KIDPIK Reports Second Quarter 2024 Financial Results

Kidpik Corp. (“KIDPIK” or the “Company”), an online clothing subscription-based e-commerce company, today reported its financial results for the second quarter 2024 ended June 29, 2024.

Second Quarter 2024 Highlights:

  • Revenue, net: was $1.1 million, a year-over-year decrease of 67.3%.
  • Gross margin: was 66.2%, compared to 60.2% in the second quarter of 2023.
  • Shipped items: were 135,000 items, compared to 290,000 shipped items in the second quarter of 2023.
  • Average shipment keep rate: decreased to 74.6%, compared to 75.1% in the second quarter of 2023.
  • Net Loss: was $1.3 million or $0.67 per share, compared to $2.0 million or $1.31 per share in the second quarter of 2023.

“As previously disclosed, on March 29, 2024, we entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) with Nina Footwear Corp., a Delaware corporation (“Nina Footwear”), and Kidpik Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Kidpik (“Merger Sub”), whereby Nina Footwear will merge with and into Merger Sub, with Nina Footwear continuing as the surviving entity trading, trading on Nasdaq under the new symbol – ‘NINA’, upon closing (the “Merger”). While we work towards closing the Merger, we have eliminated marketing expenditures for subscription services and ceased the purchase of new inventory as we are working to clear and maximize the return on our current inventory in anticipation of the combination with Nina Footwear,” stated Mr. Ezra Dabah, the Company’s Chief Executive Officer.

“We and Nina Footwear remain committed to closing the Merger, a transaction which we believe will increase Kidpik’s revenue, cashflow and prospects, while also strengthening Kidpik’s balance sheet and significantly increasing stockholder value, said Mr. Dabah.”

The closing of the Merger is subject to customary closing conditions, including the preparation and mailing of a proxy statement by Kidpik, and the receipt of required stockholder approvals from Kidpik and Nina Footwear stockholders, and is expected to close in the fourth quarter of 2024.

Kidpik will not be holding an earnings call to discuss second quarter 2024 results, as the Company continues to move forward with the Merger.

About Kidpik Corp.

