STITCH FIX, INC., 10-K filed on 9/25/2025
Annual Report
v3.25.2
Cover Page - USD ($)
 12 Months Ended
Aug. 02, 2025
Sep. 19, 2025
Jan. 31, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Aug. 02, 2025    
Current Fiscal Year End Date --08-02    
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 No    
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 2025 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 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Class A      
Document Information [Line Items]      
Entity Public Float     $ 508,798,833
Entity Common Stock, Shares Outstanding   118,557,927  
Common Class B      
Document Information [Line Items]      
Entity Public Float     $ 20,513,199
Entity Common Stock, Shares Outstanding   15,553,053  
v3.25.2
Audit Information
 12 Months Ended
Aug. 02, 2025
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location San Francisco, California
Auditor Firm ID 34
v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Aug. 02, 2025
Aug. 03, 2024
Current assets:    
Cash and cash equivalents $ 113,952 $ 162,862
Short-term investments 120,901 84,106
Inventory, net 118,370 97,903
Prepaid expenses and other current assets 20,649 21,839
Total current assets 373,872 366,710
Long-term investments 7,894 0
Property and equipment, net 43,199 51,517
Operating lease right-of-use assets 51,201 63,780
Other long-term assets 4,456 4,857
Total assets 480,622 486,864
Current liabilities:    
Accounts payable 89,243 87,058
Operating lease liabilities 22,752 21,817
Accrued liabilities 76,348 73,007
Gift card liability 6,238 6,749
Deferred revenue 8,616 9,217
Other current liabilities 3,030 5,201
Current liabilities, discontinued operations 0 502
Total current liabilities 206,227 203,551
Operating lease liabilities, net of current portion 70,759 95,685
Other long-term liabilities 658 606
Total liabilities 277,644 299,842
Commitments and contingencies (Note 8)
Stockholders’ equity:    
Additional paid-in capital 729,444 684,650
Accumulated other comprehensive income (loss) (434) (335)
Accumulated deficit (495,992) (467,253)
Treasury stock, at cost – $2,302,141 and $2,302,141 shares as of August 2, 2025, and August 3, 2024, respectively (30,042) (30,042)
Total stockholders’ equity 202,978 187,022
Total liabilities and stockholders’ equity 480,622 486,864
Class A Common Stock    
Stockholders’ equity:    
Common stock, value 1 1
Class B Common Stock    
Stockholders’ equity:    
Common stock, value $ 1 $ 1
v3.25.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Aug. 02, 2025
Aug. 03, 2024
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) 118,921,860 104,742,401
Common stock, shares outstanding (in shares) 116,619,719 102,440,260
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) 15,856,558 22,318,035
Common stock, shares outstanding (in shares) 15,856,558 22,318,035
v3.25.2
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Income Statement [Abstract]      
Revenue, net $ 1,267,171 $ 1,337,468 $ 1,592,521
Cost of goods sold 704,232 745,430 916,908
Gross profit 562,939 592,038 675,613
Selling, general, and administrative expenses 601,844 725,465 830,894
Operating loss (38,905) (133,427) (155,281)
Interest income 10,709 11,250 5,841
Other income (expense), net 173 1,631 (25)
Loss before income taxes (28,023) (120,546) (149,465)
Provision (benefit) for income taxes 821 (1,661) 871
Net loss from continuing operations (28,844) (118,885) (150,336)
Net income (loss) from discontinued operations, net of income taxes 105 (9,955) (21,637)
Net loss (28,739) (128,840) (171,973)
Other comprehensive income (loss):      
Change in unrealized gains and losses on available-for-sale securities, net of tax (99) 267 1,738
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax 0 (1,129) 2,316
Foreign currency translation 0 1,145  
Total other comprehensive income (loss), net of tax (99) (862) 4,054
Comprehensive loss $ (28,838) $ (129,702) $ (167,919)
Loss per share from continuing operations attributable to common stockholders:      
Basic (in dollars per share) $ (0.22) $ (0.99) $ (1.31)
Diluted (in dollars per share) (0.22) (0.99) (1.31)
Earnings (loss) per share from discontinued operations attributable to common stockholders:      
Basic (in dollars per share) 0.00 (0.08) (0.19)
Diluted (in dollars per share) 0.00 (0.08) (0.19)
Loss per share attributable to common stockholders:      
Basic (in dollars per share) (0.22) (1.07) (1.50)
Diluted (in dollars per share) $ (0.22) $ (1.07) $ (1.50)
Weighted-average shares used to compute earnings (loss) per share attributable to common stockholders:      
Basic (in shares) 128,784,547 120,214,198 114,684,980
Diluted (in shares) 128,784,547 120,214,198 114,684,980
v3.25.2
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Treasury Stock
Stockholders' equity, beginning balance (in shares) at Jul. 30, 2022   111,592,931        
Stockholders' equity, beginning balance at Jul. 30, 2022 $ 322,651 $ 2 $ 522,658 $ (3,527) $ (166,440) $ (30,042)
Stockholders' equity, beginning balance (in shares) at Jul. 30, 2022           (2,302,141)
Increase (Decrease) in Stockholders' Equity            
Issuance of common stock upon exercise of stock options (in shares)   121,687        
Issuance of common stock upon exercise of stock options 161   161      
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)   6,209,769        
Issuance of common stock upon settlement 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)
Increase (Decrease) in Stockholders' Equity            
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 common stock upon settlement of restricted stock units, net of tax withholdings (in shares)   8,867,095        
Issuance of common stock upon settlement 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)
Increase (Decrease) in Stockholders' Equity            
Issuance of common stock upon exercise of stock options (in shares)   294,566        
Issuance of common stock upon exercise of stock options $ 1,093   1,093      
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)   7,423,416        
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (15,967)   (15,967)      
Stock-based compensation 59,668   59,668      
Net loss (28,739)       (28,739)  
Other comprehensive income (loss), net of tax (99)     (99)    
Stockholders' equity, ending balance (in shares) at Aug. 02, 2025   134,778,418        
Stockholders' equity, ending balance at Aug. 02, 2025 $ 202,978 $ 2 $ 729,444 $ (434) $ (495,992) $ (30,042)
Stockholders' equity, ending balance (in shares) at Aug. 02, 2025 (2,302,141)         (2,302,141)
v3.25.2
CONSOLIDATED STATEMENT OF CASH FLOW - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Cash Flows from Operating Activities from Continuing Operations:      
Net loss from continuing operations $ (28,844) $ (118,885) $ (150,336)
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities from continuing operations:      
Change in inventory reserves 4,312 (15,094) (17,919)
Stock-based compensation expense 56,727 76,756 102,072
Depreciation, amortization, and accretion 26,124 44,489 42,122
Asset impairment 0 19,283 16,874
Other 50 (869) 1,884
Change in operating assets and liabilities:      
Inventory (24,779) 47,739 76,047
Prepaid expenses and other assets 1,223 3,096 11,257
Income tax receivables 242 431 52,978
Operating lease right-of-use assets and liabilities (11,412) (11,935) (2,996)
Accounts payable 2,014 (9,746) (40,366)
Accrued liabilities 3,149 5,304 (19,698)
Deferred revenue (601) (2,150) (2,824)
Gift card liability (511) (3,579) (205)
Other liabilities (2,119) (6,633) 4,340
Net cash provided by operating activities from continuing operations 25,575 28,207 73,230
Cash Flows from Investing Activities from Continuing Operations:      
Proceeds from sale of property and equipment 0 350 842
Purchases of property and equipment (16,293) (13,965) (18,863)
Purchases of securities available-for-sale (197,865) (97,322) (258)
Sales of securities available-for-sale 10,718 0 6,524
Maturities of securities available-for-sale 144,319 32,195 76,231
Net cash provided by (used in) investing activities from continuing operations (59,121) (78,742) 64,476
Cash Flows from Financing Activities from Continuing Operations:      
Proceeds from the exercise of stock options, net 1,093 1,028 161
Payments for tax withholdings related to vesting of restricted stock units (15,967) (16,090) (15,129)
Other (93) (431) (117)
Net cash used in financing activities from continuing operations (14,967) (15,493) (15,085)
Net increase (decrease) in cash and cash equivalents from continuing operations (48,513) (66,028) 122,621
Cash Flows from Discontinued Operations:      
Net cash used in operating activities from discontinued operations (397) (9,687) (15,400)
Net cash used in investing activities from discontinued operations 0 0 (150)
Net cash used in financing activities from discontinued operations 0 (172) (454)
Net decrease in cash and cash equivalents from discontinued operations (397) (9,859) (16,004)
Effect of exchange rate changes on cash and cash equivalents 0 (688) 1,885
Net increase (decrease) in cash and cash equivalents (48,910) (76,575) 108,502
Cash and cash equivalents at beginning of period 162,862 239,437 130,935
Cash and cash equivalents at end of period 113,952 162,862 239,437
Supplemental Disclosure      
Cash paid for income taxes 814 1,457 1,111
Supplemental Disclosure of Non-Cash Investing and Financing Activities:      
Purchases of property and equipment included in accounts payable and accrued liabilities 1,127 1,258 1,226
Capitalized stock-based compensation $ 2,941 $ 4,979 $ 6,421
v3.25.2
DESCRIPTION OF BUSINESS
 12 Months Ended
Aug. 02, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS
1.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 primarily 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.
v3.25.2
SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Aug. 02, 2025
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES
2.SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles 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.
The Company’s fiscal year is a 52-week or 53-week period ending on the Saturday closest to July 31. The fiscal years ending August 2, 2025 (“fiscal 2025”), July 29, 2023 (“fiscal 2023”), and July 30, 2022 (“fiscal 2022”) each consisted of 52 weeks. 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.
DISCONTINUED OPERATIONS
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. Accordingly, the consolidated financial statements for all periods presented reflect the results of the UK business as a discontinued operation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to the Company's continuing operations. Refer to Note 15, “Discontinued Operations” for further details.
USE OF ESTIMATES
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and the accompanying footnotes.
Significant estimates and assumptions are used for inventory, net, stock-based compensation expense, and revenue recognition. Actual results could differ from those estimates, and such differences may be material to the consolidated financial statements.
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 original 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 2025, fiscal 2024 and fiscal 2023. The allowance for expected credit losses on our available-for-sale debt securities was immaterial at both August 2, 2025 and August 3, 2024.
We have elected to present accrued interest receivable separately from short-term investments in our consolidated balance sheets. Accrued interest receivable was $1.1 million and $0.6 million as of August 2, 2025, and August 3, 2024, 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 2025 or fiscal 2024.
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 fiscal 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 15, “Discontinued Operations” for further details.
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 $27.9 million and $23.6 million as of August 2, 2025, and August 3, 2024, 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 2025 or fiscal 2024.
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 software3 years
Office furniture and equipment5 years
Leasehold improvementsShorter 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.
We did not record an impairment charge in fiscal 2025 or fiscal 2023. 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 14, “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, select clients have 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 $7.4 million and $6.4 million as of August 2, 2025, and August 3, 2024, 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 2, 2025August 3, 2024
Deferred revenue:
Upfront styling fees$4,939 $4,859 
Style Pass annual fees2,638 3,426 
Freestyle orders1,039 932 
Total deferred revenue$8,616 $9,217 
Gift card liability$6,238 $6,749 
Other current liabilities:
Referral credits$442 $179 
The following table summarizes Revenue, net recognized during fiscal 2025, that was previously included in deferred revenue, gift card liability, and other current liabilities at August 3, 2024:
(in thousands)
Revenue Recognized from Amounts Previously Included in Deferred Balances at August 3, 2024
Upfront styling fees$4,842 
Style Pass annual fees3,293 
Freestyle orders607 
Gift card liability2,135 
Referral credits68 
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 $117.3 million, $111.4 million, and $111.6 million for fiscal 2025, fiscal 2024, and fiscal 2023, 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 using the estimated fair values of stock-based awards at the grant date. For options and restricted stock unit (“RSU”) awards 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. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
We estimate the fair value of incentive stock options or nonqualified stock option awards using the Black-Scholes option-pricing model and amortizing the fair value over the applicable vesting period on a straight-line basis. The Black-Scholes option-pricing model includes 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 for fiscal 2025, fiscal 2024 and fiscal 2023.
