,603

Corporate bonds	67,527		—		—		67,527
U.S. Agency Securities	2,976		—		—		2,976
Total	$	84,106	$	—	$	—	$	84,106

- 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

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (128,840)	$ (171,973)	$ (207,121)

- Definition

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

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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Aug. 03, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Treasury Stock
Stockholders' equity, beginning balance (in shares) at Jul. 31, 2021		107,955,988
Stockholders' equity, beginning balance at Jul. 31, 2021	$ 460,849	$ 2	$ 416,755	$ 3,411	$ 40,681	$ 0
Stockholders' equity, beginning balance (in shares) at Jul. 31, 2021						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		176,977
Issuance of common stock upon exercise of stock options	1,534		1,534
Issuance of restricted stock units, net of tax withholdings (in shares)		3,459,966
Issuance of restricted stock units, net of tax withholdings	(31,742)		(31,742)
Stock-based compensation	136,111		136,111
Repurchase of common stock (in shares)						(2,302,141)
Repurchase of common stock	(30,042)					$ (30,042)
Net loss	(207,121)				(207,121)
Other comprehensive income (loss), net of tax	(6,938)			(6,938)
Stockholders' equity, ending balance (in shares) at Jul. 30, 2022		111,592,931
Stockholders' equity, ending balance at Jul. 30, 2022	322,651	$ 2	522,658	(3,527)	(166,440)	$ (30,042)
Stockholders' equity, ending balance (in shares) at Jul. 30, 2022						(2,302,141)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		121,687
Issuance of common stock upon exercise of stock options	161		161
Issuance of restricted stock units, net of tax withholdings (in shares)		6,209,769
Issuance of restricted stock units, net of tax withholdings	(15,583)		(15,583)
Stock-based compensation	108,000		108,000
Net loss	(171,973)				(171,973)
Other comprehensive income (loss), net of tax	4,054			4,054
Stockholders' equity, ending balance (in shares) at Jul. 29, 2023		117,924,387
Stockholders' equity, ending balance at Jul. 29, 2023	$ 247,310	$ 2	615,236	527	(338,413)	$ (30,042)
Stockholders' equity, ending balance (in shares) at Jul. 29, 2023	(2,302,141)					(2,302,141)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		268,954
Issuance of common stock upon exercise of stock options	$ 1,028		1,028
Issuance of restricted stock units, net of tax withholdings (in shares)		8,867,095
Issuance of restricted stock units, net of tax withholdings	(16,261)		(16,261)
Stock-based compensation	84,647		84,647
Net loss	(128,840)				(128,840)
Other comprehensive income (loss), net of tax	(862)			(862)
Stockholders' equity, ending balance (in shares) at Aug. 03, 2024		127,060,436
Stockholders' equity, ending balance at Aug. 03, 2024	$ 187,022	$ 2	$ 684,650	$ (335)	$ (467,253)	$ (30,042)
Stockholders' equity, ending balance (in shares) at Aug. 03, 2024	(2,302,141)					(2,302,141)

Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock - Schedule of Share Repurchase Program (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Jul. 30, 2022 USD ($) $ / shares shares
Earnings Per Share [Abstract]
Number of shares repurchased (in shares) \| shares	2,302,141
Weighted-average price per share (in dollars per share) \| $ / shares	$ 13.03
Aggregate purchase price \| $	$ 30,042

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 03, 2024	Jul. 29, 2023
Current assets:
Cash and cash equivalents	$ 162,862	$ 239,437
Short-term investments	84,106	18,161
Inventory, net	97,903	130,548
Prepaid expenses and other current assets	21,839	27,692
Current assets, discontinued operations	0	9,623
Total current assets	366,710	425,461
Property and equipment, net	51,517	79,757
Operating lease right-of-use assets	63,780	104,533
Other long-term assets	4,857	2,681
Long-term assets, discontinued operations	0	2,046
Total assets	486,864	614,478
Current liabilities:
Accounts payable	87,058	96,730
Operating lease liabilities	21,817	28,210
Accrued liabilities	73,007	69,893
Gift card liability	6,749	10,328
Deferred revenue	9,217	11,366
Other current liabilities	5,201	8,802
Current liabilities, discontinued operations	502	12,782
Total current liabilities	203,551	238,111
Operating lease liabilities, net of current portion	95,685	125,418
Other long-term liabilities	606	3,639
Total liabilities	299,842	367,168
Commitments and contingencies (Note 8)
Stockholders’ equity:
Additional paid-in capital	684,650	615,236
Accumulated other comprehensive income (loss)	(335)	527
Accumulated deficit	(467,253)	(338,413)
Treasury stock at cost - 2,302,141 and $2,302,141 shares as of August 3, 2024, and July 29, 2023, respectively	(30,042)	(30,042)
Total stockholders’ equity	187,022	247,310
Total liabilities and stockholders’ equity	486,864	614,478
Class A Common Stock
Stockholders’ equity:
Common stock	1	1
Class B Common Stock
Stockholders’ equity:
Common stock	$ 1	$ 1

Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock

12 Months Ended

Aug. 03, 2024

Earnings Per Share [Abstract]

Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock

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:


(in thousands except share and per share amounts)	August 3, 2024		July 29, 2023		July 30, 2022
Numerator:
Net loss from continuing operations attributable to Class A and Class B common stockholders	$	(118,885)	$	(150,336)	$	(181,605)
Denominator:
Weighted-average shares of common stock - basic	120,214,198		114,684,980		108,762,589
Weighted-average shares of common stock - diluted	120,214,198		114,684,980		108,762,589
Loss per share from continuing operations attributable to Class A and Class B common stockholders:
Basic	$	(0.99)	$	(1.31)	$	(1.67)
Diluted	$	(0.99)	$	(1.31)	$	(1.67)

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:


	August 3, 2024	July 29, 2023	July 30, 2022
Restricted stock units that settle into Class A common stock	8,239,439	11,455,577	19,217,622
Stock options to purchase Class A common stock	9,368,354	7,297,653	3,629,617
Stock options to purchase Class B common stock	726,498	808,457	1,073,947
Total	18,334,291	19,561,687	23,921,186