Founded in 2016, KIDPIK (Nasdaq:PIK) is an online clothing subscription box for kids, offering mix & match, expertly styled outfits that are curated based on each member’s style preferences. KIDPIK delivers a surprise box monthly or seasonally, providing an effortless shopping experience for parents and a fun discovery for kids. Each seasonal collection is designed in-house by a team with decades of experience designing childrenswear. KIDPIK combines the expertise of fashion stylists with proprietary data and technology to translate kids’ unique style preferences into surprise boxes of curated outfits. We also sell our branded clothing and footwear through our e-commerce website, shop.kidpik.com. For more information, visit www.kidpik.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). These include, but are not limited to, statements regarding the anticipated completion, timing and effects of the proposed Merger, projections and estimates of Kidpik’s corporate strategies, future operations and plans, including the costs thereof; and other statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Kidpik and Nina Footwear undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including, but not limited to, the outcome of any legal proceedings that may be instituted against Nina Footwear or Kidpik following the announcement of the Merger; the inability to complete the Merger, including due to the failure to obtain approval of the stockholders of Kidpik or Nina Footwear; delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regular reviews required to complete the Merger, if any; the inability to recognize the anticipated benefits of the Merger, which may be affected by, among other things, competition, the ability of the combined company to grow and successfully execute on its business plan; costs related to the Merger; the timing to complete the Merger; changes in the applicable laws or regulations; the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; the combined company’s ability to manage future growth; the combined company’s ability to raise funding; the complexity of numerous regulatory and legal requirements that the combined company needs to comply with to operate its business; the reliance on the combined company’s management; the prior experience and successes of the combined company’s management team are not indicative of any future success; Kidpik’s and the combined company’s ability to meet Nasdaq’s continued listing requirements, including the fact that Kidpik is not currently in compliance with Nasdaq’s continued listing standards; Kidpik and the combined company’s ability to maintain the listing of their common stock on Nasdaq; the ability to obtain additional funding, the terms of such funding and potential dilution caused thereby; the continuing effect of rising interest rates and inflation on Kidpik’s and the combined company’s operations, sales, and market for their products; deterioration of the global economic environment; rising interest rates and inflation and Kidpik’s and the combined company’s ability to control costs, including employee wages and benefits and other operating expenses; Kidpik’s decision to cease purchasing new products; Kidpik’s history of losses; Kidpik’s and the combined company’s ability to maintain current members and customers and grow members and customers; risks associated with the effect of global pandemics, and governmental responses thereto on Kidpik’s and the combined company’s operations, those of Kidpik’s and the combined company’s vendors, Kidpik’s and the combined company’s customers and members and the economy in general; risks associated with Kidpik’s and the combined company’s supply chain and third-party service providers, interruptions in the supply of raw materials and merchandise; increased costs of raw materials, products and shipping costs due to inflation; disruptions at Kidpik’s and the combined company’s warehouse facility and/or of their data or information services, Kidpik’s and the combined company’s ability to locate warehouse and distribution facilities and the lease terms of any such facilities; issues affecting our shipping providers; disruptions to the internet; risks that effect our ability to successfully market Kidpik’s and the combined company’s products to key demographics; the effect of data security breaches, malicious code and/or hackers; increased competition and our ability to maintain and strengthen Kidpik’s and the combined company’s brand name; changes in consumer tastes and preferences and changing fashion trends; material changes and/or terminations of Kidpik’s and the combined company’s relationships with key vendors; significant product returns from customers, excess inventory and Kidpik’s and the combined company’s ability to manage our inventory; the effect of trade restrictions and tariffs, increased costs associated therewith and/or decreased availability of products; Kidpik’s and the combined company’s ability to innovate, expand their offerings and compete against competitors which may have greater resources; the fact that Kidpik’s Chief Executive Officer has majority voting control over Kidpik and will have majority control over the combined company; if the use of “cookie” tracking technologies is further restricted, regulated, or blocked, or if changes in technology cause cookies to become less reliable or acceptable as a means of tracking consumer behavior; Kidpik’s and the combined company’s ability to comply with the covenants of future loan and lending agreements and covenants; Kidpik’s and the combined company’s ability to prevent credit card and payment fraud; the risk of unauthorized access to confidential information; Kidpik’s and the combined company’s ability to protect intellectual property and trade secrets, claims from third-parties that Kidpik and/or the combined company have violated their intellectual property or trade secrets and potential lawsuits in connection therewith; Kidpik’s and the combined company’s ability to comply with changing regulations and laws, penalties associated with any non-compliance (inadvertent or otherwise), the effect of new laws or regulations, and Kidpik’s and the combined company’s ability to comply with such new laws or regulations; changes in tax rates; Kidpik’s and the combined company’s reliance and retention of management; the outcome of future lawsuits, litigation, regulatory matters or claims; the fact that Kidpik and the combined company have a limited operating history; dilution caused by the conversion of convertible debtentures; the effect of future acquisitions on Kidpik’s and the combined company’s operations and expenses; and others that are included from time to time in filings made by Kidpik with the Securities and Exchange Commission, many of which are beyond the control of Kidpik and the combined company, including, but not limited to, in the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” sections in Kidpik’s Form 10-Ks and Form 10-Qs and in its Form 8-Ks, which it has filed, and files from time to time, with the Securities and Exchange Commission, including, but not limited to its Annual Report on Form 10-K for the year ended December 30, 2023 and its Quarterly Report on Form 10-Q for the quarter ended June 29, 2024. These reports are available at www.sec.gov and on Kidpik’s website at https://investor.kidpik.com/sec-filings. Kidpik cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to Kidpik or any person acting on behalf of Kidpik are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on Kidpik’s and the combined company’s future results and/or could cause their actual results and financial condition to differ materially from those indicated in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. Kidpik cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Except as required by law, neither Nina Footwear nor Kidpik undertakes any obligation to update publicly any forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in their expectations. If they update one or more forward-looking statements, no inference should be drawn that they will make additional updates with respect to those or other forward-looking statements.

