The following is a summary of the FIGS, Inc. (FIGS) Q1 2024 Earnings Call Transcript:
Financial Performance:
FIGS reported net revenues down less than 1% to $119.3 million, at the upper end of expectations for Q1 2024.
Gross margin was 68.9% down due to a product mix shift from 71.3% in Q1 2023.
Active customers for the trailing 12-month period rose by 8.6% compared to last year.
International net revenues grew by 29% in the first quarter compared to 2023.
Average Order Value increased, reaching $116 in this quarter from $94 in 2019.
Reported a 28% year-over-year decline in inventory, indicating improved inventory management.
Business Progress:
The company enhanced their product and technical development teams and supply chain.
New product introductions were well received; plans to introduce new fabrications and categories to cater to healthcare professionals' needs.
Significant investments made in developing ordering platforms for catering to larger customer teams.
Opened a new retail outlet in Philadelphia, aiming for growth through a 'test, learn, apply, and win' approach.
Transitioning its fulfillment center to a better facility to improve delivery and customer experiences.
Significant product diversification seen across categories like outerwear, FIGSPRO, etc.
Expecting growth from existing and returning customers driven by new product innovations and effective marketing campaigns.
Activating global expansion plans, starting with a facility in Canada.
Focused brand storytelling and product launch efforts bringing more healthcare professionals into the FIGS's customer base.
More details: FIGS Inc IR
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