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 in fiscal 2024 or fiscal 2023. As of August 3, 2024, $120.0 million remained available under the 2022 Repurchase Program authorization. The table below summarizes the share repurchase activity in fiscal 2022 under our share repurchase program:


	July 30, 2022
Number of shares repurchased		2,302,141
Weighted-average price per share		$	13.03
Aggregate purchase price (in thousands) (1)		$	30,042

(1) Amount includes broker commissions

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.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Aug. 03, 2024
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, including the matters below, 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. The plaintiffs filed an Opposition to Motion to Dismiss on December 22, 2023, and the Company filed a Reply in Support of Motion to Dismiss on February 6, 2024. A hearing on the Motion to Dismiss was held on April 18, 2024, and the Motion to Dismiss was granted on July 16, 2024, with leave to amend. The plaintiffs filed an amended complaint on September 13, 2024. On March 17, 2023, a derivative action was filed against certain former directors in the Court of Chancery for the State of Delaware, based on the same factual allegations underlying the securities class action. It seeks damages and restitution to be paid to the Company by the individual defendants, governance changes, and attorney’s fees and costs. The case is stayed pending resolution of the motion to dismiss in the securities class action. On May 24, 2024, another derivative action was filed, also in the Court of Chancery for the State of Delaware. It alleges claims based on the same allegations underlying the securities class action and seeks the disgorgement and redistribution of alleged insider trading profits by the insider trading defendants to stockholders, damages and restitution to be paid to the Company by the individual defendants, governance changes, and attorney’s fees and costs. 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 our consolidated financial statements. Purchase Commitments As of August 3, 2024, we had $132.9 million of enforceable and legally binding inventory purchase commitments, predominantly due within one year.

Audit Information	12 Months Ended
Audit Information	Aug. 03, 2024
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California
Auditor Firm ID	34

Restructuring - Schedule of Restructuring (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 14,621	$ 18,863
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general, and administrative expenses
June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 43,838	39,907	$ 17,742
Severance and employee-related benefits \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	10,065	18,142	10,869
Lease termination \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,466	0	0
Other \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,090	722	0
Asset impairments \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	19,283	16,874	6,154
Accelerated depreciation \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	9,021	2,805	0
Inventory impairment \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	0	719
Other \| June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 913	$ 1,364	$ 0

Accrued Liabilities (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Jul. 29, 2023
Payables and Accruals [Abstract]
Compensation and related benefits	$ 13,804	$ 12,836
Advertising	6,967	6,625
Sales taxes	6,583	5,358
Shipping and freight	10,998	8,628
Accrued accounts payable	10,607	4,058
Inventory purchases	14,473	22,684
Sales refund reserve	6,417	6,509
Other	3,158	3,195
Total accrued liabilities	$ 73,007	$ 69,893

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - 2011, 2017, and 2019 Plans - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
Number of Options
Outstanding, beginning balance (in shares)	8,106,110
Granted (in shares)	4,191,676
Exercised (in shares)	(268,954)
Forfeited (in shares)	(1,933,980)
Outstanding, ending balance (in shares)	10,094,852	8,106,110
Options vested and exercisable (in shares)	4,157,276
Options vested and expected to vest (in shares)	10,051,147
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 7.06
Granted (in dollars per share)	3.37
Exercised (in dollars per share)	3.82
Cancelled (in dollars per share)	6.79
Outstanding, ending balance (in dollars per share)	5.67	$ 7.06
Options vested and exercisable (in dollars per share)	8.50
Options vested and expected to vest (in dollars per share)	$ 5.67
Weighted- Average Remaining Contractual Life (in years)
Outstanding, weighted-average remaining contractual life	8 years 4 months 9 days	8 years 9 months 10 days
Options vested and exercisable, weighted-average remaining contractual life	7 years 2 months 23 days
Options vested and expected to vest, weighted-average remaining contractual life	8 years 4 months 6 days
Aggregate Intrinsic Value (in thousands)
Outstanding, aggregate intrinsic value	$ 4,272	$ 4,770
Options vested and exercisable, aggregate intrinsic value	838
Options vested and expected to vest, aggregate intrinsic value	$ 4,242

Leases - Schedule of Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
Lessee, Lease, Description [Line Items]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 35,461	$ 32,513
Operating lease right-of-use assets obtained in exchange for operating lease liabilities, net of impairments and other reductions	(21,055)	$ 561
Operating lease, option to extend, term (in years)		5 years
Operating lease impairment	16,562	$ 14,168
Loss on early termination	1,465	0
Asset Impairments \| June 9th, 2022 Restructuring Plan
Lessee, Lease, Description [Line Items]
Operating lease impairment	$ 16,600	$ 14,200

Property and Equipment, net

12 Months Ended

Aug. 03, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


(in thousands)	August 3, 2024		July 29, 2023
Computer equipment	$	7,136	$	9,005
Office furniture and equipment	39,604		51,073
Leasehold improvements	40,279		51,382
Capitalized software	120,003		105,483
Construction in progress	163		—

Total property and equipment	207,185		216,943
Less: accumulated depreciation and amortization	(155,668)		(137,186)
Property and equipment, net	$	51,517	$	79,757

Depreciation and amortization expense for fiscal 2024, fiscal 2023, and fiscal 2022 was $44.9 million, $41.2 million, and $33.5 million, respectively.

Significant Accounting Policies

12 Months Ended

Aug. 03, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

Basis of Presentation

The consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of Stitch Fix, Inc. and our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to July 31. The fiscal year ended August 3, 2024 (“fiscal 2024”) consisted of 53 weeks, with the extra week occurring in the fourth fiscal quarter ending August 3, 2024. The fiscal years ended July 29, 2023 (“fiscal 2023”), and July 30, 2022 (“fiscal 2022”) consisted of 52 weeks.