Additional Information and Where to Find It

In connection with the proposed Merger, Kidpik intends to file a proxy statement with the Securities and Exchange Commission (the “Proxy Statement”), that will be distributed to holders of Kidpik’s common stock in connection with its solicitation of proxies for the vote by Kidpik’s stockholders with respect to the proposed Merger and other matters as may be described in the Proxy Statement. The Proxy Statement, when it is filed and mailed to stockholders, will contain important information about the proposed Merger and the other matters to be voted upon at a meeting of Kidpik’s stockholders to be held to approve the proposed Merger and other matters (the “Merger Meeting”). Kidpik may also file other documents with the SEC regarding the proposed Merger. Kidpik stockholders and other interested persons are advised to read, when available, the Proxy Statement, as well as any amendments or supplements thereto, because they will contain important information about the proposed Merger. When available, the definitive Proxy Statement will be mailed to Kidpik stockholders as of a record date to be established for voting on the proposed Merger and the other matters to be voted upon at the Merger Meeting.

Kidpik’s stockholders may obtain copies of the aforementioned documents and other documents filed by Kidpik with the SEC, without charge, once available, at the SEC’s web site at www.sec.gov, on Kidpik’s website at https://investor.kidpik.com/sec-filings or, alternatively, by directing a request by mail, email or telephone to Kidpik at 200 Park Avenue South, 3rd Floor, New York, New York 10003; ir@kidpik.com; or (212) 399-2323, respectively.

Participants in the Solicitation

Kidpik, Nina Footwear, and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from Kidpik’s stockholders with respect to the proposed Merger. Information regarding the persons who may be deemed participants in the solicitation of proxies from Kidpik’s stockholders in connection with the proposed Merger will be contained in the Proxy Statement relating to the proposed Merger, when available, which will be filed with the SEC. Additionally, information about Kidpik’s directors and executive officers and their ownership of Kidpik is available in Kidpik’s Annual Report on Form 10-K/A (Amendment No. 1), as filed with the Securities and Exchange Commission on April 29, 2024 (the “Amended Form 10-K”). To the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information contained in the Amended Form 10-K, such information has been or will be reflected on Kidpik’s Statements of Change in Ownership on Forms 3 and 4 filed with the SEC. You may obtain free copies of these documents using the sources indicated above.

Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC regarding the Merger Agreement when they become available. Investors should read the Proxy Statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Kidpik using the sources indicated above.

Non-Solicitation

This communication is for informational purposes only and is not intended to and shall not constitute a proxy statement or the solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Merger Agreement and is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy or subscribe for any securities or a solicitation of any vote of approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

 

Kidpik Corp.

Condensed Interim Statements of Operations

(Unaudited)

 

 

 

For the 13 weeks ended

 

 

For the 26 weeks ended

 

 

 

June 29, 2024

 

 

July 1, 2023

 

 

June 29, 2024

 

 

July 1, 2023

 

Revenues, net

 

$

1,128,323

 

 

$

3,448,919

 

 

$

3,367,628

 

 

$

7,478,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

381,577

 

 

 

1,372,563

 

 

 

1,055,118

 

 

 

2,991,789

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

746,746

 

 

 

2,076,356

 

 

 

2,312,510

 

 

 

4,486,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shipping and handling

 

 

612,048

 

 

 

949,734

 

 

 

1,393,073

 

 

 

2,138,956

 

Payroll and related costs

 

 

512,466

 

 

 

1,094,135

 

 

 

1,411,025

 

 

 

2,205,236

 

General and administrative

 

 

902,999

 

 

 

2,024,871

 

 

 

2,514,815

 

 

 

4,049,435

 

Depreciation and amortization

 

 

12,066

 

 

 

12,426

 

 

 

24,641

 

 

 

23,113

 

Total operating expenses

 

 

2,039,579

 

 

 

4,081,166

 

 

 

5,343,554

 

 

 

8,416,740

 

Operating loss

 

 

(1,292,833

)

 

 

(2,004,810

)

 

 

(3,031,044

)

 

 

(3,930,132

)

Other expenses (income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

8,617

 

 

 

24,415

 

 

 

39,817

 

 

 

49,605

 

Other expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total other expenses

 

 

8,617

 

 

 

24,415

 

 

 

39,817

 

