Figs reports Q3 EPS (1c), consensus (1c)

Reports Q3 revenue $140.2M, consensus $143.1M. Reports Q3: Active customers as of September 30, 2024 increased 3.8% year over year to 2.7 million. Net revenues per active customer(2)(5) were $205, a decrease of 3.3% year over year. AOV(2)(5) was $108, a decrease of 5.3% year over year, primarily driven by a combination of factors including lower units per transaction, higher discounts and returns, and the accounting reclassification between net revenues and selling expense related to duty subsidies for international customers. “The third quarter included several key investments to support and scale FIGS (FIGS), highlighted by our incredible Olympics campaign with the Team USA Medical Team and the completed transition of our fulfillment center to a state-of-the-art, highly-automated facility,” said Trina Spear, Chief Executive Officer and Co-Founder. “Our financial performance during the period continued to show positive signs with brand interest and engagement remaining high, newness and innovation resonating, and frequency improving. We also experienced several challenges in the quarter, including the impacts of our footwear inventory and pricing, our promotional timing, and the costs to ramp up our fulfillment center, which we are addressing to further strengthen our performance. Additionally, our focus on a strong balance sheet and cash flow provide ongoing flexibility to invest in our core business, return value to shareholders and find unique ways to disrupt the industry.”