Discontinued Operations

During the first quarter of fiscal 2024, we ceased operations of our UK business and met the accounting requirements for reporting the UK business as a discontinued operation. Accordingly, the consolidated financial statements reflect the reclassification of the UK business as a discontinued operation for all periods presented in our consolidated financial statements. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to the Company's continuing operations. Refer to Note 14, “Discontinued Operations” for further details.

Segment Information

We have one operating segment and one reportable segment as our chief operating decision maker, who is our Chief Executive Officer, reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance.

Use of Estimates

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

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

Change in Accounting Principle

Effective August 1, 2021, we completed the implementation of a new inventory management process and system, which enhances our procure-to-pay processes. In connection with this implementation, we changed our inventory costing method from specific identification to the first-in-first-out (“FIFO”) method. We believe this change in accounting principle is preferable because it streamlines our inventory accounting process, is generally consistent with the physical flow of our inventories, and is more consistent with the inventory costing method used by industry peers. This change in accounting principle did not have a material effect on inventory, net or cost of goods sold for all periods presented; therefore, prior comparative financial statements have not been restated.

Cash and Cash Equivalents

Cash consists of bank deposits and amounts in transit from banks for client credit card and debit card transactions that will process in less than seven days. Cash equivalents consist of investments in short-term money market funds.

Investments

Our investments have been classified and accounted for as available-for-sale securities. We determine the appropriate classification of our investments at the time of purchase and reevaluate the classification at each balance sheet date. Available-for-sale securities with maturities of 12 months or less are classified as short-term and available-for-sale securities with maturities greater than 12 months are classified as long-term. Our available-for-sale securities are carried at fair value, with unrealized gains and losses, net of taxes,

reported within accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity. The cost of securities sold is based upon the specific identification method.

For debt securities with an amortized cost basis in excess of estimated fair value, we determine what amount of that deficit, if any, is caused by expected credit losses. The portion of the deficit attributable to expected credit losses is recognized in other income (expense), net in our consolidated statements of income, and was immaterial during fiscal 2024 and fiscal 2023. The allowance for expected credit losses on our available-for-sale debt securities was immaterial at both August 3, 2024 and July 29, 2023.

We have elected to present accrued interest receivable separately from short-term investments in our consolidated balance sheets. Accrued interest receivable was $0.6 million and $0.1 million as of August 3, 2024, and July 29, 2023, respectively, and was recorded in prepaid expenses and other current assets in the consolidated balance sheets. We have also elected to exclude accrued interest receivable from the estimation of expected credit losses on our available-for-sale securities and reverse accrued interest receivable through interest income when amounts are determined to be uncollectible. We did not write off any accrued interest receivable during fiscal 2024 or fiscal 2023.

Foreign Currency

During the first quarter of fiscal 2024, 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 was the British pound sterling. We translated 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 AOCI as a component of stockholders’ equity. During the twelve months ended August 3, 2024, 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 consolidated statements of operations and comprehensive loss. Refer to Note 9, “Accumulated Other Comprehensive Income (Loss)” and Note 14, “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 in the 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.

Inventory, net

Inventory, net consists of finished goods which are 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, inventory we intend to liquidate, damaged inventory, and shrinkage.

Our total inventory reserves, which reduce inventory in our consolidated balance sheets, were $23.6 million and $38.7 million as of August 3, 2024, and July 29, 2023, respectively. We have not made any material changes to our assumptions included in the calculations of the lower of cost or net realizable value reserves during fiscal 2024 or fiscal 2023.

Property and Equipment, net

Property and equipment, net is recorded at cost less accumulated depreciation and amortization. Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets. Repair and maintenance costs are expensed as incurred.

The estimated useful lives of our assets are as follows:


						Estimated useful life
Computer equipment and capitalized software						3 years
Office furniture and equipment						5 years
Leasehold improvements						Shorter of lease term or estimated useful life

We capitalize eligible costs to develop our proprietary systems, website, and mobile app. Capitalization of such costs begins when the preliminary project stage is completed and it is probable that the project will be completed and the software will be used to perform the function intended. A subsequent addition, modification, or upgrade to internal-use software is capitalized to the extent that it enhances the software’s functionality or extends its useful life. Costs related to design or maintenance are expensed as incurred.

Leases

Our leasing portfolio consists of operating leases, which include lease arrangements for our corporate offices and fulfillment centers. Operating leases with a term greater than one year are recorded on the consolidated balance sheets as operating lease right-of-use assets and operating lease liabilities at the commencement date. These balances are initially recorded at the present value of future minimum lease payments, which is calculated using our incremental borrowing rate and the expected lease term. Certain adjustments to our operating lease right-of-use assets may be required for items such as initial direct costs paid or incentives received.

We have subleased certain portions of our fulfillment centers and corporate offices due to the reduction in square footage needs for our current operations. Sublease income is recorded as a reduction to rent expense, which is reflected in selling, general, and administrative expense (“SG&A”) in the consolidated statement of operations and comprehensive loss. We continue to seek sublease arrangements for certain corporate office space and fulfillment centers.

Impairment of Long-Lived Assets

We review our long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated from the use of the asset and its eventual disposition. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount exceeds the estimated fair value of the impaired assets. Assets to be disposed of are reported at the lower of their carrying amount or fair value less cost to sell.

If a right-of-use asset is impaired, the carrying value is adjusted to the estimated fair value of the right-of-use asset and is disconnected from the lease liability and amortized on a straight-line basis over the remaining lease term. The lease liability continues to be accreted using the same constant periodic discount rate as before the impairment. Thus, after impairment, the operating lease is no longer accounted for using the straight-line treatment of total lease expense.

In the fourth quarter of fiscal 2024, we identified triggering events requiring impairment testing of our right-of-use lease asset associated with our San Francisco headquarters. We recorded an asset impairment charge of $19.3 million, related to a portion of our corporate office space, which was allocated between operating lease right-of-use assets and property and equipment, net to record the corresponding assets at their estimated fair market value. The significant assumptions used in the discounted cash flow models for each of the asset groups included projected sublease income based on estimated market rental rates, expected vacancy periods prior to the commencement of future subleases, and expected lease incentives offered to future tenants. These fair value measurements qualify as level 3 measurements in the fair value hierarchy. Refer to Note 4, “Leases” and Note 13, “Restructuring” for further information.