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
In November 2023, the Financial Accounting Standards Board (“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 adopted this ASU on a retrospective basis and added disclosures within Note 13, ”Segment Reporting”.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In December 2023, the FASB issued 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 for the annual period, with early adoption permitted. We do not anticipate this standard to have a material impact on our consolidated financial statements or related disclosures.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This update is to improve the disclosures of components of certain income statement expense items. In January 2025, the FASB additionally issued ASU No. 2025-01, which clarified the effective date of ASU 2024-03 for entities that do not have a calendar year-end. This guidance is effective for us beginning in fiscal 2028 for the annual period, and the interim periods thereafter, with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements or related disclosures.
v3.25.2
FAIR VALUE MEASUREMENTS
 12 Months Ended
Aug. 02, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
3.FAIR VALUE MEASUREMENTS
Our financial instruments consist of cash, cash equivalents, investments, accounts receivable, accounts payable, and accrued liabilities. At August 2, 2025, and August 3, 2024, 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 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 2. “Summary of Accounting Policies” for further details on impairment of long-lived assets.
Our cash equivalents and investments, which were accounted for as available-for-sale securities and were measured at fair value on a recurring basis as of August 2, 2025, and August 3, 2024, were as follows:
 August 2, 2025August 3, 2024
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash equivalents:
Money market funds$59,945 $— $— $59,945 $84,594 $— $— $84,594 
Investments:
U.S. Treasury securities16,541 — — 16,541 13,603 — — 13,603 
Corporate bonds (1)
— 105,110 — 105,110 — 67,527 — 67,527 
Asset backed securities— 1,499 — 1,499 — — — — 
Yankee bonds— 5,645 — 5,645 — — — — 
U.S. Agency securities— — — — — 2,976 — 2,976 
Total$76,486 $112,254 $— $188,740 $98,197 $70,503 $— $168,700 
(1) For August 2, 2025, U.S. Treasury securities and corporate bonds includes both short-term investments with remaining maturities of less than one year, and long-term investments with remaining maturities over one year and less than five years.
There were no transfers of financial assets or liabilities into or out of Level 1, Level 2, or Level 3 during fiscal 2025 or fiscal 2024.
The following table sets forth the amortized cost, gross unrealized gains and losses, and fair values of our investments, which are accounted for as available-for-sale securities, as of August 2, 2025, and August 3, 2024:
August 2, 2025August 3, 2024
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investments:
U.S. Treasury securities$16,542 $— $(1)$16,541 $13,588 $16 $(1)$13,603 
Corporate bonds105,115 28 (33)105,110 67,451 88 (12)67,527 
Asset backed securities1,499 — — 1,499 — — — — 
Yankee bonds5,644 1 — 5,645 — — — — 
U.S. Agency securities— — — — 2,973 3 — 2,976 
Total$128,800 $29 $(34)$128,795 $84,012 $107 $(13)$84,106 
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 2, 2025, and August 3, 2024.
v3.25.2
LEASES
 12 Months Ended
Aug. 02, 2025
Leases [Abstract]  
LEASES
4.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 2, 2025, the Company subleases certain office and warehouse space to third parties. These subleases have total original lease terms ranging from approximately two 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 2, 2025, were as follows:
(in thousands)August 2, 2025
2026$27,102 
202726,342 
202822,544 
20299,170 
20309,409 
Thereafter10,188 
Total undiscounted future minimum lease payments(1)
104,755 
Less: imputed interest11,244 
Total discounted future minimum lease payments$93,511 
(1) Total future minimum lease payments have not been reduced by minimum sublease income of approximately $27.3 million.
The weighted average remaining term for our leases as of August 2, 2025, and August 3, 2024, was 4.4 years and 5.1 years, respectively. The weighted average discount rate for our leases as of August 2, 2025, and August 3, 2024, was 5.2%.
SUPPLEMENTAL CASH FLOW INFORMATION
For the Fiscal Year Ended
(in thousands)August 2, 2025August 3, 2024
Cash paid for amounts included in the measurement of operating lease liabilities$29,966 $35,461 
Operating lease right-of-use assets obtained in exchange for operating lease liabilities, net of impairments and other reductions (1)
— (21,055)
(1) In fiscal 2024, we recorded an impairment charge related to a portion of our corporate office space of $16.6 million. Refer to Note 14, “Restructuring” for further details on the impairment charge. In addition, 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.
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 2, 2025August 3, 2024
Operating lease cost$18,206 $26,949 
Variable lease costs7,253 8,807 
Short-term lease costs3 13 
Operating lease impairment (1)
— 16,562 
Loss on early termination— 1,465 
Sublease income (2)
(9,044)(8,216)
Total$16,418 $45,580 
(1) Refer to Note 14, “Restructuring” for more details.
(2) During fiscal 2025 and fiscal 2024, we had subleases for certain portions of fulfillment centers and our corporate offices due to the reduction in square footage needs for current operations. We continue to seek sublease arrangements for corporate office space.
v3.25.2
PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Aug. 02, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET
5.PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted of the following:
(in thousands)August 2, 2025August 3, 2024
Computer equipment$6,931 $7,136 
Office furniture and equipment39,918 39,604 
Leasehold improvements38,520 40,279 
Capitalized software135,353 120,003 
Construction in progress1,983 163 
Total property and equipment222,705 207,185 
Less: accumulated depreciation and amortization(179,506)(155,668)
Property and equipment, net$43,199 $51,517 
Depreciation and amortization expense for fiscal 2025, fiscal 2024, and fiscal 2023 was $27.9 million, $44.9 million and $41.2 million, respectively.
v3.25.2
ACCRUED LIABILITIES
 12 Months Ended
Aug. 02, 2025
Payables and Accruals [Abstract]  
ACCRUED LIABILITIES
6.ACCRUED LIABILITIES
Accrued liabilities consisted of the following:
(in thousands)August 2, 2025August 3, 2024
Compensation and related benefits$21,425 $13,804 
Advertising10,712 6,967 
Sales taxes5,785 6,583 
Shipping and freight10,546 10,998 
Accrued accounts payable4,189 10,607 
Inventory purchases13,007 14,473 
Sales refund reserve7,419 6,417 
Other3,265 3,158 
Total accrued liabilities$76,348 $73,007 
v3.25.2
CREDIT FACILITY
 12 Months Ended
Aug. 02, 2025
Debt Disclosure [Abstract]  
CREDIT FACILITY
7.CREDIT FACILITY
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”). 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 2, 2025, was $50.0 million, and our excess availability was $31.3 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, or (c) the Adjusted Term SOFR rate for a one-month interest period plus 1.00%.
Debt under the 2023 Credit Facility is guaranteed by substantially all of our material domestic subsidiaries and is secured by substantially all of our and such subsidiaries’ assets. The 2023 Credit Facility contains affirmative and negative covenants, indemnification provisions, and events of default. The 2023 Credit Facility also contains financial covenants that require us to maintain a minimum liquidity level and, if applicable, a minimum total consolidated fixed charge coverage ratio during the periods set forth in the 2023 Credit Facility. As of August 2, 2025, we were in compliance with all financial covenants.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Aug. 02, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
8.COMMITMENTS AND CONTINGENCIES
CONTINGENCIES
We record a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably possible. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Although we cannot predict with assurance the outcome of any litigation or tax matters, we do not believe there are currently any such actions that, if resolved unfavorably, would have a material impact on our operating results, financial position, and cash flows.
On August 26, 2022, a class action lawsuit alleging violations of federal securities laws was filed by certain of our stockholders in the U.S. District Court for the Northern District of California, naming as defendants us and certain of our officers and directors (the “Securities Class Action”). 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 June 2020 and June 2022. The plaintiffs seek unspecified monetary damages and other relief. The Company filed a motion to dismiss on November 1, 2023. 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 a second amended complaint on September 13,
2024. The Company filed a motion to dismiss the second amended complaint on November 8, 2024. A hearing on the motion to dismiss the second amended complaint was held on March 27, 2025, and the motion to dismiss was granted in part and denied in part on July 9, 2025. The lawsuit remains pending.
On March 17, 2023, a derivative action was filed by certain of our stockholders against certain of our current and former directors and officers 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 class certification in the Securities Class Action.
On June 6, 2023, a shareholder action was filed by certain of our stockholders against certain of our current and former directors and officers in the Superior Court of the State of California for the County of Los Angeles. It alleged claims based on similar allegations underlying the Securities Class Action and sought, inter alia, all remedies provided by California Corporations Code Section 25402, restitution and disgorgement of alleged insider trading proceeds by insider trading defendants, and attorney’s fees and costs. The shareholder action was voluntarily dismissed on January 25, 2024. On May 24, 2024, another derivative action was filed by the same stockholder against certain of our current and former directors and officers, among others, in the Court of Chancery for the State of Delaware. It alleged claims based on similar allegations underlying the Securities Class Action and sought 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. On July 8, 2025, a notice of voluntary dismissal was filed for this action. The Court of Chancery for the State of Delaware approved the voluntary dismissal on August 8, 2025. On July 22, 2025, another derivative action was filed by the same stockholder against certain of our current and former directors and officers, among others, in the U.S. District Court for the Northern District of California. It alleges claims based on similar 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. The action in the Northern District of California remains pending.
There have been no other material changes to our commitments and contingencies disclosed in our 2024 Annual Report.
INDEMNIFICATIONS
In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, directors, officers, and other parties with respect to certain matters. We have not incurred any material costs as a result of such indemnifications and have not accrued any liabilities related to such obligations in the consolidated financial statements.
PURCHASE COMMITMENTS
In the normal course of business, the Company enters into non-cancellable purchase commitments with various parties. As of August 2, 2025, we had remaining commitments of $138.4 million for inventory purchases, predominantly due within one year, and $63.7 million for other service agreements due over the next one to three years.
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Aug. 02, 2025
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
9.ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The tables below present the changes in accumulated other comprehensive income (loss) (“AOCI”) by component and, if applicable, the reclassifications out of AOCI for the periods presented:
For the Fiscal Year Ended
August 2, 2025August 3, 2024
(in thousands)Available-for-sale SecuritiesForeign Currency TranslationTotalAvailable-for-sale SecuritiesForeign Currency TranslationTotal
Beginning balance$(335)$— $(335)$(602)$1,129 $527 
Other comprehensive income (loss) before reclassifications (1)
(104)— (104)267 (2,274)(2,007)
Amounts reclassified from AOCI5 — 5 — — — 
Release of cumulative foreign currency translation adjustments associated with discontinued operations (2)
— — — — 1,145 1,145 
Net change in AOCI(99)— (99)267 (1,129)(862)
Ending balance$(434)$— $(434)$(335)$— $(335)
(1) There was no associated income tax effect for losses on available-for-sale securities for fiscal 2025 or fiscal 2024, 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 15, “Discontinued Operations” for further details.
v3.25.2
STOCK-BASED COMPENSATION
 12 Months Ended
Aug. 02, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION
10.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 unit (“RSU”) awards, restricted stock awards (“RSAs”), and stock appreciation rights. Only incentive and nonqualified stock options were granted under the 2011 Plan. Employee stock option awards generally vested 25% on the first anniversary of the grant date with the remaining shares subject to the option vesting ratably over the next three years subject to the employee’s continued service with the Company. Options generally expire after 10 years. Effective upon our initial public offering in 2017, the 2011 Plan was replaced by the 2017 Incentive Plan.
2017 Incentive Plan
In November 2017, our Board of Directors and stockholders adopted our 2017 Incentive Plan (the “2017 Plan”). The remaining shares available for issuance under our 2011 Plan became reserved for issuance under the 2017 Plan. Our 2017 Plan provides for the grant of Class A incentive stock options to employees and for the grant of nonqualified stock options, stock appreciation rights, RSAs, RSU awards, performance restricted stock unit (“PSU”) awards, performance cash awards, and other forms of stock awards to employees, directors, and consultants. 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 30 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. PSU awards made to employees generally vest on a quarterly basis following the end of the performance period, subject to the employee’s continued service with the Company. As of August 2, 2025, the number of shares authorized for issuance under the 2017 Plan was 50,276,797 shares of Class A common stock, and the number of shares available for grant was 2,630,245.
The following table summarizes the shares available for grant under the 2017 Plan:
Shares Available for Grant
Balance at August 3, 2024
5,239,593 
Authorized 6,237,914 
Granted(13,452,678)
Forfeited4,605,416 
Balance at August 2, 2025
2,630,245 
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 2, 2025, 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 1,967,541.