 

 

49,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(1,301,450

)

 

$

(2,029,225

)

 

$

(3,070,861

)

 

$

(3,979,737

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(0.67

)

 

 

(1.31

)

 

 

(1.60

)

 

 

(2.58

)

Diluted

 

 

(0.67

)

 

 

(1.31

)

 

 

(1.60

)

 

 

(2.58

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

1,951,638

 

 

 

1,546,239

 

 

 

1,921,216

 

 

 

1,541,938

 

Diluted

 

 

1,951,638

 

 

 

1,546,239

 

 

 

1,921,216

 

 

 

1,541,938

 

 

Kidpik Corp.

Condensed Interim Balance Sheets

 

 

 

June 29, 2024

 

 

December 30, 2023

 

 

 

(Unaudited)

 

 

(Audited)

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash

 

$

34,030

 

 

$

194,515

 

Restricted cash

 

 

4,618

 

 

 

4,618

 

Accounts receivable

 

 

90,158

 

 

 

211,739

 

Inventory

 

 

3,799,522

 

 

 

4,854,641

 

Prepaid expenses and other current assets

 

 

712,512

 

 

 

761,969

 

Total current assets

 

 

4,640,840

 

 

 

6,027,482

 

 

 

 

 

 

 

 

 

 

Leasehold improvements and equipment, net

 

 

72,495

 

 

 

97,136

 

Operating lease right-of-use assets

 

 

1,572,529

 

 

 

992,396

 

Total assets

 

$

6,285,864

 

 

$

7,117,014

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ (Deficit) Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,748,897

 

 

$

1,862,266

 

Accounts payable, related party

 

 

2,094,866

 

 

 

1,868,411

 

Accrued expenses and other current liabilities

 

 

296,032

 

 

 

438,034

 

Operating lease liabilities, current

 

 

406,656

 

 

 

281,225

 

Short-term debt

 

 

784,217

 

 

 

-

 

Related party loans

 

 

1,281,154

 

 

 

850,000

 

Total current liabilities

 

 

6,611,822

 

 

 

5,299,936

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities, net of current portion

 

 

1,253,980

 

 

 

780,244

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

7,865,802

 

 

 

6,080,180

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Stockholders’ (deficit) equity

 

 

 

 

 

 

 

 

Preferred stock, par value $0.001, 25,000,000 shares authorized, of which no shares are issued and outstanding as of June 29, 2024 and December 30, 2023, respectively

 

 

-

 

 

 

-

 

Common stock, par value $0.001, 75,000,000 shares authorized, of which 1,951,638 shares are issued and outstanding as of June 29, 2024, and 1,872,433 shares are issued and outstanding as of December 30, 2023

 

 

1,952

 

 

 

1,872

 

Additional paid-in capital

 

 

52,929,198

 

 

 

52,475,189

 

Accumulated deficit

 

 

(54,511,088

)

 

 

(51,440,227

)

Total stockholders’ (deficit) equity

 

 

(1,579,938

)

 

 

1,036,834

 

Total liabilities and stockholders’ (deficit) equity

 

$

6,285,864

 

 

$

7,117,014

 

 

Kidpik Corp.

Condensed Interim Statements of Cash Flows

 

 

 

26 Weeks Ended

 

 

 

June 29, 2024

 

 

July 1, 2023

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(3,070,861

)

 

$

(3,979,737

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

24,641

 

 

 

23,113

 

Equity-based compensation

 

 

454,089

 

 

 

558,429

 

Bad debt expense

 

 

26,928

 

 

 

151,362

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

94,653

 

 

 

28,710

 

Inventory

 

 

1,055,119

 

 

 

2,870,243

 

Prepaid expenses and other current assets

 

 

49,457

 

 

 

145,901

 

Operating lease right-of-use assets and liabilities

 

 

19,034

 

 

 

22,802

 

Accounts payable

 

 

(113,369

)

 

 

(450,965

)

Accounts payable, related parties

 

 

226,455

 

 

 

431,238

 

Accrued expenses and other current liabilities

 

 

(142,002

)

 

 

(167,429

)

Net cash used in operating activities

 

 

(1,375,856

)

