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Why FIGS Shares Are Trading Lower Today

By Shivani Kumaresan
  • FIGS Inc (NYSE:FIGS) reported first-quarter FY22 sales growth of 26.4% year-on-year, to $110.10 million, missing the consensus of $116.92 million.
  • Active customers grew 31.1% to 2 million, and the average order value increased 16% to $116.
  • The gross margin contracted by 40 basis points to 71.2%, driven by higher air freight spending and increased ocean and air freight rates.
  • The operating expenses rose 39.7% Y/Y to $64.7 million.
  • The operating margin was 12.5%, and operating income for the quarter fell 14.4% to $13.7 million.
  • The company held $189.4 million in cash and equivalents as of March 31, 2022.
  • Adjusted EBITDA of $25 million increased by 2.6%, and the adjusted EBITDA margin contracted by 530 basis points to 22.7%.
  • EPS of $0.05 missed the analyst consensus of $0.06.
  • Outlook: FIGS cuts FY22 sales outlook to $510 million - $530 million from $550 million - $560 million, versus the consensus of $556.5 million.
  • The company expects an FY22 gross margin of 67% - 68%, versus the previous outlook of 70%+, primarily due to a significant increase in the use of air freight to help mitigate supply chain challenges.
  • Price Action: FIGS shares are trading lower by 23.9% at $9.78 in premarket on the last check Friday.
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Dive Deeper:
Why Real Good Food Shares Are Gaining Today
Real Good Food Company Inc (NASDAQ:RGF) reported first-quarter FY22 sales growth of 124% year-on-year to $37.58 million, beating the consensus of $32.47 million.…
Why Volta Shares Are Trading Higher Today
Volta Inc (NYSE:VLTA) reported first-quarter FY22 sales growth of 77% year-on-year to $8.39 million, beating the consensus of $8.28 million. Media revenue increased…
Why Duolingo Shares Are Surging Today
Duolingo Inc (NASDAQ:DUOL) reported first-quarter FY22 sales growth of 47% year-on-year to $81.22 million, beating the consensus of $77.44 million. Total bookings increased…
Why Performance Food Group Shares Are Sliding Today
Performance Food Group Co (NYSE:PFGC) reported third-quarter FY22 sales growth of 81.6% year-on-year to $13.08 billion, marginally missing the consensus of $13.09 billion.…
One subscription that gives you access to news from hundreds of sites
Why Wendy's Shares Are Plunging Today
Wendy's Co (NASDAQ:WEN) reported first-quarter FY22 sales growth of 6.2% year-on-year to $488.6 million, missing the consensus of $497.1 million. Adjusted revenues increased…
Why Fiverr Shares Are Trading Lower Today
Fiverr International Ltd (NYSE:FVRR) reported first-quarter FY22 revenue growth of 27% year-on-year to $86.7 million, beating the consensus of $86.5 million. Active buyers…
Get all your news in one place