Stitch Fix (SFIX) reported QQ4 FY2024 results that underscored the execution of a multi-year transformation aimed at simplifying cost structure, improving gross margins, and reimagining the client experience. FY2024 net revenue totaled $1.34 billion, down 16% year-over-year, with the company delivering adjusted EBITDA of $29.3 million (2.2% margin) and free cash flow of $14.2 million. The core drivers of improvement included a higher gross margin (44.3% for FY2024, up 190 basis points YoY) and disciplined expense management that contributed to leverage even as revenue declined. Management signaled a commitment to returning to growth by FY2026, supported by a investments in AI/data science, a broader and more flexible Fix model (up to eight items per shipment), and a substantial expansion in private-brand assortments (private brands now ~50% of product mix). Net cash remained robust at $247 million with no debt. Management highlighted over $100 million of SG&A savings realized in FY2024 and emphasized that the transformation is in the “build” phase with a clear path to sustainable profitability and growth through 2025 and beyond. The guidance for FY2025 indicates a revenue range of $1.11–$1.16 billion and adjusted EBITDA of $14–$28 million, with gross margins anchored around 44%–45% and advertising around 8%–9% of net revenue, acknowledging some quarterly working-capital variability. Management reaffirmed the long-term objective to return to revenue growth by the end of FY2026 and to deliver year-over-year improvements in active clients starting in FY2026. The QQ4 call also highlighted notable product and marketing initiatives, including the StyleFile personalized snapshot, stylist profiles with imagery, and a more flexible cadence for Fix deliveries, all aimed at boosting conversion, engagement, and long-term loyalty.