 

 

(366,333

)

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Purchases of leasehold improvements and equipment

 

 

-

 

 

 

(76,121

)

Net cash used in investing activities

 

 

-

 

 

 

(76,121

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Net proceeds from advance payable

 

 

334,217

 

 

 

-

 

Net proceeds from convertible debt

 

 

450,000

 

 

 

-

 

Net proceeds from related party loan

 

 

431,154

 

 

 

-

 

Net cash provided by financing activities

 

 

1,215,371

 

 

 

-

 

Net decrease in cash and restricted cash

 

 

(160,485

)

 

 

(442,454

)

 

 

 

 

 

 

 

 

 

Cash and restricted cash, beginning of period

 

 

199,133

 

 

 

605,213

 

Cash and restricted cash, end of period

 

$

38,648

 

 

$

162,759

 

 

 

 

 

 

 

 

 

 

Reconciliation of cash and restricted cash:

 

 

 

 

 

 

 

 

Cash

 

$

34,030

 

 

$

158,141

 

Restricted cash

 

 

4,618

 

 

 

4,618

 

 

 

$

38,648

 

 

$

162,759

 

Supplemental disclosure of cash flow data:

 

 

 

 

 

 

 

 

Interest paid

 

$

17,477

 

 

$

-

 

Supplemental disclosure of non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Record right-of-use asset and operating lease liabilities

 

$

768,756

 

 

$

-

 

RESULTS OF OPERATIONS

The Company’s revenue, net is disaggregated based on the following categories:

 

 

For the 13 weeks ended

 

 

For the 26 weeks ended

 

 

 

June 29,

2024

 

 

July 1,

2023

 

 

June 29,

2024

 

 

July 1,

2023

 

Subscription boxes

 

$

804,837

 

 

$

2,607,543

 

 

$

2,321,502

 

 

$

5,579,110

 

3rd party websites

 

 

32,801

 

 

 

426,914

 

 

 

291,702

 

 

 

863,212

 

Online website sales

 

 

290,685

 

 

 

414,462

 

 

 

754,424

 

 

 

1,036,075

 

Total revenue

 

$

1,128,323

 

 

$

3,448,919

 

 

$

3,367,628

 

 

$

7,478,397

 

Gross Margin

 

 

For the 13 weeks ended

 

 

For the 26 weeks ended

 

 

 

June 29, 2024

 

 

July 1, 2023

 

 

June 29, 2024

 

 

July 1, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

 

66.2

%

 

 

60.2

%

 

 

68.7

%

 

 

60.0

%

 

Gross profit is equal to our net sales less cost of goods sold. Gross profit as a percentage of our net sales is referred to as gross margin. Cost of sales consists of the purchase price of merchandise sold to customers and includes import duties and other taxes, freight in, returns from customers, inventory write-offs, and other miscellaneous shrinkage. The improvement in the gross margin was the result of an inventory write-down in the fourth quarter of 2023. Without the reduction of the cost basis due to the write-down, gross margin would be 60.7% for the 13 weeks ended June 29, 2024 and 55.9% for the 26 weeks ended June 29, 2024.

Shipped Items

We define shipped items as the total number of items shipped in a given period to our customers through our active subscription, Amazon and online website sales.

 

 

For the 13 weeks ended

 

 

For the 26 weeks ended

 

 

 

(in thousands)

 

 

(in thousands)

 

 

 

June 29, 2024

 

 

July 1, 2023

 

 

June 29, 2024

 

 

July 1, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Shipped Items

 

 

135

 

290

 

 

 

330

 

 

 

630

 

 

Average Shipment Keep Rate

Average shipment keep rate is calculated as the total number of items kept by our customers divided by total number of shipped items in a given period.