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 August 3, 2024
10,094,852 $5.67 8.36$4,272 
Exercised(294,566)3.71 
Cancelled(483,791)11.50 
Balance at August 2, 2025
9,316,495 $5.43 7.41$6,774 
Options vested and exercisable at year-end6,510,370 $6.17 7.09$4,264 
Options vested and expected to vest at year-end9,311,243 $5.42 7.41$6,771 
There were no options granted during fiscal 2025. The weighted-average grant date fair value of options granted during fiscal 2024 and fiscal 2023 was $2.09 and $2.72 per share, respectively. The total grant date fair value of options that vested during fiscal 2025, fiscal 2024, and fiscal 2023 was $7.3 million $7.1 million and $11.8 million, respectively. The aggregate intrinsic value of options exercised during fiscal 2025, fiscal 2024, and fiscal 2023 was $0.4 million, $0.1 million, $0.4 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 UNIT AWARDS
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.
RSU award activity under the 2017 Plan and 2019 Plan was as follows:
Unvested RSU Awards
 Class A Common StockWeighted-
Average
Grant Date
Fair Value
Unvested at August 3, 2024
8,239,439 $6.04 
Granted10,813,687 3.36 
Vested(7,423,416)4.61 
Forfeited(5,038,425)4.83 
Unvested at August 2, 2025
6,591,285 $4.18 
PERFORMANCE RESTRICTED STOCK UNIT AWARDS
In each of the first and second quarter of fiscal 2025, the Compensation Committee approved certain PSU awards, which become eligible to vest in multiple tranches over a one- or three-year period. Each PSU award represents a contingent right to receive one share of Class A common stock. The awards have both service-based and performance-based vesting conditions. The actual number of shares earned on vesting ranges from 0% to 150% of the target number granted, depending on the attainment of specified performance-based metrics during the performance period, which is fiscal 2025.
In July 2025, the Company granted a PSU award to a senior executive which includes market-based and service-based vesting conditions. The award is eligible to vest in four equal tranches. Each tranche is subject to the achievement of a stock price hurdle, in which the Company’s closing stock price must be at or above a specified stock price target for 30 consecutive trading days, during a four-year performance period, as well as continued employment through each applicable vesting date. When a stock price hurdle is achieved, 25% of the number of granted awards are eligible to vest.
PSU award activity under the 2017 Plan was as follows:
Unvested PSU Awards
 Class A Common StockWeighted-
Average
Grant Date
Fair Value
Unvested at August 3, 2024
— $— 
Granted2,638,991 3.48 
Unvested at August 2, 2025
2,638,991 $3.48 
STOCK-BASED COMPENSATION EXPENSE
Stock-based compensation expense for options, RSU awards, and PSU awards granted to employees for fiscal 2025 was $56.7 million. For fiscal 2024 and 2023, stock-based compensation expense for options and RSU awards granted to employees was $76.8 million and $102.1 million. 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 during fiscal 2025, fiscal 2024 and fiscal 2023 as the Company currently maintains a full valuation allowance against its net deferred tax assets.
As of August 2, 2025, the total unrecognized compensation expense related to unvested options, RSU awards, and PSU awards, net of estimated forfeitures, was $33.2 million, which we expect to recognize over an estimated weighted average period of 1.22 years.
Stock-based compensation expense related to RSU awards is recorded, 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. Stock-based compensation expense related to PSU awards is recorded under the accelerated method. For PSU awards without a market-based vesting condition, stock-based compensation is adjusted in future periods for subsequent changes in the expected outcome of the performance related conditions. Stock-based compensation expense related to stock options is recorded 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.
For PSU awards with a market-based vesting condition, the Company uses a Monte Carlo simulation, which uses subjective assumptions and simulates multiple stock price paths of the Common Stock to determine the fair value of market-based PSUs on the grant date. Stock-based compensation expense is recognized using an accelerated attribution method over the lesser of the derived performance periods or explicit achievement of the stock price hurdles. Compensation expense is recorded regardless of whether the market condition will be ultimately satisfied.
The fair value of stock options granted in fiscal 2024 and fiscal 2023 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, 2024July 29, 2023
Expected term (in years)
3.7 - 5.5
3.2 - 5.5
Volatility
77.3% - 79.9%
80.3% - 87.3%
Risk free interest rate
4.1% - 4.8%
3.6% - 4.4%
Dividend yield
—%
—%
The following assumptions are used to establish the fair value of the Company’s PSUs with market-based vesting conditions:
For the Fiscal Year Ended
August 2, 2025
Fair value per tranche
$3.01 - $3.64
Derived service period (in years)
0.59 - 1.57
Expected volatility
83.2%
Risk-free rate
3.8%
Cost of equity20.6%
v3.25.2
INCOME TAXES
 12 Months Ended
Aug. 02, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
11.INCOME TAXES
The components of loss from continuing operations before income taxes were as follows:
For the Fiscal Year Ended
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Loss from continuing operations before income taxes:
United States$(28,023)$(120,546)$(149,465)
Total loss from continuing operations before income taxes$(28,023)$(120,546)$(149,465)
The components of the income tax provision (benefit) were as follows:
For the Fiscal Year Ended
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Current:
Federal$305 $(1,663)$951 
State516 2 (80)
Total current$821 $(1,661)$871 
Deferred:
Total deferred$— $— $— 
Total income tax provision (benefit)$821 $(1,661)$871 
The reconciliation of our effective tax rate to the statutory federal rate was as follows:
For the Fiscal Year Ended
(in thousands, except percentages)August 2, 2025August 3, 2024July 29, 2023
Taxes at federal statutory rate$(5,885)21.0 %$(25,315)21.0 %$(31,388)21.0 %
State taxes, net of federal effect456 (1.6)%(11)0.0 %(214)0.1 %
Stock-based compensation1,310 (4.7)%8,376 (6.9)%14,917 (10.0)%
Change in valuation allowance4,579 (16.3)%22,179 (18.4)%25,022 (16.7)%
R&D credits(975)3.5 %(6,032)5.0 %(8,426)5.6 %
Uncertain tax positions— — %(1,545)1.3 %31 0.0 %
Return to provision(52)0.2 %(207)0.2 %2 0.0 %
Excess officer’s compensation (2)
1,032 (3.7)%376 (0.3)%445 (0.3)%
Meals and entertainment (2)
321 (1.1)%380 (0.3)%415 (0.3)%
Other35 (0.1)%138 (0.1)%67 0.0 %
Effective tax rate (1)
$821 (2.9)%$(1,661)1.4 %$871 (0.6)%
(1) Due to rounding, percentages in this table may not sum to totals.
(2) Fiscal 2024 and fiscal 2023 amounts have been reclassified to conform to the current fiscal year presentation. Amounts were previously classified as “Other.”

Our provision for income taxes increased in fiscal 2025 as compared to fiscal 2024, primarily due to a decrease in pre-tax losses, partially offset by a decrease in the reversal of stock-based compensation expenses.
Our provision for income taxes decreased in fiscal 2024 as compared to fiscal 2023, primarily due to reserve releases from lapses in statutes of limitation and effective settlement of prior year tax positions.
The components of net deferred tax assets were as follows:
(in thousands)August 2, 2025August 3, 2024
Deferred tax assets:
Inventory reserve and UNICAP$14,612 $11,816 
Accruals and reserves2,165 1,937 
Research and development credits48,304 48,424 
Capitalized research and development costs48,602 40,094 
Stock-based compensation6,724 7,892 
Deferred revenue1,148 1,661 
Operating lease liability24,473 30,889 
Net operating losses53,880 59,938 
Other1,719 2,071 
Gross deferred tax assets$201,627 $204,722 
Less: valuation allowance(179,564)(176,732)
Deferred tax assets, net of valuation allowance$22,063 $27,990 
Deferred tax liabilities:
Depreciation and amortization$(8,281)$(10,747)
Operating lease right-of-use assets(13,400)(16,767)
Other(382)(476)
Gross deferred tax liabilities$(22,063)$(27,990)
Net deferred tax assets, net of valuation allowance$— $— 
As of August 2, 2025, and August 3, 2024, we had federal net operating loss carryforwards of $161.1 million and $186.7 million, respectively, which will be carried forward indefinitely. As of August 2, 2025, and August 3, 2024, we had federal research and development tax credit carryforwards of $57.3 million and $57.1 million, respectively. The research and development tax credits will expire beginning in 2038, if not utilized.
As of August 2, 2025, and August 3, 2024, we had state net operating loss carryforwards of $311.7 million and $328.5 million, respectively. Of these carryforwards, approximately $237.6 million will expire, if not utilized, in various years through 2045. The remaining carryforwards have no expiration. As of August 2, 2025, and August 3, 2024, we had California research and development tax credit carryforwards of $24.2 million and $24.1 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.
On July 4, 2025, the One Big Beautiful Bill Act (the “2025 Tax Act”) was signed into law. The 2025 Tax Act includes a broad range of tax reform that may affect the Company’s financial results, including domestic research cost expensing and 100% first-year bonus depreciation. For tax years beginning after December 31, 2024, taxpayers may elect to either (i) immediately deduct eligible Section 174 research expenditures or (ii) capitalize and amortize such costs over a period of no less than 60 months. We are currently evaluating the impact of the 2025 Tax Act upon our future effective tax rate, tax liabilities, and cash taxes.
UNCERTAIN TAX POSITIONS
A reconciliation of our unrecognized tax benefits is as follows:
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Balance at the beginning of the year$32,816 $29,916 $26,106 
Lapse of statute of limitations— (377)(474)
Increase related to prior period tax positions33 2,572 1,134 
Decrease related to prior period tax positions(18)(1,927)— 
Increase related to current year tax positions341 2,632 3,150 
Balance at the end of the year
$33,172 $32,816 $29,916 
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 2, 2025, 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 2, 2025, 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 2, 2025, our fiscal 2021 through fiscal 2024 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 $2.8 million in fiscal 2025, and by $22.0 million in fiscal 2024.
A reconciliation of our valuation allowance was as follows:
(in thousands)August 2, 2025August 3, 2024
Valuation allowance at the beginning of the year$176,732 $154,757 
Valuation allowance charged to expense5,632 29,246 
Valuation allowance credited to other accounts(2,800)(7,271)
Valuation allowance at the end of the year$179,564 $176,732 
v3.25.2
NET LOSS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS AND COMMON STOCK
 12 Months Ended
Aug. 02, 2025
Earnings Per Share [Abstract]  
NET LOSS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS AND COMMON STOCK
12.NET 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:
 For the Fiscal Year Ended
(in thousands, except share and per share amounts)August 2, 2025August 3, 2024July 29, 2023
Numerator:
Net loss from continuing operations attributable to Class A and Class B common stockholders$(28,844)$(118,885)$(150,336)
Denominator:
Weighted-average shares of common stock - basic128,784,547 120,214,198 114,684,980 
Weighted-average shares of common stock - diluted128,784,547 120,214,198 114,684,980 
Loss per share from continuing operations attributable to Class A and Class B common stockholders:
Basic$(0.22)$(0.99)$(1.31)
Diluted$(0.22)$(0.99)$(1.31)

As the Company has reported net loss from continuing operations for each of the periods presented, all potentially dilutive securities were considered antidilutive. The following common stock equivalents were excluded from the computation of diluted loss per share from continuing operations because their effect would have been antidilutive for the periods presented:
 For the Fiscal Year Ended
 August 2, 2025August 3, 2024July 29, 2023
Performance restricted stock units that settle into Class A common stock (1)
2,638,991 — — 
Restricted stock units that settle into Class A common stock6,591,285 8,239,439 11,455,577 
Stock options to purchase Class A common stock8,620,586 9,368,354 7,297,653 
Stock options to purchase Class B common stock695,909 726,498 808,457 
Total18,546,771 18,334,291 19,561,687 
(1) Refer to Note 10, “Stock-based Compensation” for further details.
SHARE REPURCHASE PROGRAM
In January 2022, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $150.0 million of our outstanding Class A common stock, with no expiration date (the “2022 Repurchase Program”). The actual timing, number, and value of shares repurchased in the future will be determined by the Company in its discretion and will depend on a number of factors, including market conditions, applicable legal requirements, our capital needs, and whether there is a better alternative use of capital.
