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Figs Inc (NYSE:FIGS) reported its fourth-quarter financial results after the bell Wednesday. Here's a look at the details.
The Details: Figs reported quarterly earnings of 5 cents per share which beat the analyst consensus estimate of 2 cents per share.
Quarterly sales came in at $144.92 million which missed the analyst consensus estimate of $149.58 million and is a slight increase over sales of $144.9 million from the same period last year.
Figs announced its CFO, Daniella Turenshine, will step down on April 12 and Kevin Fosty, currently vice president, corporate controller of the company, will assume the role of Interim CFO.
“Looking back on 2023, we delivered strong growth and profitability, reduced inventory levels by 33% and generated cash flow from operations of $100 million, while advancing a number of our growth strategies,” said Trina Spear, CEO of Figs.
“Looking ahead to 2024, we expect demand to be impacted by macroeconomic factors, and we also recognize the healthcare workforce related stress that is affecting our community. We are taking swift action to rebuild momentum and reignite the word-of-mouth flywheel that has driven our success as a digital brand,” Spear added.
Outlook: Figs expects 2024 net revenue growth in a range of flat from 2023 to down in the mid-single digits and an adjusted EBITDA margin of between 11% and 12%.
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FIGS Price Action: According to Benzinga Pro, Figs shares are trading down 13.43% after-hours at $5.22 at the time of publication Wednesday.
This illustration was generated using artificial intelligence via MidJourney.
Posted In: FIGS