 

 

For the 13 weeks ended

 

 

For the 26 weeks ended

 

 

 

June 29, 2024

 

 

July 1, 2023

 

 

June 29, 2024

 

 

July 1, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Shipment Keep Rate

 

 

74.6%

 

75.1

%

 

 

76.7%

 

 

 

71.3

%

 

Revenue by Channel

 

 

13 weeks ended

June 29, 2024

 

 

13 weeks ended

July 1, 2023

 

 

Change

($)

 

 

Change

(%)

 

Revenue by channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription boxes

 

$

804,837

 

 

$

2,607,543

 

 

$

(1,802,706

)

 

 

(69.1

)%

Third-party websites

 

 

32,801

 

 

 

426,914

 

 

 

(394,113

)

 

 

(92.3

)%

Online website sales

 

 

290,685

 

 

 

414,462

 

 

 

(123,777

)

 

 

(29.9

)%

Total revenue

 

$

1,128,323

 

 

$

3,448,919

 

 

$

(2,320,596

)

 

 

(67.3

)%

 

 

 

26 weeks ended

June 29, 2024

 

 

26 weeks ended

July 1, 2023

 

 

Change

($)

 

 

Change

(%)

 

Revenue by channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription boxes

 

$

2,321,502

 

 

$

5,579,110

 

 

$

(3,257,608

)

 

 

(58.4

)%

Third-party websites

 

 

291,702

 

 

 

863,212

 

 

 

(571,510

)

 

 

(66.2

)%

Online website sales

 

 

725,424

 

 

 

1,036,075

 

 

 

(281,651

)

 

 

(27.2

)%

Total revenue

 

$

3,367,628

 

 

$

7,478,397

 

 

$

(4,110,769

)

 

 

(55.0

)%

Subscription Boxes Revenue

 

 

13 weeks ended

June 29, 2024

 

 

13 weeks ended

July 1, 2023

 

 

Change

($)

 

 

Change

(%)

 

Subscription boxes revenue from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active subscriptions – recurring boxes

 

$

783,106

 

 

$

2,177,298

 

 

$

(1,394,192

)

 

 

(64.0

)%

New subscriptions – first box

 

 

21,731

 

 

 

430,245

 

 

 

(913,838

)

 

 

(94.9

)%

Total subscription boxes revenue

 

$

804,837

 

 

$

2,607,543

 

 

$

(1,802,706

)

 

 

(69.1

)%

 

 

 

26 weeks ended

June 29, 2024

 

 

26 weeks ended

July 1, 2023

 

 

Change

($)

 

 

Change

(%)

 

Subscription boxes revenue from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active subscriptions – recurring boxes

 

$

2,234,554

 

 

$

4,578,324

 

 

$

(2,343,770

)

 

 

(51.2

)%

New subscriptions – first box

 

 

86,948

 

 

 

1,000,786

 

 

 

(913,838

)

 

 

(91.3

)%

Total subscription boxes revenue

 

$

2,321,502

 

 

$

5,579,110

 

 

$

(3,257,608

)

 

 

(58.4

)%

Revenue by Product Line

 

 

13 weeks ended

June 29, 2024

 

 

13 weeks ended

July 1, 2023

 

 

Change

($)

 

 

Change

(%)

 

Revenue by product line

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Girls’ apparel

 

$

855,288

 

 

$

2,636,965

 

 

$

(1,781,677

)

 

 

(67.6

)%

Boys’ apparel

 

 

233,680

 

 

 

640,937

 

 

 

(407,258

)

 

 

(63.5

)%

Toddlers’ apparel

 

 

39,355

 

 

 

171,017

 

 

 

(131,662

)

 

 

(77.0

)%

Total revenue

 

$

1,128,323

 

 

$

3,448,919

 

 

$

(2,320,596

)

 

 

(67.3

)%

 

 

26 weeks ended

June 29, 2024

 

 

26 weeks ended

July 1, 2023

 

 

Change

($)

 

 

Change

(%)

 

Revenue by product line

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Girls’ apparel

 

$

2,530,504

 

 

$

5,684,721

 

 

$

(3,154,217

)

 

 

(55.5

)%

Boys’ apparel

 

 

720,675

 

 

 

1,428,096

 

 

 

(707,421

)

 

 

(49.5

)%

Toddlers’ apparel

 

 

116,449

 

 

 

365,580

 

 

 

(249,131

)

 

 

(68.1

)%

Total revenue

 

$

3,367,628

 

 

$

7,478,397

 

 

$

(4,110,769

)

 

 

(55.0

)%

 

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