We did not repurchase any shares during the twelve months ended August 2, 2025, or August 3, 2024. As of August 2, 2025, $120.0 million remained available under the 2022 Repurchase Program authorization. Repurchases under the 2022 Repurchase Program during any given fiscal period will reduce the number of weighted-average common shares outstanding for the respective period.
v3.25.2
SEGMENT REPORTING
 12 Months Ended
Aug. 02, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING
13.SEGMENT REPORTING
The Company identifies any operating segments based on whether the Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), regularly reviews operating results of particular components of the Company’s activities and allocates resources and assesses performance based on those results. The Company has one operating segment and, as a result, one reportable segment related to the sale of merchandise directly to clients who received a curated shipment of items or purchased directly from its website or mobile app.
Financial information and data are provided to the CODM on a consolidated basis. The CODM uses consolidated net loss from continuing operations, as reported on the Company’s consolidated statements of operations, to evaluate performance, make key operating decisions, and allocate resources. Net loss from continuing operations is used to compare budget to actual results.
All long-lived assets are located in the United States and revenue is attributable to customers based in the United States.
The following table presents selected financial information with respect to the Company's single reportable segment, including significant segment expenses that are regularly provided to the CODM:
For the Fiscal Year Ended
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Revenue, net$1,267,171 $1,337,468 $1,592,521 
Less:
Cost of goods sold
704,232 745,430 916,908 
Advertising expense117,254 111,399 111,581 
Stock-based compensation expense56,727 76,756 102,072 
Depreciation and amortization expense27,860 44,866 41,179 
Interest income(10,709)(11,250)(5,841)
Other (income) expense
(173)(1,631)25 
Provision (benefit) for income taxes
821 (1,661)871 
Other segment expenses (1)
400,003 492,444 576,062 
Net loss from continuing operations$(28,844)$(118,885)$(150,336)
(1) Other segment expenses is primarily comprised of payroll and benefits expenses, technology fees, facilities expense, asset impairment charges, and other general and administrative expenses.
v3.25.2
RESTRUCTURING
 12 Months Ended
Aug. 02, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING
14.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 fiscal 2022 and 2023, in furtherance of and as an expansion of the 2022 Restructuring Plan, we reduced our employee workforce, impaired a portion of our corporate office space, and announced intended closures of certain fulfillment centers. In fiscal 2024, in furtherance of and as an expansion of the 2022 Restructuring Plan, we closed certain fulfillment centers, implemented an organizational realignment which eliminated certain styling leadership and corporate positions, revised our compensation model for Stylists, and impaired a portion of our corporate office space in the fourth quarter of fiscal
2024 due to change in the use of the space. In fiscal 2025, in furtherance of and as an expansion of the 2022 Restructuring Plan, we continued to implement an organizational realignment by eliminating certain corporate positions.
The components of total restructuring charges were as follows:
For the Fiscal Year Ended
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Cash restructuring charges:
Severance and employee-related benefits (1)
$1,163 $10,065 $18,142 
Lease terminations (1)
— 1,466 — 
Other (1)
58 3,090 722 
Non-cash restructuring charges:
Asset impairments (1) (2)
— 19,283 16,874 
Accelerated depreciation (1)
— 9,021 2,805 
Other (1)
— 913 1,364 
Total restructuring (1)
$1,221 $43,838 $39,907 
(1) Recorded in selling, general, and administrative expenses.
(2) Includes impairments of both operating lease right-of-use assets and property and equipment.

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 29, 2023
$1,923 
Charges incurred14,621 
Cash payments(13,284)
Balance at August 3, 2024
$3,260 
Charges incurred1,221 
Cash payments(4,481)
Balance at August 2, 2025
$— 
As of August 2, 2025, we do not expect any additional cash restructuring charges related to the 2022 Restructuring Plan.
v3.25.2
DISCONTINUED OPERATIONS
 12 Months Ended
Aug. 02, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
15.DISCONTINUED OPERATIONS
In June 2023, we announced that we would enter a consultation period, in accordance with UK law, to explore exiting the market in the UK. During the first quarter of fiscal 2024, we ceased operations of our UK business and the accounting requirements for reporting the UK business as a discontinued operation were met. As a result, the UK business is presented in the accompanying consolidated statements as a discontinued operation for all periods presented.
Cash from our UK business is recorded as continuing operations on the consolidated balance sheets, as any cash remaining after the settlement of outstanding liabilities related to the UK business is expected to be repatriated into the U.S.
The following table summarizes the major classes of assets and liabilities of discontinued operations, if any, which are summarized separately in the consolidated balance sheets:
(in thousands)August 2, 2025August 3, 2024
Accrued liabilities$— $502 
Current liabilities, discontinued operations — 502 
Total liabilities, discontinued operations $— $502 
The key components of loss from discontinued operations were as follows:
For the Fiscal Year Ended
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Revenue, net$— $9,377 $45,902 
Cost of goods sold— 6,771 29,994 
Gross profit— 2,606 15,908 
Selling, general, and administrative expenses47 11,618 38,425 
Operating profit (loss)(47)(9,012)(22,517)
Interest income— 187 379 
Other income (expense), net (1)
(5)(176)1,120 
Income (loss) before income taxes(52)(9,001)(21,018)
Provision (benefit) for income taxes(157)954 619 
Income (loss) from discontinued operations, net of income taxes$105 $(9,955)$(21,637)
(1) For fiscal year 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. Refer to Note 9, “Accumulated Other Comprehensive Income (Loss)” for further details.
We recorded expenses related to the exit and wind down of the UK business of an aggregate $0.1 million, $5.3 million, and $4.7 million for fiscal 2025, fiscal 2024, and fiscal 2023, respectively. In fiscal 2024, these charges were recorded in selling, general and administrative expenses from discontinued operations, and consisted primarily of severance and employee-related benefits and early contract termination charges. In fiscal 2023, these charges were recorded in both costs of goods sold and selling, general and administrative expenses from discontinued operations, and consisted primarily of losses from firm purchase commitments for future receipts of inventory, inventory write-downs to net realizable value, and fixed asset impairment charges.
We expect future expenses associated with the exit of the UK business to be immaterial.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Aug. 02, 2025
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
v3.25.2
Insider Trading Policies and Procedures
 12 Months Ended
Aug. 02, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.2
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Aug. 02, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
RISK MANAGEMENT AND STRATEGY
At Stitch Fix, we recognize the importance of robust cybersecurity measures to protect our systems, data, and the interests of our stakeholders. We have implemented a comprehensive cybersecurity risk management strategy and governance framework to identify, assess, manage, mitigate, and respond to cybersecurity risks and threats. Our risk management strategy and governance framework is designed to identify, assess and manage material risks from cybersecurity threats to our systems, networks, and data infrastructure, including intellectual property, customer data, and data that is proprietary, strategic or competitive in nature (“Information Systems and Data”).
We use third-party service providers to assist us from time to time to identify, assess, and manage risks from cybersecurity threats, which may include professional services firms (such as legal counsel), threat intelligence service providers, cybersecurity consultants, cybersecurity software providers, penetration testing firms, dark web monitoring services, and forensic investigators.
Stitch Fix views its cybersecurity strategy through a multi-pronged lens encompassing prevention, detection, and response to ensure holistic coverage of our Information Systems and Data, along with the environments in which they operate.
Prevention
Our cybersecurity program starts with prevention, which includes risk assessment and identification. We utilize that information to design a layer of controls as a baseline. We conduct assessments to identify and evaluate potential cybersecurity risks. This process involves analyzing our Information Systems and Data to identify vulnerabilities and potential threats. Our cybersecurity program also includes third-party risk management, in which we oversee the identification and mitigation of risk associated with outsourcing to third-party vendors and service providers, particularly focused on vendors who process sensitive information.
In addition to our risk assessment processes, we prioritize cybersecurity awareness and training programs for our employees. These initiatives are designed to educate our workforce about potential threats, best practices for data protection, and the importance of maintaining security measures. We train our employees through annual security training, phishing simulations, and communications about cybersecurity topics and threats.
Detection
Our cybersecurity program includes tools and processes designed to detect unusual network activity, anomalous cybersecurity events, and breaches. We utilize a variety of preventative measures and detective tools.
Response
We have developed an incident response plan to ensure a swift and effective response in the event of a cybersecurity incident. This plan includes predefined roles and responsibilities, communication protocols, and steps to contain and remediate any vulnerabilities that may lead to a breach.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have implemented a comprehensive cybersecurity risk management strategy and governance framework to identify, assess, manage, mitigate, and respond to cybersecurity risks and threats. Our risk management strategy and governance framework is designed to identify, assess and manage material risks from cybersecurity threats to our systems, networks, and data infrastructure, including intellectual property, customer data, and data that is proprietary, strategic or competitive in nature (“Information Systems and Data”).
We use third-party service providers to assist us from time to time to identify, assess, and manage risks from cybersecurity threats, which may include professional services firms (such as legal counsel), threat intelligence service providers, cybersecurity consultants, cybersecurity software providers, penetration testing firms, dark web monitoring services, and forensic investigators.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Audit Committee provides oversight for our cybersecurity program and our enterprise risk management process. The Audit Committee also evaluates enterprise level risks and strategies, including our cybersecurity risk. The Audit Committee receives updates from management on the effectiveness of our cybersecurity program. The Audit Committee also reviews plans on how management will enhance the program, receives updates on special topics that help the Committee provide effective oversight of the program, and is notified in the event of certain cybersecurity incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee provides oversight for our cybersecurity program and our enterprise risk management process. The Audit Committee also evaluates enterprise level risks and strategies, including our cybersecurity risk.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee provides oversight for our cybersecurity program and our enterprise risk management process. The Audit Committee also evaluates enterprise level risks and strategies, including our cybersecurity risk. The Audit Committee receives updates from management on the effectiveness of our cybersecurity program. The Audit Committee also reviews plans on how management will enhance the program, receives updates on special topics that help the Committee provide effective oversight of the program, and is notified in the event of certain cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]
Our Chief Information Security Officer (“CISO”) oversees the Company’s cybersecurity program. Our CISO, who reports to our Chief Product and Technology Officer (“CPTO”), has over 20 years of experience in information technology, risk, and cybersecurity leadership, and has previously held both CISO and Chief Technology Officer roles. Our CISO chairs the Company’s Cybersecurity Governance Committee, comprised of executive leaders across Legal, Finance, and Corporate Communications, that has oversight responsibilities regarding the Company’s information security functions, including infrastructure, governance, privacy, and compliance.
Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. The Information Security Team conducts exercises to prepare for cybersecurity incidents, approves cybersecurity processes, and reviews security assessments and other security-related reports.
Our cybersecurity incident response processes include the escalation of information about certain cybersecurity incidents, depending on the circumstances, to our CISO, members of management, and the Audit Committee of the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Chief Information Security Officer (“CISO”) oversees the Company’s cybersecurity program. Our CISO, who reports to our Chief Product and Technology Officer (“CPTO”), has over 20 years of experience in information technology, risk, and cybersecurity leadership, and has previously held both CISO and Chief Technology Officer roles. Our CISO chairs the Company’s Cybersecurity Governance Committee, comprised of executive leaders across Legal, Finance, and Corporate Communications, that has oversight responsibilities regarding the Company’s information security functions, including infrastructure, governance, privacy, and compliance.
Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. The Information Security Team conducts exercises to prepare for cybersecurity incidents, approves cybersecurity processes, and reviews security assessments and other security-related reports.
Our cybersecurity incident response processes include the escalation of information about certain cybersecurity incidents, depending on the circumstances, to our CISO, members of management, and the Audit Committee of the Board of Directors.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO, who reports to our Chief Product and Technology Officer (“CPTO”), has over 20 years of experience in information technology, risk, and cybersecurity leadership, and has previously held both CISO and Chief Technology Officer roles. Our CISO chairs the Company’s Cybersecurity Governance Committee, comprised of executive leaders across Legal, Finance, and Corporate Communications, that has oversight responsibilities regarding the Company’s information security functions, including infrastructure, governance, privacy, and compliance.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our CISO chairs the Company’s Cybersecurity Governance Committee, comprised of executive leaders across Legal, Finance, and Corporate Communications, that has oversight responsibilities regarding the Company’s information security functions, including infrastructure, governance, privacy, and compliance.
Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. The Information Security Team conducts exercises to prepare for cybersecurity incidents, approves cybersecurity processes, and reviews security assessments and other security-related reports.
Our cybersecurity incident response processes include the escalation of information about certain cybersecurity incidents, depending on the circumstances, to our CISO, members of management, and the Audit Committee of the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.2
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Aug. 02, 2025
Accounting Policies [Abstract]  
BASIS OF PRESENTATION
BASIS OF PRESENTATION
The consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles 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.
The Company’s fiscal year is a 52-week or 53-week period ending on the Saturday closest to July 31. The fiscal years ending August 2, 2025 (“fiscal 2025”), July 29, 2023 (“fiscal 2023”), and July 30, 2022 (“fiscal 2022”) each consisted of 52 weeks. 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.
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS
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. Accordingly, the consolidated financial statements for all periods presented reflect the results of the UK business as a discontinued operation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to the Company's continuing operations. Refer to Note 15, “Discontinued Operations” for further details.
USE OF ESTIMATES
USE OF ESTIMATES
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and the accompanying footnotes.
Significant estimates and assumptions are used for inventory, net, stock-based compensation expense, and revenue recognition. Actual results could differ from those estimates, and such differences may be material to the 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 original 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 2025, fiscal 2024 and fiscal 2023. The allowance for expected credit losses on our available-for-sale debt securities was immaterial at both August 2, 2025 and August 3, 2024.
We have elected to present accrued interest receivable separately from short-term investments in our consolidated balance sheets. Accrued interest receivable was $1.1 million and $0.6 million as of August 2, 2025, and August 3, 2024, 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 2025 or fiscal 2024.
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 fiscal 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 15, “Discontinued Operations” for further details.
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.
We did not record an impairment charge in fiscal 2025 or fiscal 2023. 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 14, “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, select clients have 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 $7.4 million and $6.4 million as of August 2, 2025, and August 3, 2024, 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.
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 using the estimated fair values of stock-based awards at the grant date. For options and restricted stock unit (“RSU”) awards 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. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
We estimate the fair value of incentive stock options or nonqualified stock option awards using the Black-Scholes option-pricing model and amortizing the fair value over the applicable vesting period on a straight-line basis. The Black-Scholes option-pricing model includes 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.
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 for fiscal 2025, fiscal 2024 and fiscal 2023.
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
In November 2023, the Financial Accounting Standards Board (“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 adopted this ASU on a retrospective basis and added disclosures within Note 13, ”Segment Reporting”.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In December 2023, the FASB issued 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 for the annual period, with early adoption permitted. We do not anticipate this standard to have a material impact on our consolidated financial statements or related disclosures.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This update is to improve the disclosures of components of certain income statement expense items. In January 2025, the FASB additionally issued ASU No. 2025-01, which clarified the effective date of ASU 2024-03 for entities that do not have a calendar year-end. This guidance is effective for us beginning in fiscal 2028 for the annual period, and the interim periods thereafter, with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements or related disclosures.
v3.25.2
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Aug. 02, 2025
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 software3 years
Office furniture and equipment5 years
Leasehold improvementsShorter of lease term or estimated useful life
Property and equipment, net consisted of the following:
(in thousands)August 2, 2025August 3, 2024
Computer equipment$6,931 $7,136 
Office furniture and equipment39,918 39,604 
Leasehold improvements38,520 40,279 
Capitalized software135,353 120,003 
Construction in progress1,983 163 
Total property and equipment222,705 207,185 
Less: accumulated depreciation and amortization(179,506)(155,668)
Property and equipment, net$43,199 $51,517 
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 2, 2025August 3, 2024
Deferred revenue:
Upfront styling fees$4,939 $4,859 
Style Pass annual fees2,638 3,426 
Freestyle orders1,039 932 
Total deferred revenue$8,616 $9,217 
Gift card liability$6,238 $6,749 
Other current liabilities:
Referral credits$442 $179 
The following table summarizes Revenue, net recognized during fiscal 2025, that was previously included in deferred revenue, gift card liability, and other current liabilities at August 3, 2024:
(in thousands)
Revenue Recognized from Amounts Previously Included in Deferred Balances at August 3, 2024
Upfront styling fees$4,842 
Style Pass annual fees3,293 
Freestyle orders607 
Gift card liability2,135 
Referral credits68 
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Aug. 02, 2025
Fair Value Disclosures [Abstract]  
Schedule of Cash Equivalents and Investments Accounted for as Available-for-Sale Measured at Fair Value on a Recurring Basis
Our cash equivalents and investments, which were accounted for as available-for-sale securities and were measured at fair value on a recurring basis as of August 2, 2025, and August 3, 2024, were as follows:
 August 2, 2025August 3, 2024
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Cash equivalents:
Money market funds$59,945 $— $— $59,945 $84,594 $— $— $84,594 
Investments:
U.S. Treasury securities16,541 — — 16,541 13,603 — — 13,603 
Corporate bonds (1)
— 105,110 — 105,110 — 67,527 — 67,527 
Asset backed securities— 1,499 — 1,499 — — — — 
Yankee bonds— 5,645 — 5,645 — — — — 
U.S. Agency securities— — — — — 2,976 — 2,976 
Total$76,486 $112,254 $— $188,740 $98,197 $70,503 $— $168,700 
(1) For August 2, 2025, U.S. Treasury securities and corporate bonds includes both short-term investments with remaining maturities of less than one year, and long-term investments with remaining maturities over one year and less than five years.
Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-for-sale Investments
The following table sets forth the amortized cost, gross unrealized gains and losses, and fair values of our investments, which are accounted for as available-for-sale securities, as of August 2, 2025, and August 3, 2024:
August 2, 2025August 3, 2024
(in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Investments:
U.S. Treasury securities$16,542 $— $(1)$16,541 $13,588 $16 $(1)$13,603 
Corporate bonds105,115 28 (33)105,110 67,451 88 (12)67,527 
Asset backed securities1,499 — — 1,499 — — — — 
Yankee bonds5,644 1 — 5,645 — — — — 
U.S. Agency securities— — — — 2,973 3 — 2,976 
Total$128,800 $29 $(34)$128,795 $84,012 $107 $(13)$84,106 
v3.25.2
LEASES (Tables)
 12 Months Ended
Aug. 02, 2025
Leases [Abstract]  
Schedule of Maturities of Operating Lease Liabilities
The future lease payments as of August 2, 2025, were as follows:
(in thousands)August 2, 2025
2026$27,102 
202726,342 
202822,544 
20299,170 
20309,409 
Thereafter10,188 
Total undiscounted future minimum lease payments(1)
104,755 
Less: imputed interest11,244 
Total discounted future minimum lease payments$93,511 
(1) Total future minimum lease payments have not been reduced by minimum sublease income of approximately $27.3 million.
Schedule of Lease Components and Supplemental Cash Flows
For the Fiscal Year Ended
(in thousands)August 2, 2025August 3, 2024
Cash paid for amounts included in the measurement of operating lease liabilities$29,966 $35,461 
Operating lease right-of-use assets obtained in exchange for operating lease liabilities, net of impairments and other reductions (1)
— (21,055)
(1) In fiscal 2024, we recorded an impairment charge related to a portion of our corporate office space of $16.6 million. Refer to Note 14, “Restructuring” for further details on the impairment charge. In addition, 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 2, 2025August 3, 2024
Operating lease cost$18,206 $26,949 
Variable lease costs7,253 8,807 
Short-term lease costs3 13 
Operating lease impairment (1)
— 16,562 
Loss on early termination— 1,465 
Sublease income (2)
(9,044)(8,216)
Total$16,418 $45,580 
(1) Refer to Note 14, “Restructuring” for more details.
(2) During fiscal 2025 and fiscal 2024, we had subleases for certain portions of fulfillment centers and our corporate offices due to the reduction in square footage needs for current operations. We continue to seek sublease arrangements for corporate office space.
v3.25.2
PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Aug. 02, 2025
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 software3 years
Office furniture and equipment5 years
Leasehold improvementsShorter of lease term or estimated useful life
Property and equipment, net consisted of the following:
(in thousands)August 2, 2025August 3, 2024
Computer equipment$6,931 $7,136 
Office furniture and equipment39,918 39,604 
Leasehold improvements38,520 40,279 
Capitalized software135,353 120,003 
Construction in progress1,983 163 
Total property and equipment222,705 207,185 
Less: accumulated depreciation and amortization(179,506)(155,668)
Property and equipment, net$43,199 $51,517 
v3.25.2
ACCRUED LIABILITIES (Tables)
 12 Months Ended
Aug. 02, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following:
(in thousands)August 2, 2025August 3, 2024
Compensation and related benefits$21,425 $13,804 
Advertising10,712 6,967 
Sales taxes5,785 6,583 
Shipping and freight10,546 10,998 
Accrued accounts payable4,189 10,607 
Inventory purchases13,007 14,473 
Sales refund reserve7,419 6,417 
Other3,265 3,158 
Total accrued liabilities$76,348 $73,007 
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Aug. 02, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Loss
The tables below present the changes in accumulated other comprehensive income (loss) (“AOCI”) by component and, if applicable, the reclassifications out of AOCI for the periods presented:
For the Fiscal Year Ended
August 2, 2025August 3, 2024
(in thousands)Available-for-sale SecuritiesForeign Currency TranslationTotalAvailable-for-sale SecuritiesForeign Currency TranslationTotal
Beginning balance$(335)$— $(335)$(602)$1,129 $527 
Other comprehensive income (loss) before reclassifications (1)
(104)— (104)267 (2,274)(2,007)
Amounts reclassified from AOCI5 — 5 — — — 
Release of cumulative foreign currency translation adjustments associated with discontinued operations (2)
— — — — 1,145 1,145 
Net change in AOCI(99)— (99)267 (1,129)(862)
Ending balance$(434)$— $(434)$(335)$— $(335)
(1) There was no associated income tax effect for losses on available-for-sale securities for fiscal 2025 or fiscal 2024, 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 15, “Discontinued Operations” for further details.
v3.25.2
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Aug. 02, 2025
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 August 3, 2024
5,239,593 
Authorized 6,237,914 
Granted(13,452,678)
Forfeited4,605,416 
Balance at August 2, 2025
2,630,245 
2019 Inducement Plan
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 August 3, 2024
10,094,852 $5.67 8.36$4,272 
Exercised(294,566)3.71 
Cancelled(483,791)11.50 
Balance at August 2, 2025
9,316,495 $5.43 7.41$6,774 
Options vested and exercisable at year-end6,510,370 $6.17 7.09$4,264 
Options vested and expected to vest at year-end9,311,243 $5.42 7.41$6,771 
Schedule of Unvested Restricted Stock Units Activity
RSU award activity under the 2017 Plan and 2019 Plan was as follows:
Unvested RSU Awards
 Class A Common StockWeighted-
Average
Grant Date
Fair Value
Unvested at August 3, 2024
8,239,439 $6.04 
Granted10,813,687 3.36 
Vested(7,423,416)4.61 
Forfeited(5,038,425)4.83 
Unvested at August 2, 2025
6,591,285 $4.18 
Schedule of Performance Stock Units Activity
PSU award activity under the 2017 Plan was as follows:
Unvested PSU Awards
 Class A Common StockWeighted-
Average
Grant Date
Fair Value
Unvested at August 3, 2024
— $— 
Granted2,638,991 3.48 
Unvested at August 2, 2025
2,638,991 $3.48 
Schedule of Black Scholes Option Pricing Model Assumptions
The fair value of stock options granted in fiscal 2024 and fiscal 2023 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, 2024July 29, 2023
Expected term (in years)
3.7 - 5.5
3.2 - 5.5
Volatility
77.3% - 79.9%
80.3% - 87.3%
Risk free interest rate
4.1% - 4.8%
3.6% - 4.4%
Dividend yield
—%
—%
The following assumptions are used to establish the fair value of the Company’s PSUs with market-based vesting conditions:
For the Fiscal Year Ended
August 2, 2025
Fair value per tranche
$3.01 - $3.64
Derived service period (in years)
0.59 - 1.57
Expected volatility
83.2%
Risk-free rate
3.8%
Cost of equity20.6%
v3.25.2
INCOME TAXES (Tables)
 12 Months Ended
Aug. 02, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income (Loss) Before Income Taxes
The components of loss from continuing operations before income taxes were as follows:
For the Fiscal Year Ended
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Loss from continuing operations before income taxes:
United States$(28,023)$(120,546)$(149,465)
Total loss from continuing operations before income taxes$(28,023)$(120,546)$(149,465)
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 2, 2025August 3, 2024July 29, 2023
Current:
Federal$305 $(1,663)$951 
State516 2 (80)
Total current$821 $(1,661)$871 
Deferred:
Total deferred$— $— $— 
Total income tax provision (benefit)$821 $(1,661)$871 
Schedule of Reconciliation of Effective Tax Rate to the Statutory Federal Rate
The reconciliation of our effective tax rate to the statutory federal rate was as follows:
For the Fiscal Year Ended
(in thousands, except percentages)August 2, 2025August 3, 2024July 29, 2023
Taxes at federal statutory rate$(5,885)21.0 %$(25,315)21.0 %$(31,388)21.0 %
State taxes, net of federal effect456 (1.6)%(11)0.0 %(214)0.1 %
Stock-based compensation1,310 (4.7)%8,376 (6.9)%14,917 (10.0)%
Change in valuation allowance4,579 (16.3)%22,179 (18.4)%25,022 (16.7)%
R&D credits(975)3.5 %(6,032)5.0 %(8,426)5.6 %
Uncertain tax positions— — %(1,545)1.3 %31 0.0 %
Return to provision(52)0.2 %(207)0.2 %2 0.0 %
Excess officer’s compensation (2)
1,032 (3.7)%376 (0.3)%445 (0.3)%
Meals and entertainment (2)
321 (1.1)%380 (0.3)%415 (0.3)%
Other35 (0.1)%138 (0.1)%67 0.0 %
Effective tax rate (1)
$821 (2.9)%$(1,661)1.4 %$871 (0.6)%
(1) Due to rounding, percentages in this table may not sum to totals.