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.

Each Fix represents an offer made by us to the client to purchase merchandise. The client is charged a nonrefundable upfront styling fee before the Fix is shipped. As an alternative to the styling fee, we offer select clients the option to purchase a Style Pass. Style Pass clients pay a nonrefundable annual fee for unlimited Fixes that is credited towards merchandise purchases. If the offer to purchase merchandise is accepted, we charge the client the order amount for the accepted merchandise, net of the upfront styling fee or Style Pass annual fee. For each Fix, acceptance occurs when the client checks out the merchandise on our website or mobile app. We offer a discount to clients who purchase all of the items in the Fix.

We recognize revenue through the following steps: (1) identification of the contract, or contracts, with the customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, we satisfy a performance obligation.

Our styling fee and Style Pass arrangements represent the option to purchase merchandise. These fees and arrangements are not distinct within the context of the contract with our Fix customers and therefore do not give rise to separate performance obligations. Both the upfront styling fee and Style Pass annual fee are included in deferred revenue until the performance obligation is satisfied when the client exercises his or her option to purchase merchandise (i.e., upon checkout of a Fix) or when the option(s) to purchase merchandise expire(s).

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. All shipping costs are accounted for in cost of goods sold and all handling costs are accounted for as fulfillment costs within SG&A, and are therefore not evaluated as a separate performance obligation. Discounts are recorded as a reduction to revenue when the order is accepted. We record a refund reserve based on our historical refund patterns. Our refund reserve, which is included in accrued liabilities in the consolidated balance sheets, was $6.4 million and $6.5 million as of August 3, 2024, and July 29, 2023, respectively.

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 sell gift cards to clients and establish a liability based upon the face value of such gift cards. We reduce the liability and recognize revenue upon usage of the gift card. If a gift card is not used, we will recognize estimated gift card breakage revenue proportionately to customer usage of gift cards over the expected gift card usage period, subject to requirements to remit balances to governmental agencies. All commissions paid to third parties upon issuance of gift cards are recognized in SG&A as incurred, as on average, gift cards are used within a one-year period. Similarly, referral credits that are considered incremental costs of obtaining a contract with a customer are recognized in SG&A when issued, as on average, referral credits are used within a one-year period.

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)	August 3, 2024		July 29, 2023
Deferred revenue:
Upfront styling fees	$	4,859	$	6,075
Style Pass annual fees	3,426		4,521
Freestyle orders	932		770
Total deferred revenue	$	9,217	$	11,366
Gift card liability	$	6,749	$	10,328
Other current liabilities:
Referral credits	$	179	$	362

The following table summarizes net revenue recognized during fiscal 2024, which 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	$	6,067
Style Pass annual fees	4,307
Freestyle orders	554
Gift card liability	4,559
Referral credits	128

Cost of Goods Sold

Cost of goods sold consists of the costs of merchandise, expenses for shipping to and from clients and inbound freight, inventory write-offs and changes in our inventory reserve, payment processing fees, and packaging materials costs, offset by the recoverable cost of merchandise estimated to be returned.

Selling, General, and Administrative Expenses

SG&A expenses consist primarily of compensation and benefits costs, including stock-based compensation expense, for our employees including our Stylist, fulfillment center operations, data analytics, merchandising, engineering, client experience, marketing, and corporate personnel. SG&A expenses also include marketing and advertising, third-party logistics costs, facility costs for our fulfillment centers and offices, professional services fees, information technology, and depreciation and amortization.

Advertising Expenses

Marketing expense is recorded in SG&A in the consolidated statements of operations and comprehensive loss, and the largest component of our marketing expense is advertising expense. At any given time, our advertising efforts may include, social media marketing, keyword search campaigns, affiliate programs, partnerships, campaigns with celebrities and influencers, display advertising, television, radio, video, content, direct mail, email, mobile “push” communications, SMS, and search engine optimization. Costs associated with the production of advertising, such as writing, copy, printing, and other production costs are expensed as incurred. Costs associated with communicating advertising on online influencer campaigns and on all television and radio campaigns are expensed the first time the advertisement is run. All other online advertising costs are expensed as incurred. We recorded advertising expense of $111.4 million, $111.6 million, and $189.9 million for fiscal 2024, fiscal 2023, and fiscal 2022, respectively.

Marketing Programs

We have a client referral program under which we issue credits for future purchases to clients when their referral results in a new client who has ordered a Fix or made a purchase on Freestyle. We record a liability at the time of issuing the credit and reduce the liability upon application of the credit to a client’s purchase. We also have an affiliate program under which we make cash payments to lifestyle or fashion influencers or others who refer clients in high volumes. Amounts related to both of these programs are included within selling, general, and administrative expenses in the consolidated statements of operations and comprehensive loss.

Income Taxes

We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which they are expected to be realized or settled.

Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the amount that is more likely than not to be realized. We consider many factors when assessing the likelihood of future realization, including our recent cumulative loss, earnings expectations in earlier future years, and other relevant factors.

We recognize tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We recognize interest and penalties related to unrecognized tax benefits, if any, as income tax expense.

Stock-Based Compensation Expense

We measure stock-based compensation expense associated with option awards made to employees and members of our board of directors based on the estimated fair values of the awards at the grant date using the Black-Scholes option-pricing model. We measure stock-based compensation expense associated with restricted stock unit (“RSU”) awards made to employees and members of our

board of directors based on the fair values of those awards at the grant date. For options and RSU’s with service conditions only, stock-based compensation expense is recognized, net of forfeitures, over the requisite service period using the straight-line method such that an expense is only recognized for those awards that we expect to vest. For RSU’s with performance conditions, the Company will settle bonuses for a fixed dollar amount by issuing a variable number of RSU’s, and stock-based compensation expense is recorded over the fiscal year in which performance is assessed. Except for performance-based stock awards, forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures of performance-based stock awards are recorded in the period in which they occur.

We record stock-based compensation of stock options granted to employees by estimating the fair value of stock-based awards using the Black-Scholes option-pricing model and amortizing the fair value of the stock-based awards granted over the applicable vesting period of the awards on a straight-line basis. The fair value of stock options granted to employees was estimated at the grant date using the Black-Scholes option-pricing model with the following assumptions:

•Fair Value of Common Stock - The fair value of the shares of common stock underlying our stock options has been determined based on market prices.

•Expected Term - The expected term represents the period that our stock options are expected to be outstanding and is determined for the vast majority of our awards using historical averages.

•Expected Volatility - The expected volatility was estimated based on an even blend of our historical volatility since IPO and the implied volatility of Stitch Fix call options in the 30 days preceding a stock option grant.

•Risk-Free Interest Rate - The risk-free interest rate is based on the U.S. Treasury zero coupon notes in effect at the time of grant for periods corresponding with the expected term of the option.

•Expected Dividend - We have not paid dividends on our common stock and do not anticipate paying dividends on our common stock; therefore, we use an expected dividend yield of zero.

Comprehensive Loss

Comprehensive loss represents all changes in stockholders’ equity during a period from sources other than transactions with stockholders. Comprehensive loss includes the net loss for the period, the gain (loss) due to foreign currency translation, and the change in unrealized gain (loss) on available-for-sale securities.

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 one financial institution within the United States. Our cash balance held by this institution exceeds 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 in fiscal 2024, fiscal 2023, or fiscal 2022.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07). This update is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This standard also enhances interim disclosure requirements and provides new segment disclosure requirements for entities with a single reportable segment. This standard is effective for us beginning in fiscal 2025 for the annual period, and the interim periods thereafter. We are currently evaluating the impact that this standard will have on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). This update enhances the transparency and decision usefulness of income tax disclosures by improving the income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The update also includes certain other amendments to improve the effectiveness of income tax disclosures. This standard is effective for us beginning in fiscal 2026 with early adoption permitted. We do not anticipate this standard to have a material impact on our consolidated financial statements or related disclosures.

Discontinued Operations

12 Months Ended

Aug. 03, 2024

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. 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 financial statements as a discontinued operation for all periods presented.

Cash from our UK business is recorded as continuing operations on the 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 consolidated balance sheets:


(in thousands)	August 3, 2024		July 29, 2023

Inventory, net	—		6,628
Prepaid expenses and other current assets	—		2,995
Current assets, discontinued operations	—		9,623

Operating lease right-of-use assets	—		1,565
Other long-term assets	—		481
Long-term assets, discontinued operations	—		2,046
Total assets, discontinued operations	$	—	$	11,669

Accounts payable	$	—	$	2,586
Operating lease liabilities	—		1,132
Accrued liabilities	502		8,903
Other current liabilities	—		161
Current liabilities, discontinued operations	502		12,782


Total liabilities, discontinued operations	$	502	$	12,782

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


	For the Fiscal Year Ended
(in thousands)	August 3, 2024		July 29, 2023		July 30, 2022
Revenue, net	$	9,377	$	45,902	$	55,008
Cost of goods sold	6,771		29,994		33,207
Gross profit	2,606		15,908		21,801
Selling, general, and administrative expenses	11,618		38,425		45,377
Operating loss	(9,012)		(22,517)		(23,576)
Interest income	187		379		6
Other (income) expense, net (1)	(176)		1,120		(1,961)
Loss before income taxes	(9,001)		(21,018)		(25,531)
Provision (benefit) for income taxes	954		619		(15)
Net loss from discontinued operations, net of income taxes	$	(9,955)	$	(21,637)	$	(25,516)

(1) For the twelve months ended August 3, 2024, Other income (expense), net includes the loss from the release of historical foreign currency translation adjustments related to the exit of the UK business in the first quarter of fiscal 2024, Refer to Note 2, “Summary of Significant Accounting Policies” for further details.

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 losses from firm purchase commitments for future receipts of inventory, inventory write-downs to net realizable value, and fixed asset impairment charges. These charges were recorded in both cost of goods sold and selling, general, and administrative expenses from discontinued operations.

In fiscal 2024, we recorded $5.3 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. We expect future expenses associated with the exit of the UK business to be immaterial.

Leases - Additional Information (Details) - renewal_option	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
Lessee, Lease, Description [Line Items]
Number of renewal options	1
Weighted average remaining lease term	5 years 1 month 6 days	5 years 7 months 6 days
Weighted average discount rate, percent	5.20%	5.20%
Minimum
Lessee, Lease, Description [Line Items]
Term of lease contracts (in years)	5 years
Lessor, operating lease, term of contract	3 years
Maximum
Lessee, Lease, Description [Line Items]
Term of lease contracts (in years)	11 years
Lessor, operating lease, term of contract	8 years

Leases - Schedule of Lease Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
Leases [Abstract]
Operating lease cost	$ 26,949	$ 29,724
Variable lease costs	8,807	7,369
Short-term lease costs	13	41
Operating lease impairment	16,562	14,168
Loss on early termination	1,465	0
Sublease income	(8,216)	(7,832)
Total	$ 45,580	$ 43,470

Restructuring - Schedule of Related Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 1,923	$ 290
Charges incurred	14,621	18,863
Cash payments	(13,284)	(17,230)
Restructuring reserve, ending balance	$ 3,260	$ 1,923