(2) Fiscal 2024 and fiscal 2023 amounts have been reclassified to conform to the current fiscal year presentation. Amounts were previously classified as “Other.”
Schedule of Components of Net Deferred Tax Assets
The components of net deferred tax assets were as follows:
(in thousands)August 2, 2025August 3, 2024
Deferred tax assets:
Inventory reserve and UNICAP$14,612 $11,816 
Accruals and reserves2,165 1,937 
Research and development credits48,304 48,424 
Capitalized research and development costs48,602 40,094 
Stock-based compensation6,724 7,892 
Deferred revenue1,148 1,661 
Operating lease liability24,473 30,889 
Net operating losses53,880 59,938 
Other1,719 2,071 
Gross deferred tax assets$201,627 $204,722 
Less: valuation allowance(179,564)(176,732)
Deferred tax assets, net of valuation allowance$22,063 $27,990 
Deferred tax liabilities:
Depreciation and amortization$(8,281)$(10,747)
Operating lease right-of-use assets(13,400)(16,767)
Other(382)(476)
Gross deferred tax liabilities$(22,063)$(27,990)
Net deferred tax assets, net of valuation allowance$— $— 
Schedule of Reconciliation of Unrecognized Tax Benefits
A reconciliation of our unrecognized tax benefits is as follows:
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Balance at the beginning of the year$32,816 $29,916 $26,106 
Lapse of statute of limitations— (377)(474)
Increase related to prior period tax positions33 2,572 1,134 
Decrease related to prior period tax positions(18)(1,927)— 
Increase related to current year tax positions341 2,632 3,150 
Balance at the end of the year
$33,172 $32,816 $29,916 
Schedule of Valuation Allowance
A reconciliation of our valuation allowance was as follows:
(in thousands)August 2, 2025August 3, 2024
Valuation allowance at the beginning of the year$176,732 $154,757 
Valuation allowance charged to expense5,632 29,246 
Valuation allowance credited to other accounts(2,800)(7,271)
Valuation allowance at the end of the year$179,564 $176,732 
v3.25.2
NET LOSS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS AND COMMON STOCK (Tables)
 12 Months Ended
Aug. 02, 2025
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted EPS
The table below presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted loss per share from continuing operations attributable to Class A and Class B common stockholders:
 For the Fiscal Year Ended
(in thousands, except share and per share amounts)August 2, 2025August 3, 2024July 29, 2023
Numerator:
Net loss from continuing operations attributable to Class A and Class B common stockholders$(28,844)$(118,885)$(150,336)
Denominator:
Weighted-average shares of common stock - basic128,784,547 120,214,198 114,684,980 
Weighted-average shares of common stock - diluted128,784,547 120,214,198 114,684,980 
Loss per share from continuing operations attributable to Class A and Class B common stockholders:
Basic$(0.22)$(0.99)$(1.31)
Diluted$(0.22)$(0.99)$(1.31)
Schedule of Common Stock Equivalents Excluded from Computation of Diluted Earnings Per Share The following common stock equivalents were excluded from the computation of diluted loss per share from continuing operations because their effect would have been antidilutive for the periods presented:
 For the Fiscal Year Ended
 August 2, 2025August 3, 2024July 29, 2023
Performance restricted stock units that settle into Class A common stock (1)
2,638,991 — — 
Restricted stock units that settle into Class A common stock6,591,285 8,239,439 11,455,577 
Stock options to purchase Class A common stock8,620,586 9,368,354 7,297,653 
Stock options to purchase Class B common stock695,909 726,498 808,457 
Total18,546,771 18,334,291 19,561,687 
(1) Refer to Note 10, “Stock-based Compensation” for further details.
v3.25.2
SEGMENT REPORTING (Tables)
 12 Months Ended
Aug. 02, 2025
Segment Reporting [Abstract]  
Schedule of Segment Expenses
The following table presents selected financial information with respect to the Company's single reportable segment, including significant segment expenses that are regularly provided to the CODM:
For the Fiscal Year Ended
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Revenue, net$1,267,171 $1,337,468 $1,592,521 
Less:
Cost of goods sold
704,232 745,430 916,908 
Advertising expense117,254 111,399 111,581 
Stock-based compensation expense56,727 76,756 102,072 
Depreciation and amortization expense27,860 44,866 41,179 
Interest income(10,709)(11,250)(5,841)
Other (income) expense
(173)(1,631)25 
Provision (benefit) for income taxes
821 (1,661)871 
Other segment expenses (1)
400,003 492,444 576,062 
Net loss from continuing operations$(28,844)$(118,885)$(150,336)
(1) Other segment expenses is primarily comprised of payroll and benefits expenses, technology fees, facilities expense, asset impairment charges, and other general and administrative expenses.
v3.25.2
RESTRUCTURING (Tables)
 12 Months Ended
Aug. 02, 2025
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 2, 2025August 3, 2024July 29, 2023
Cash restructuring charges:
Severance and employee-related benefits (1)
$1,163 $10,065 $18,142 
Lease terminations (1)
— 1,466 — 
Other (1)
58 3,090 722 
Non-cash restructuring charges:
Asset impairments (1) (2)
— 19,283 16,874 
Accelerated depreciation (1)
— 9,021 2,805 
Other (1)
— 913 1,364 
Total restructuring (1)
$1,221 $43,838 $39,907 
(1) Recorded in selling, general, and administrative expenses.
(2) Includes impairments of both operating lease right-of-use assets and property and equipment.

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 29, 2023
$1,923 
Charges incurred14,621 
Cash payments(13,284)
Balance at August 3, 2024
$3,260 
Charges incurred1,221 
Cash payments(4,481)
Balance at August 2, 2025
$— 
v3.25.2
DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Aug. 02, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations, Assets and Liabilities and Components of Loss
The following table summarizes the major classes of assets and liabilities of discontinued operations, if any, which are summarized separately in the consolidated balance sheets:
(in thousands)August 2, 2025August 3, 2024
Accrued liabilities$— $502 
Current liabilities, discontinued operations — 502 
Total liabilities, discontinued operations $— $502 
The key components of loss from discontinued operations were as follows:
For the Fiscal Year Ended
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Revenue, net$— $9,377 $45,902 
Cost of goods sold— 6,771 29,994 
Gross profit— 2,606 15,908 
Selling, general, and administrative expenses47 11,618 38,425 
Operating profit (loss)(47)(9,012)(22,517)
Interest income— 187 379 
Other income (expense), net (1)
(5)(176)1,120 
Income (loss) before income taxes(52)(9,001)(21,018)
Provision (benefit) for income taxes(157)954 619 
Income (loss) from discontinued operations, net of income taxes$105 $(9,955)$(21,637)
(1) For fiscal year 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. Refer to Note 9, “Accumulated Other Comprehensive Income (Loss)” for further details.
v3.25.2
SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Aug. 02, 2025
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Inventory reserves $ 27,900 $ 27,900 $ 23,600  
Refund reserve 7,400 7,400 6,400  
Advertising expense   117,300 111,400 $ 111,600
June 9th, 2022 Restructuring Plan        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Restructuring charges   1,221 43,838 39,907
Asset impairments | June 9th, 2022 Restructuring Plan        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Restructuring charges   0 19,283 $ 16,874
Corporate Office Space | Asset impairments | June 9th, 2022 Restructuring Plan        
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 $ 1,100 $ 1,100 $ 600  
v3.25.2
SIGNIFICANT ACCOUNTING POLICIES - Schedule of Estimated Useful Lives of Assets (Details)
Aug. 02, 2025
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
v3.25.2
SIGNIFICANT ACCOUNTING POLICIES- Schedule of of Contractual Liabilities and Revenue Recognized (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Deferred Revenue Arrangement [Line Items]    
Deferred revenue $ 8,616 $ 9,217
Gift card liability 6,238 6,749
Upfront styling fees    
Deferred Revenue Arrangement [Line Items]    
Deferred revenue 4,939 4,859
Revenue recognized 4,842  
Style Pass annual fees    
Deferred Revenue Arrangement [Line Items]    
Deferred revenue 2,638 3,426
Revenue recognized 3,293  
Freestyle orders    
Deferred Revenue Arrangement [Line Items]    
Deferred revenue 1,039 932
Revenue recognized 607  
Gift card liability    
Deferred Revenue Arrangement [Line Items]    
Revenue recognized 2,135  
Referral credits    
Deferred Revenue Arrangement [Line Items]    
Revenue recognized 68  
Total deferred revenue    
Deferred Revenue Arrangement [Line Items]    
Deferred revenue 8,616 9,217
Referral credits    
Deferred Revenue Arrangement [Line Items]    
Deferred revenue $ 442 $ 179
v3.25.2
FAIR VALUE MEASUREMENTS - Schedule of Cash Equivalents and Investments Accounted for as Available-for-Sale Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Aug. 02, 2025
Aug. 03, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments $ 128,795 $ 84,106
U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 16,541 13,603
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 105,110 67,527
Asset backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 1,499 0
Yankee bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 5,645 0
U.S. Agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 2,976
Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 188,740 168,700
Fair Value, Recurring | U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 16,541 13,603
Fair Value, Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments $ 105,110 67,527
Fair Value, Recurring | Corporate bonds | Short-Term Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments with remaining maturities 1 year  
Fair Value, Recurring | Corporate bonds | Other Long-Term Investments | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments with remaining maturities 1 year  
Fair Value, Recurring | Corporate bonds | Other Long-Term Investments | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments with remaining maturities 5 years  
Fair Value, Recurring | Asset backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments $ 1,499 0
Fair Value, Recurring | Yankee bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 5,645 0
Fair Value, Recurring | U.S. Agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 2,976
Fair Value, Recurring | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 59,945 84,594
Fair Value, Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 76,486 98,197
Fair Value, Recurring | Level 1 | U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 16,541 13,603
Fair Value, Recurring | Level 1 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Fair Value, Recurring | Level 1 | Asset backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Fair Value, Recurring | Level 1 | Yankee bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Fair Value, Recurring | Level 1 | U.S. Agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Fair Value, Recurring | Level 1 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 59,945 84,594
Fair Value, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 112,254 70,503
Fair Value, Recurring | Level 2 | U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Fair Value, Recurring | Level 2 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 105,110 67,527
Fair Value, Recurring | Level 2 | Asset backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 1,499 0
Fair Value, Recurring | Level 2 | Yankee bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 5,645 0
Fair Value, Recurring | Level 2 | U.S. Agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 2,976
Fair Value, Recurring | Level 2 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Fair Value, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 0 0
Fair Value, Recurring | Level 3 | U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Fair Value, Recurring | Level 3 | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Fair Value, Recurring | Level 3 | Asset backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Fair Value, Recurring | Level 3 | Yankee bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Fair Value, Recurring | Level 3 | U.S. Agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term Investments 0 0
Fair Value, Recurring | Level 3 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 $ 0
v3.25.2
FAIR VALUE MEASUREMENTS - Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-for-sale Investments (Details) - USD ($)
$ in Thousands
Aug. 02, 2025
Aug. 03, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 128,800 $ 84,012