Consolidated Statements of Cash Flow - USD ($) $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Cash Flows from Operating Activities from Continuing Operations
Net loss from continuing operations	$ (118,885)	$ (150,336)	$ (181,605)
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities from continuing operations:
Change in inventory reserves	(15,094)	(17,919)	14,666
Stock-based compensation expense	76,756	102,072	126,056
Depreciation, amortization, and accretion	44,489	42,122	35,707
Asset impairment	19,283	16,874	6,154
Other	(869)	1,884	300
Change in operating assets and liabilities:
Inventory	47,739	76,047	1,495
Prepaid expenses and other assets	3,096	11,257	9,347
Income tax receivables	431	52,978	1,070
Operating lease right-of-use assets and liabilities	(11,935)	(2,996)	4,770
Accounts payable	(9,746)	(40,366)	67,403
Accrued liabilities	5,304	(19,698)	(4,873)
Deferred revenue	(2,150)	(2,824)	(3,716)
Gift card liability	(3,579)	(205)	634
Other liabilities	(6,633)	4,340	(2,191)
Net cash provided by operating activities from continuing operations	28,207	73,230	75,217
Cash Flows from Investing Activities from Continuing Operations
Proceeds from sale of property and equipment	350	842	0
Purchases of property and equipment	(13,965)	(18,863)	(44,957)
Purchases of securities available-for-sale	(97,322)	(258)	(94,420)
Sales of securities available-for-sale	0	6,524	45,351
Maturities of securities available-for-sale	32,195	76,231	105,653
Net cash provided by (used in) investing activities from continuing operations	(78,742)	64,476	11,627
Cash Flows from Financing Activities from Continuing Operations
Proceeds from the exercise of stock options, net	1,028	161	1,534
Payments for tax withholdings related to vesting of restricted stock units	(16,090)	(15,129)	(31,072)
Repurchase of common stock	0	0	(30,042)
Other	(431)	(117)	0
Net cash used in financing activities from continuing operations	(15,493)	(15,085)	(59,580)
Net increase (decrease) in cash and cash equivalents from continuing operations	(66,028)	122,621	27,264
Cash Flows from Discontinued Operations
Net cash used in operating activities from discontinued operations	(9,687)	(15,400)	(19,822)
Net cash used in investing activities from discontinued operations	0	(150)	(1,394)
Net cash used in financing activities from discontinued operations	(172)	(454)	(670)
Net decrease in cash and cash equivalents from discontinued operations	(9,859)	(16,004)	(21,886)
Effect of exchange rate changes on cash and cash equivalents	(688)	1,885	(4,228)
Net increase (decrease) in cash and cash equivalents	(76,575)	108,502	1,150
Cash and cash equivalents at beginning of period	239,437	130,935	129,785
Cash and cash equivalents at end of period	162,862	239,437	130,935
Supplemental Disclosure
Cash paid for income taxes	1,457	1,111	868
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Purchases of property and equipment included in accounts payable and accrued liabilities	1,258	1,226	2,443
Capitalized stock-based compensation	$ 4,979	$ 6,421	$ 7,626

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Aug. 03, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The tables below present the changes in AOCI by component and, if applicable, the reclassifications out of AOCI for fiscal 2024 and fiscal 2023:


	Changes in Accumulated Other Comprehensive Income (Loss)
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total
Balance at July 29, 2023	$	(602)	$	1,129	$	527
Other comprehensive income (loss) before reclassifications (1)	267		(2,274)		(2,007)

Release of cumulative foreign currency translation adjustments associated with discontinued operations (2)	—		1,145		1,145
Net change in AOCI	267		(1,129)		(862)
Balance at August 3, 2024	$	(335)	$	—	$	(335)


	Changes in Accumulated Other Comprehensive Income (Loss)
(in thousands)	Available-for-sale Securities		Foreign Currency Translation		Total
Balance at July 30, 2022	$	(2,340)	$	(1,187)	$	(3,527)
Other comprehensive loss before reclassifications (1)	1,593		2,316		3,909
Amounts reclassified from AOCI	145		—		145
Net change in AOCI	1,738		2,316		4,054
Balance at July 29, 2023	$	(602)	$	1,129	$	527

Income Taxes - Schedule of Reconciliation of Effective Tax Rate to the Statutory Federal Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Income Tax Disclosure [Abstract]
Taxes at federal statutory rate, amount	$ (25,315)	$ (31,388)	$ (38,628)
Taxes at federal statutory rate, percent	21.00%	21.00%	21.00%
State taxes, net of federal effect, amount	$ (11)	$ (214)	$ (2,731)
State taxes, net of federal effect, percent	0.00%	0.10%	1.50%
Stock-based compensation, amount	$ 8,376	$ 14,917	$ 8,840
Stock-based compensation, percent	(6.90%)	(10.00%)	(4.80%)
Change in valuation allowance, amount	$ 22,179	$ 25,022	$ 36,816
Change in valuation allowance, percent	(18.40%)	(16.70%)	(20.00%)
R&D credits, amount	$ (6,032)	$ (8,426)	$ (7,921)
R&D credits, percent	5.00%	5.60%	4.30%
Uncertain tax positions, amount	$ (1,545)	$ 31	$ 18
Uncertain tax positions, percent	1.30%	0.00%	0.00%
Return to provision, amount	$ (207)	$ 2	$ 157
Return to provision, percent	0.20%	0.00%	(0.10%)
Other, amount	$ 894	$ 927	$ 1,114
Other, percent	(0.70%)	(0.60%)	(0.60%)
Total income tax provision (benefit)	$ (1,661)	$ 871	$ (2,335)
Effective tax rate, percent	1.40%	(0.60%)	1.30%

Stock-Based Compensation - Schedule of Black Scholes Option Pricing Model Assumptions (Details)	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, minimum	77.30%	80.30%	62.10%
Volatility, maximum	79.90%	87.30%	79.20%
Risk free interest rate, minimum	4.10%	3.60%	0.80%
Risk free interest rate, maximum	4.80%	4.40%	2.90%
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 8 months 12 days	3 years 2 months 12 days	3 years 1 month 6 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 6 months	5 years 6 months

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Restructuring

12 Months Ended

Aug. 03, 2024

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”). The Bethlehem, Pennsylvania location ceased operations during the fiscal quarter ended October 28, 2023, and the Dallas, Texas location ceased operations during the fiscal quarter ended April 27, 2024. 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 fiscal 2024, we recorded $18.5 million of restructuring charges related to the Bethlehem and Dallas closures, $4.6 million consisting of severance and employee-related benefits, $8.8 million related to accelerated depreciation expense, $1.5 million in lease termination costs associated with our Dallas warehouse, and $3.6 million in other restructuring costs.

In furtherance of and as an expansion of the 2022 Restructuring Plan, in January 2024, we implemented an organization realignment that resulted in the further elimination of styling leadership and corporate positions. During fiscal 2024, we recorded $2.9 million related to this action, primarily consisting of severance and employee-related benefits.

In January 2024, we revised our compensation model for full-time Stylists to move to a part-time only model, whereby Stylists who opted to continue with the Company received one-time restructuring bonuses over the next three quarters. During fiscal 2024, we recorded $2.6 million related to this action, primarily consisting of severance and employee-related benefits.

In the fourth quarter of fiscal 2024, we recorded $19.3 million of impairment related to a portion of our corporate office space due to a change in the use of this space, as a furtherance and expansion of the 2022 Restructuring Plan. This charge was allocated between operating lease right-of-use assets and property and equipment, net on the consolidated balance sheets to record the corresponding assets at their estimated fair market value, with the expense being recorded within selling, general, and administrative expenses on the consolidated statements of operations and comprehensive loss. The estimated fair value of the right-of-use asset and the property and equipment, net measured on a nonrecurring basis was determined using Level 3 inputs and is based on an income approach using discounted future cash flows using a discount rate commensurate with the risk. See Note 2 “Significant Accounting Policies” on Impairment of Long-Lived Assets for details.

The components of total restructuring charges were as follows:


	For the Fiscal Year Ended
(in thousands)	August 3, 2024		July 29, 2023		July 30, 2022
Cash restructuring charges:
Severance and employee-related benefits (1)	$	10,065	$	18,142	$	10,869
Lease termination (1)	1,466		—		—
Other (1)	3,090		722		—
Non-cash restructuring charges:
Asset impairments (1, 2)	19,283		16,874		6,154
Accelerated depreciation (1)	9,021		2,805		—
Inventory impairment (3)	—		—		719
Other (1)	913		1,364		—
Total restructuring	$	43,838	$	39,907	$	17,742

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

(2) Includes impairments of both operating lease right-of-use assets and property and equipment.

(3) Recognized in cost of goods sold on the 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 consolidated balance sheets:


(in thousands)	Severance and Employee Related Benefits and Other
Balance at July 30, 2022	$	290
Charges incurred	18,863
Cash payments	(17,230)
Balance at July 29, 2023	$	1,923
Charges incurred	14,621
Cash payments	(13,284)
Balance at August 3, 2024	$	3,260

We expect substantially all of the cash payments to be completed by the end of the first quarter of fiscal 2025.

Stock-Based Compensation - Schedule of Restricted Stock Unit Award Activity (Details) - Restricted Stock Units (RSUs) - Class A Common Stock	12 Months Ended
	Aug. 03, 2024 $ / shares shares
Class A Common Stock
Unvested, beginning balance (in shares) \| shares	11,455,577
Granted (in shares) \| shares	14,029,968
Vested (in shares) \| shares	(8,867,095)
Forfeited (in shares) \| shares	(8,379,011)
Unvested, ending balance (in shares) \| shares	8,239,439
Weighted- Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 10.47
Granted (in dollars per share) \| $ / shares	3.21
Vested (in dollars per share) \| $ / shares	6.39
Forfeited (in dollars per share) \| $ / shares	6.99
Unvested, ending balance (in dollars per share) \| $ / shares	$ 6.04

Significant Accounting Policies - Schedule of Estimated Useful Lives of Assets (Details)	Aug. 03, 2024
Computer equipment and capitalized software
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	3 years
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives of assets (in years)	5 years

Income Taxes - Schedule of Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Deferred tax assets:
Inventory reserve and UNICAP	$ 11,816	$ 16,514
Accruals and reserves	1,937	2,796
Research and development credits	48,424	44,923
Capitalized research and development costs	40,094	31,416
Stock-based compensation	7,892	10,511
Deferred revenue	1,661	1,095
Operating lease liability	30,889	40,423
Net operating losses	59,938	49,734
Other	2,071	1,996
Gross deferred tax assets	204,722	199,408
Less: valuation allowance	(176,732)	(154,757)	$ (126,463)
Deferred tax assets, net of valuation allowance	27,990	44,651
Deferred tax liabilities:
Depreciation and amortization	(10,747)	(16,585)
Operating lease right-of-use assets	(16,767)	(27,505)
Other	(476)	(561)
Gross deferred tax liabilities	(27,990)	(44,651)
Net deferred tax assets, net of valuation allowance	$ 0	$ 0

Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock - Schedule of Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Numerator:
Net loss from continuing operations attributable to Class A and Class B common stockholders	$ (118,885)	$ (150,336)	$ (181,605)
Denominator:
Weighted-average shares of common stock - basic (in shares)	120,214,198	114,684,980	108,762,589
Weighted-average shares of common stock - diluted (in shares)	120,214,198	114,684,980	108,762,589
Loss per share from continuing operations attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ (0.99)	$ (1.31)	$ (1.67)
Diluted (in dollars per share)	$ (0.99)	$ (1.31)	$ (1.67)

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

+ Details

- Definition

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

+ References

+ Details

- 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.