Gross Unrealized Gains 29 107
Gross Unrealized Losses (34) (13)
Fair Value 128,795 84,106
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 16,542 13,588
Gross Unrealized Gains 0 16
Gross Unrealized Losses (1) (1)
Fair Value 16,541 13,603
Corporate bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 105,115 67,451
Gross Unrealized Gains 28 88
Gross Unrealized Losses (33) (12)
Fair Value 105,110 67,527
Asset backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,499 0
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 1,499 0
Yankee bonds    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 5,644 0
Gross Unrealized Gains 1 0
Gross Unrealized Losses 0 0
Fair Value 5,645 0
U.S. Agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 0 2,973
Gross Unrealized Gains 0 3
Gross Unrealized Losses 0 0
Fair Value $ 0 $ 2,976
v3.25.2
LEASES - Additional Information (Details) - renewal_option
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Lessee, Lease, Description [Line Items]    
Number of renewal options 1  
Sublease option to extend (in years) 2 years  
Weighted average remaining lease term 4 years 4 months 24 days 5 years 1 month 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 (in years) 2 years  
Maximum    
Lessee, Lease, Description [Line Items]    
Term of lease contracts (in years) 11 years  
Lessor, operating lease, term of contract (in years) 8 years  
v3.25.2
LEASES - Schedule of Maturities of Operating Lease Liabilities (Details)
$ in Thousands
Aug. 02, 2025
USD ($)
Leases [Abstract]  
2026 $ 27,102
2027 26,342
2028 22,544
2029 9,170
2030 9,409
Thereafter 10,188
Total undiscounted future minimum lease payments 104,755
Less: imputed interest 11,244
Total discounted future minimum lease payments 93,511
Minimum lease payments $ 27,300
v3.25.2
LEASES - Schedule of Supplemental Cash Flows Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Lessee, Lease, Description [Line Items]    
Cash paid for amounts included in the measurement of operating lease liabilities $ 29,966 $ 35,461
Operating lease right-of-use assets obtained in exchange for operating lease liabilities, net of impairments and other reductions 0 (21,055)
Operating lease impairment 0 16,562
Loss on early termination $ 0 $ 1,465
v3.25.2
LEASES - Schedule of Lease Components (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Leases [Abstract]    
Operating lease cost $ 18,206 $ 26,949
Variable lease costs 7,253 8,807
Short-term lease costs 3 13
Operating lease impairment 0 16,562
Loss on early termination 0 1,465
Sublease income (9,044) (8,216)
Total $ 16,418 $ 45,580
v3.25.2
PROPERTY AND EQUIPMENT, NET - Schedule of Estimated Useful Lives of Assets (Details) - USD ($)
$ in Thousands
Aug. 02, 2025
Aug. 03, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment $ 222,705 $ 207,185
Less: accumulated depreciation and amortization (179,506) (155,668)
Property and equipment, net 43,199 51,517
Computer equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment 6,931 7,136
Office furniture and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment 39,918 39,604
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment 38,520 40,279
Capitalized software    
Property, Plant and Equipment [Line Items]    
Property and equipment 135,353 120,003
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment $ 1,983 $ 163
v3.25.2
PROPERTY AND EQUIPMENT, NET - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Property, Plant and Equipment [Abstract]      
Depreciation and amortization expense $ 27.9 $ 44.9 $ 41.2
v3.25.2
ACCRUED LIABILITIES (Details) - USD ($)
$ in Thousands
Aug. 02, 2025
Aug. 03, 2024
Payables and Accruals [Abstract]    
Compensation and related benefits $ 21,425 $ 13,804
Advertising 10,712 6,967
Sales taxes 5,785 6,583
Shipping and freight 10,546 10,998
Accrued accounts payable 4,189 10,607
Inventory purchases 13,007 14,473
Sales refund reserve 7,419 6,417
Other 3,265 3,158
Total accrued liabilities $ 76,348 $ 73,007
v3.25.2
CREDIT FACILITY (Details) - USD ($)
Dec. 04, 2023
Aug. 02, 2025
Credit Facility | 2023 Credit Facility | Citibank, N.A.    
Debt Instrument [Line Items]    
Maximum borrowing capacity $ 50,000,000.0 $ 50,000,000.0
Remaining borrowing capacity   0
Credit Facility | Credit Agreement | Letter of Credit    
Debt Instrument [Line Items]    
Excess borrowing availability   $ 31,300,000
2023 Credit Facility | Credit Agreement    
Debt Instrument [Line Items]    
Credit outstanding $ 30,000,000.0  
Commitment fee percentage 0.30%  
Basis spread on variable rate (as a percent) 0.00%  
2023 Credit Facility | Credit Agreement | Secured Overnight Financing Rate (SOFR)    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 2.00%  
2023 Credit Facility | Credit Agreement | Base Rate    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 2.00%  
2023 Credit Facility | Credit Agreement | Federal Funds Rate    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 0.50%  
2023 Credit Facility | Credit Agreement | Eurodollar    
Debt Instrument [Line Items]    
Basis spread on variable rate (as a percent) 1.00%  
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Millions
Aug. 02, 2025
Jul. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Inventory purchase commitments $ 138.4  
Total amount contractually committed to spend   $ 63.7
v3.25.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Changes in Accumulated Other Comprehensive Income (Loss) By Component      
Stockholders' equity, beginning balance $ 187,022,000 $ 247,310,000 $ 322,651,000
Other comprehensive income (loss) before reclassifications (104,000) (2,007,000)  
Amounts reclassified from AOCI 5,000 0  
Release of cumulative foreign currency translation adjustments associated with discontinued operations 0 1,145,000  
Total other comprehensive income (loss), net of tax (99,000) (862,000) 4,054,000
Stockholders' equity, ending balance 202,978,000 187,022,000 247,310,000
Losses on available-for-sale securities 0 0  
Total      
Changes in Accumulated Other Comprehensive Income (Loss) By Component      
Stockholders' equity, beginning balance (335,000) 527,000 (3,527,000)
Total other comprehensive income (loss), net of tax (99,000) (862,000) 4,054,000
Stockholders' equity, ending balance (434,000) (335,000) 527,000
Available-for-sale Securities      
Changes in Accumulated Other Comprehensive Income (Loss) By Component      
Stockholders' equity, beginning balance (335,000) (602,000)  
Other comprehensive income (loss) before reclassifications (104,000) 267,000  
Amounts reclassified from AOCI 5,000 0  
Release of cumulative foreign currency translation adjustments associated with discontinued operations 0 0  
Total other comprehensive income (loss), net of tax (99,000) 267,000  
Stockholders' equity, ending balance (434,000) (335,000) (602,000)
Foreign Currency Translation      
Changes in Accumulated Other Comprehensive Income (Loss) By Component      
Stockholders' equity, beginning balance 0 1,129,000  
Other comprehensive income (loss) before reclassifications 0 (2,274,000)  
Amounts reclassified from AOCI 0 0  
Release of cumulative foreign currency translation adjustments associated with discontinued operations 0 1,145,000  
Total other comprehensive income (loss), net of tax 0 (1,129,000)  
Stockholders' equity, ending balance $ 0 $ 0 $ 1,129,000
v3.25.2
STOCK-BASED COMPENSATION - Additional Information (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Jul. 31, 2025
tranche
Aug. 02, 2025
USD ($)
vote
shares
Aug. 03, 2024
USD ($)
$ / shares
shares
Jul. 29, 2023
USD ($)
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Options granted during period (in shares)   0    
Weighted-average grant date fair value of options granted (in dollars per share) | $ / shares     $ 2.09 $ 2.72
Grant date fair value of options vested | $   $ 7.3 $ 7.1 $ 11.8
Aggregate intrinsic value | $   0.4 0.1 0.4
Unrecognized compensation expense related to unvested options and RSUs, net of forfeitures | $   $ 33.2    
Unrecognized compensation expense related to unvested options weighted average recognition period   1 year 2 months 19 days    
Employees        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock-based compensation expense | $   $ 56.7 $ 76.8 $ 102.1
Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   1 year    
Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   3 years    
2017 Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares available for grant (in shares)   2,630,245    
2017 Incentive Plan | Class A Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized for issuance (in shares)   50,276,797    
2019 Inducement Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares available for grant (in shares)   1,967,541    
2019 Inducement Plan | Class A Common Stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized for issuance (in shares)   10,750,000    
Stock Options | 2011 Equity Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee stock options vesting percentage   25.00%    
Award vesting period   3 years    
Options exercisable period   10 years    
Stock Options | 2017 Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Options exercisable period   10 years    
Number of shares authorized for issuance (in shares)   6,237,914    
Number of shares available for grant (in shares)   2,630,245 5,239,593  
Stock Options | 2017 Incentive Plan | Share-Based Payment Arrangement, Tranche One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   6 months    
Stock Options | 2017 Incentive Plan | Share-Based Payment Arrangement, Tranche Two        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period   30 months    
Performance-Based Stock Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee stock options vesting percentage 25.00%      
Award vesting period 4 years      
Number of votes per share | vote   1    
Number of tranches | tranche 4      
Consecutive trading days 30 days      
Performance-Based Stock Awards | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee stock options vesting percentage   0.00%    
Performance-Based Stock Awards | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee stock options vesting percentage   150.00%    
v3.25.2
STOCK-BASED COMPENSATION - Schedule of Shares Available For Grant (Details) - 2017 Incentive Plan
 12 Months Ended
Aug. 02, 2025
shares
Shares Available for Grant  
Outstanding, ending balance (in shares) 2,630,245
Stock Options  
Shares Available for Grant  
Outstanding, beginning balance (in shares) 5,239,593
Authorized (in shares) 6,237,914
Granted (in shares) (13,452,678)
Forfeited (in shares) 4,605,416
Outstanding, ending balance (in shares) 2,630,245
v3.25.2
STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - 2011, 2017, and 2019 Plans - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Number of Options    
Outstanding, beginning balance (in shares) 10,094,852  
Exercised (in shares) (294,566)  
Cancelled (in shares) (483,791)  
Outstanding, ending balance (in shares) 9,316,495 10,094,852
Options vested and exercisable (in shares) 6,510,370  
Options vested and expected to vest (in shares) 9,311,243  
Weighted- Average Exercise Price    
Outstanding, beginning balance (in dollars per share) $ 5.67  
Exercised (in dollars per share) 3.71  
Cancelled (in dollars per share) 11.50  
Outstanding, ending balance (in dollars per share) 5.43 $ 5.67
Options vested and exercisable (in dollars per share) 6.17  
Options vested and expected to vest (in dollars per share) $ 5.42  
Weighted- Average Remaining Contractual Life (in years)    
Outstanding, weighted-average remaining contractual life 7 years 4 months 28 days 8 years 4 months 9 days
Options vested and exercisable, weighted-average remaining contractual life 7 years 1 month 2 days  
Options vested and expected to vest, weighted-average remaining contractual life 7 years 4 months 28 days  
Aggregate Intrinsic Value (in thousands)    
Outstanding, aggregate intrinsic value $ 6,774 $ 4,272
Options vested and exercisable, aggregate intrinsic value 4,264  
Options vested and expected to vest, aggregate intrinsic value $ 6,771  
v3.25.2
STOCK-BASED COMPENSATION - Schedule of Restricted Stock Units Award Activity (Details) - Class A Common Stock - Restricted Stock Units
 12 Months Ended
Aug. 02, 2025
$ / shares
shares
Class A Common Stock  
Unvested, beginning balance (in shares) | shares 8,239,439
Granted (in shares) | shares 10,813,687
Vested (in shares) | shares (7,423,416)
Forfeited (in shares) | shares (5,038,425)
Unvested, ending balance (in shares) | shares 6,591,285
Weighted- Average Grant Date Fair Value  
Unvested, beginning balance (in dollars per share) | $ / shares $ 6.04
Granted (in dollars per share) | $ / shares 3.36
Vested (in dollars per share) | $ / shares 4.61