+ References

+ Details

Discontinued Operations (Tables)

12 Months Ended

Aug. 03, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

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


(in thousands)	August 3, 2024		July 29, 2023

Inventory, net	—		6,628
Prepaid expenses and other current assets	—		2,995
Current assets, discontinued operations	—		9,623

Operating lease right-of-use assets	—		1,565
Other long-term assets	—		481
Long-term assets, discontinued operations	—		2,046
Total assets, discontinued operations	$	—	$	11,669

Accounts payable	$	—	$	2,586
Operating lease liabilities	—		1,132
Accrued liabilities	502		8,903
Other current liabilities	—		161
Current liabilities, discontinued operations	502		12,782


Total liabilities, discontinued operations	$	502	$	12,782

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


	For the Fiscal Year Ended
(in thousands)	August 3, 2024		July 29, 2023		July 30, 2022
Revenue, net	$	9,377	$	45,902	$	55,008
Cost of goods sold	6,771		29,994		33,207
Gross profit	2,606		15,908		21,801
Selling, general, and administrative expenses	11,618		38,425		45,377
Operating loss	(9,012)		(22,517)		(23,576)
Interest income	187		379		6
Other (income) expense, net (1)	(176)		1,120		(1,961)
Loss before income taxes	(9,001)		(21,018)		(25,531)
Provision (benefit) for income taxes	954		619		(15)
Net loss from discontinued operations, net of income taxes	$	(9,955)	$	(21,637)	$	(25,516)

- 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.

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+ Details

Restructuring - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2023	Aug. 03, 2024	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 14,621	$ 18,863
Asset impairment			19,283	16,874	$ 6,154
June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent	6.00%
Restructuring charges			43,838	39,907	17,742
June 9th, 2022 Restructuring Plan \| Salt Lake City Fulfillment Center
Restructuring Cost and Reserve [Line Items]
Restructuring charges				36,400
June 9th, 2022 Restructuring Plan \| Severance and Employee-related Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges			10,065	18,142	$ 10,869
Severance and employee-related benefits			2,900
June 9th, 2022 Restructuring Plan \| Severance and Employee-related Benefits \| Bethlehem, Pennsylvania and Dallas, Texas
Restructuring Cost and Reserve [Line Items]
Restructuring charges			18,500	$ 2,600
Severance and employee-related benefits			4,600
Accelerated depreciation expense			8,800
Lease termination costs			1,500
Other restructuring costs			3,600
Asset impairment		$ 19,300
June 9th, 2022 Restructuring Plan \| Salaried Employees
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent	20.00%
June 9th, 2022 Restructuring Plan \| Stylists \| Severance and Employee-related Benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 2,600

Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges	$ 14,621	$ 18,863
Discontinued Operations \| Operation Of U K Business \| United Kingdom \| Facility Closing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges	$ 5,300	$ 4,700

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)	12 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Jul. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance	$ 247,310,000	$ 322,651,000	$ 460,849,000
Release of cumulative foreign currency translation adjustments associated with discontinued operations	(1,129,000)	2,316,000	(4,888,000)
Total other comprehensive income (loss), net of tax	(862,000)	4,054,000	(6,938,000)
Stockholders' equity, ending balance	187,022,000	247,310,000	322,651,000
Losses on available-for-sale securities	0	0
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance	527,000	(3,527,000)	3,411,000
Other comprehensive income (loss) before reclassifications	(2,007,000)	3,909,000
Release of cumulative foreign currency translation adjustments associated with discontinued operations	1,145,000
Amounts reclassified from AOCI		145,000
Total other comprehensive income (loss), net of tax	(862,000)	4,054,000	(6,938,000)
Stockholders' equity, ending balance	(335,000)	527,000	(3,527,000)
Available-for-sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance	(602,000)	(2,340,000)
Other comprehensive income (loss) before reclassifications	267,000	1,593,000
Release of cumulative foreign currency translation adjustments associated with discontinued operations	0
Amounts reclassified from AOCI		145,000
Total other comprehensive income (loss), net of tax	267,000	1,738,000
Stockholders' equity, ending balance	(335,000)	(602,000)	(2,340,000)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Stockholders' equity, beginning balance	1,129,000	(1,187,000)
Other comprehensive income (loss) before reclassifications	(2,274,000)	2,316,000
Release of cumulative foreign currency translation adjustments associated with discontinued operations	1,145,000
Amounts reclassified from AOCI		0
Total other comprehensive income (loss), net of tax	(1,129,000)	2,316,000
Stockholders' equity, ending balance	$ 0	$ 1,129,000	$ (1,187,000)

Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock (Table)

12 Months Ended

Aug. 03, 2024

Earnings Per Share [Abstract]

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


(in thousands except share and per share amounts)	August 3, 2024		July 29, 2023		July 30, 2022
Numerator:
Net loss from continuing operations attributable to Class A and Class B common stockholders	$	(118,885)	$	(150,336)	$	(181,605)
Denominator:
Weighted-average shares of common stock - basic	120,214,198		114,684,980		108,762,589
Weighted-average shares of common stock - diluted	120,214,198		114,684,980		108,762,589
Loss per share from continuing operations attributable to Class A and Class B common stockholders:
Basic	$	(0.99)	$	(1.31)	$	(1.67)
Diluted	$	(0.99)	$	(1.31)	$	(1.67)

Schedule of Common Stock Equivalents Excluded From Computation of Diluted Earnings (Loss) 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:


	August 3, 2024	July 29, 2023	July 30, 2022
Restricted stock units that settle into Class A common stock	8,239,439	11,455,577	19,217,622
Stock options to purchase Class A common stock	9,368,354	7,297,653	3,629,617
Stock options to purchase Class B common stock	726,498	808,457	1,073,947
Total	18,334,291	19,561,687	23,921,186

Schedule of Share Repurchase Program

The table below summarizes the share repurchase activity in fiscal 2022 under our share repurchase program:


	July 30, 2022
Number of shares repurchased		2,302,141
Weighted-average price per share		$	13.03
Aggregate purchase price (in thousands) (1)		$	30,042

(1) Amount includes broker commissions

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Aug. 03, 2024 USD ($)
Leases [Abstract]
2025	$ 27,444
2026	29,276
2027	26,342
2028	22,544
2029	9,169
Thereafter	19,598
Total undiscounted future minimum lease payments	134,373
Less: imputed interest	16,871
Total discounted future minimum lease payments	117,502
Lessor, Operating Lease, Payment to be Received	$ 29,800