Forfeited (in dollars per share) | $ / shares 4.83
Unvested, ending balance (in dollars per share) | $ / shares $ 4.18
v3.25.2
STOCK-BASED COMPENSATION - Schedule of Performance Stock Units Activity (Details) - Class A Common Stock - Performance-Based Stock Awards
 12 Months Ended
Aug. 02, 2025
$ / shares
shares
Class A Common Stock  
Unvested, beginning balance (in shares) | shares 0
Granted (in shares) | shares 2,638,991
Unvested, ending balance (in shares) | shares 2,638,991
Weighted- Average Grant Date Fair Value  
Unvested, beginning balance (in dollars per share) | $ / shares $ 0
Granted (in dollars per share) | $ / shares 3.48
Unvested, ending balance (in dollars per share) | $ / shares $ 3.48
v3.25.2
STOCK-BASED COMPENSATION - Schedule of Black Scholes Option Pricing Model Assumptions (Details) - $ / shares
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Volatility, minimum 77.30% 80.30%
Volatility, maximum 79.90% 87.30%
Risk free interest rate, minimum 4.10% 3.60%
Risk free interest rate, maximum 4.80% 4.40%
Dividend yield 0.00% 0.00%
Expected volatility 83.20%  
Risk free interest rate 3.80%  
Cost of equity 20.60%  
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
Fair value per tranche $ 3.01  
Derived service period (in years) 7 months 2 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
Fair value per tranche $ 3.64  
Derived service period (in years) 1 year 6 months 25 days  
v3.25.2
INCOME TAXES- Schedule of Components of Net Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Income Tax Disclosure [Abstract]      
United States $ (28,023) $ (120,546) $ (149,465)
Loss before income taxes $ (28,023) $ (120,546) $ (149,465)
v3.25.2
INCOME TAXES - Schedule of Components of the Provision for Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Current:      
Federal $ 305 $ (1,663) $ 951
State 516 2 (80)
Total current 821 (1,661) 871
Total deferred 0 0 0
Total income tax provision (benefit) $ 821 $ (1,661) $ 871
v3.25.2
INCOME TAXES - Schedule of Reconciliation of Effective Tax Rate to the Statutory Federal Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Income Tax Disclosure [Abstract]      
Taxes at federal statutory rate $ (5,885) $ (25,315) $ (31,388)
Taxes at federal statutory rate (in percent) 21.00% 21.00% 21.00%
State taxes, net of federal effect $ 456 $ (11) $ (214)
State taxes, net of federal effect (in percent) (1.60%) 0.00% 0.10%
Stock-based compensation $ 1,310 $ 8,376 $ 14,917
Stock-based compensation (in percent) (4.70%) (6.90%) (10.00%)
Change in valuation allowance $ 4,579 $ 22,179 $ 25,022
Change in valuation allowance (in percent) (16.30%) (18.40%) (16.70%)
R&D credits $ (975) $ (6,032) $ (8,426)
R&D credits (in percent) 3.50% 5.00% 5.60%
Uncertain tax positions $ 0 $ (1,545) $ 31
Uncertain tax positions (in percent) 0.00% 1.30% 0.00%
Return to provision $ (52) $ (207) $ 2
Return to provision (in percent) 0.20% 0.20% 0.00%
Excess officer’s compensation $ 1,032 $ 376 $ 445
Excess officer’s compensation (in percent) (3.70%) (0.30%) (0.30%)
Meals and entertainment $ 321 $ 380 $ 415
Meals and entertainment (in percent) (1.10%) (0.30%) (0.30%)
Other $ 35 $ 138 $ 67
Other (in percent) (0.10%) (0.10%) 0.00%
Total income tax provision (benefit) $ 821 $ (1,661) $ 871
Effective tax rate (in percent) (2.90%) 1.40% (0.60%)
v3.25.2
INCOME TAXES - Schedule of Components of Net Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Deferred tax assets:      
Inventory reserve and UNICAP $ 14,612 $ 11,816  
Accruals and reserves 2,165 1,937  
Research and development credits 48,304 48,424  
Capitalized research and development costs 48,602 40,094  
Stock-based compensation 6,724 7,892  
Deferred revenue 1,148 1,661  
Operating lease liability 24,473 30,889  
Net operating losses 53,880 59,938  
Other 1,719 2,071  
Gross deferred tax assets 201,627 204,722  
Less: valuation allowance (179,564) (176,732) $ (154,757)
Deferred tax assets, net of valuation allowance 22,063 27,990  
Deferred tax liabilities:      
Depreciation and amortization (8,281) (10,747)  
Operating lease right-of-use assets (13,400) (16,767)  
Other (382) (476)  
Gross deferred tax liabilities (22,063) (27,990)  
Net deferred tax assets, net of valuation allowance $ 0 $ 0  
v3.25.2
INCOME TAXES - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]    
Operating loss carryforward, subject to expiration $ 237.6 $ 237.6
Valuation allowance, increase (decrease) 2.8 22.0
California    
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]    
Research and development tax credit carryforwards 24.2 24.1
Domestic Tax Authority    
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]    
Operating loss carryforwards 161.1 186.7
Research and development tax credit carryforwards 57.3 57.1
State    
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]    
Operating loss carryforwards $ 311.7 $ 328.5
v3.25.2
INCOME TAXES - Schedule of Uncertain Tax Positions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Reconciliation of Unrecognized Tax Benefits      
Balance at the beginning of the year $ 32,816 $ 29,916 $ 26,106
Lapse of statute of limitations 0 (377) (474)
Increase related to prior period tax positions 33 2,572 1,134
Decrease related to prior period tax positions (18) (1,927) 0
Increase related to current year tax positions 341 2,632 3,150
Balance at the end of the year $ 33,172 $ 32,816 $ 29,916
v3.25.2
INCOME TAXES - Schedule of Valuation Allowance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Income Taxes Valuation Allowance [Roll Forward]    
Valuation allowance at the beginning of the year $ 176,732 $ 154,757
Valuation allowance charged to expense 5,632 29,246
Valuation allowance credited to other accounts (2,800) (7,271)
Valuation allowance at the end of the year $ 179,564 $ 176,732
v3.25.2
NET LOSS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS AND COMMON STOCK - Additional Information (Details)
 12 Months Ended
Aug. 02, 2025
USD ($)
vote
class
Jan. 31, 2022
USD ($)
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Number of new classes of common stock authorized | class 2  
Common stock, conversion ratio 1  
Aggregate purchase price | $ $ 120,000,000  
Class A Common Stock    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Share repurchase amount | $   $ 150,000,000
Class A Common Stock | IPO    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Number of votes per share | vote 1  
Class B Common Stock | IPO    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Number of votes per share | vote 10  
v3.25.2
NET LOSS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS AND COMMON STOCK - Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted EPS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Numerator:      
Net loss from continuing operations attributable to Class A and Class B common stockholders $ (28,844) $ (118,885) $ (150,336)
Denominator:      
Weighted-average shares of common stock - basic (in shares) 128,784,547 120,214,198 114,684,980
Weighted-average shares of common stock - diluted (in shares) 128,784,547 120,214,198 114,684,980
Loss per share from continuing operations attributable to Class A and Class B common stockholders:      
Basic (in dollars per share) $ (0.22) $ (0.99) $ (1.31)
Diluted (in dollars per share) $ (0.22) $ (0.99) $ (1.31)
v3.25.2
NET LOSS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON STOCKHOLDERS AND COMMON STOCK - Schedule of Common Stock Equivalents Excluded from Computation of Diluted Earnings (Loss) Per Share (Details) - shares
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total (in shares) 18,546,771 18,334,291 19,561,687
Performance-Based Stock Awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total (in shares) 2,638,991 0 0
Restricted Stock Units      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total (in shares) 6,591,285 8,239,439 11,455,577
Stock Options | Class A Common Stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total (in shares) 8,620,586 9,368,354 7,297,653
Stock Options | Class B Common Stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total (in shares) 695,909 726,498 808,457
v3.25.2
SEGMENT REPORTING - Additional Information (Details)
 12 Months Ended
Aug. 02, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.2
SEGMENT REPORTING - Schedule of Segment Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Segment Reporting Information [Line Items]      
Revenue, net $ 1,267,171 $ 1,337,468 $ 1,592,521
Cost of goods sold 704,232 745,430 916,908
Advertising expense 117,300 111,400 111,600
Stock-based compensation expense 56,727 76,756 102,072
Depreciation and amortization expense 27,900 44,900 41,200
Provision (benefit) for income taxes 821 (1,661) 871
Net loss from continuing operations (28,844) (118,885) (150,336)
Reportable Segment      
Segment Reporting Information [Line Items]      
Revenue, net 1,267,171 1,337,468 1,592,521
Cost of goods sold 704,232 745,430 916,908
Advertising expense 117,254 111,399 111,581
Stock-based compensation expense 56,727 76,756 102,072
Depreciation and amortization expense 27,860 44,866 41,179
Interest income (10,709) (11,250) (5,841)
Other (income) expense (173) (1,631) 25
Provision (benefit) for income taxes 821 (1,661) 871
Other segment expenses 400,003 492,444 576,062
Net loss from continuing operations $ (28,844) $ (118,885) $ (150,336)
v3.25.2
RESTRUCTURING - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Severance and employee-related benefits      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 1,221 $ 14,621  
June 9th, 2022 Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 1,221 43,838 $ 39,907
June 9th, 2022 Restructuring Plan | Severance and employee-related benefits      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 1,163 $ 10,065 $ 18,142
v3.25.2
RESTRUCTURING - Schedule of Components of Restructuring Charges (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring Incurred Cost, Statement of Income or Comprehensive Income, Extensible Enumeration Not Disclosed, Flag false false false
Severance and employee-related benefits      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 1,221 $ 14,621  
June 9th, 2022 Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 1,221 43,838 $ 39,907
June 9th, 2022 Restructuring Plan | Severance and employee-related benefits      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 1,163 10,065 18,142
June 9th, 2022 Restructuring Plan | Lease termination      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 0 1,466 0
June 9th, 2022 Restructuring Plan | Other      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 58 3,090 722
June 9th, 2022 Restructuring Plan | Asset impairments      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 0 19,283 16,874
June 9th, 2022 Restructuring Plan | Accelerated depreciation      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 0 9,021 2,805
June 9th, 2022 Restructuring Plan | Other      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 0 $ 913 $ 1,364
v3.25.2
RESTRUCTURING - Schedule of Restructuring Charges Rollforward (Details) - Severance and employee-related benefits - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance $ 3,260 $ 1,923
Charges incurred 1,221 14,621
Cash payments (4,481) (13,284)
Restructuring reserve, ending balance $ 0 $ 3,260
v3.25.2
DISCONTINUED OPERATIONS - Schedule of Major Classes of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Aug. 02, 2025
Aug. 03, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current liabilities, discontinued operations $ 0 $ 502
Discontinued Operations | Operation of UK Business    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Accrued liabilities 0 502
Current liabilities, discontinued operations 0 502
Total liabilities, discontinued operations $ 0 $ 502
v3.25.2
DISCONTINUED OPERATIONS - Schedule of Components of Loss from Discontinued Operations (Details) - Discontinued Operations - Operation of UK Business - USD ($)
$ in Thousands
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Revenue, net $ 0 $ 9,377 $ 45,902
Cost of goods sold 0 6,771 29,994
Gross profit 0 2,606 15,908
Selling, general, and administrative expenses 47 11,618 38,425
Operating profit (loss) (47) (9,012) (22,517)
Interest income 0 187 379
Other income (expense), net (5) (176) 1,120
Income (loss) before income taxes (52) (9,001) (21,018)
Provision (benefit) for income taxes (157) 954 619
Income (loss) from discontinued operations, net of income taxes $ 105 $ (9,955) $ (21,637)
v3.25.2
DISCONTINUED OPERATIONS - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 02, 2025
Aug. 03, 2024
Jul. 29, 2023
Discontinued Operations | Operation of UK Business | UNITED KINGDOM | Facility Closing      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Restructuring charges $ 0.1 $ 5.3 $ 4.7