Stitch Fix (SFIX) 10-Q 8 Dec 20 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Oct. 31, 2020	Dec. 03, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2020
Document Transition Report	false
Entity File Number	001-38291
Entity Registrant Name	STITCH FIX, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-5026540
Entity Address, Address Line One	1 Montgomery Street
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	San Francisco,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94104
City Area Code	415
Local Phone Number	882-7765
Title of 12(b) Security	Class A common stock, par value $0.00002 per share
Trading Symbol	SFIX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001576942
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		62,902,394
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		41,959,188

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2020	Aug. 01, 2020
Current assets:
Cash and cash equivalents	$ 200,346	$ 143,455
Short-term investments	187,979	143,037
Inventory, net	156,786	124,816
Prepaid expenses and other current assets	52,322	55,002
Total current assets	597,433	466,310
Long-term investments	41,592	95,097
Property and equipment, net	71,275	70,369
Operating lease right-of-use assets	135,561	132,615
Other long-term assets	34,363	5,038
Total assets	880,224	769,429
Current liabilities:
Accounts payable	129,547	85,177
Operating lease liabilities	25,531	24,333
Accrued liabilities	110,800	77,590
Gift card liability	8,319	8,590
Deferred revenue	14,963	13,059
Other current liabilities	5,902	3,406
Total current liabilities	295,062	212,155
Operating lease liabilities, net of current portion	140,298	140,175
Other long-term liabilities	16,277	16,062
Total liabilities	451,637	368,392
Commitments and contingencies (Note 6)
Stockholders’ equity:
Additional paid-in capital	367,760	348,750
Accumulated other comprehensive income (loss)	1,727	2,728
Retained earnings	59,098	49,557
Total stockholders’ equity	428,587	401,037
Total liabilities and stockholders’ equity	880,224	769,429
Class A Common Stock
Stockholders’ equity:
Common stock, value	1	1
Class B Common Stock
Stockholders’ equity:
Common stock, value	$ 1	$ 1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Oct. 31, 2020	Aug. 01, 2020
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.00002	$ 0.00002
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	60,979,702	58,440,930
Common stock, shares outstanding (in shares)	60,979,702	58,440,930
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.00002	$ 0.00002
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	43,742,039	45,314,577
Common stock, shares outstanding (in shares)	43,742,039	45,314,577

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Income Statement [Abstract]
Revenue, net	$ 490,423	$ 444,815
Cost of goods sold	270,972	243,513
Gross profit	219,451	201,302
Selling, general, and administrative expenses	238,984	201,142
Operating income (loss)	(19,533)	160
Interest (income) expense	(1,161)	(1,653)
Other (income) expense, net	205	834
Income (loss) before income taxes	(18,577)	979
Provision (benefit) for income taxes	(28,118)	1,157
Net income (loss)	9,541	(178)
Other comprehensive income (loss):
Change in unrealized gain (loss) on available-for-sale securities, net of tax	(663)	(172)
Foreign currency translation	(338)	1,755
Total other comprehensive income (loss), net of tax	(1,001)	1,583
Comprehensive income (loss)	8,540	1,405
Net income (loss) attributable to common stockholders:
Basic	9,541	(178)
Diluted	$ 9,541	$ (178)
Earnings (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.09	$ 0
Diluted (in dollars per share)	$ 0.09	$ 0
Weighted-average shares used to compute earnings (loss) per share attributable to common stockholders:
Basic (in shares)	104,134,850	101,557,546
Diluted (in shares)	109,477,354	101,557,546

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Stockholders' equity, beginning balance (in shares) at Aug. 03, 2019		101,397,480
Stockholders' equity, beginning balance at Aug. 03, 2019	$ 396,000	$ 2	$ 279,511	$ (187)	$ 116,674
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options (in shares)		122,668
Issuance of common stock upon exercise of stock options	518		518
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)		188,498
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	(2,212)		(2,212)
Stock-based compensation	12,903		12,903
Net income (loss)	(178)				(178)
Other comprehensive income (loss), net of tax	1,583			1,583
Stockholders' equity, ending balance (in shares) at Nov. 02, 2019		101,708,646
Stockholders' equity, ending balance at Nov. 02, 2019	408,614	$ 2	290,720	1,396	116,496
Stockholders' equity, beginning balance (in shares) at Aug. 01, 2020		103,755,507
Stockholders' equity, beginning balance at Aug. 01, 2020	401,037	$ 2	348,750	2,728	49,557
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options (in shares)		525,316
Issuance of common stock upon exercise of stock options	5,106		5,106
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)		440,918
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	(7,002)		(7,002)
Stock-based compensation	20,906		20,906
Net income (loss)	9,541				9,541
Other comprehensive income (loss), net of tax	(1,001)			(1,001)
Stockholders' equity, ending balance (in shares) at Oct. 31, 2020		104,721,741
Stockholders' equity, ending balance at Oct. 31, 2020	$ 428,587	$ 2	$ 367,760	$ 1,727	$ 59,098

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Cash Flows from Operating Activities
Net income (loss)	$ 9,541	$ (178)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes	0	(1,960)
Inventory reserves	(1,343)	1,801
Stock-based compensation expense	19,925	12,126
Depreciation, amortization, and accretion	6,961	4,652
Other	271	13
Change in operating assets and liabilities:
Inventory	(30,665)	(31,837)
Prepaid expenses and other assets	(28,299)	2,973
Operating lease right-of-use assets and liabilities	(225)	272
Accounts payable	44,609	21,721
Accrued liabilities	32,237	16,170
Deferred revenue	1,906	(25)
Gift card liability	(271)	(354)
Other liabilities	2,712	2,150
Net cash provided by (used in) operating activities	57,359	27,524
Cash Flows from Investing Activities
Purchases of property and equipment	(5,985)	(7,502)
Purchases of securities available-for-sale	(41,307)	(67,535)
Sales of securities available-for-sale	16,193	5,306
Maturities of securities available-for-sale	32,800	23,210
Net cash provided by (used in) investing activities	1,701	(46,521)
Cash Flows from Financing Activities
Proceeds from the exercise of stock options, net	5,106	518
Payments for tax withholding related to vesting of restricted stock units	(7,002)	(2,212)
Net cash provided by (used in) financing activities	(1,896)	(1,694)
Net increase (decrease) in cash and cash equivalents	57,164	(20,691)
Effect of exchange rate changes on cash	(273)	1,538
Cash and cash equivalents at beginning of period	143,455	170,932
Cash and cash equivalents at end of period	200,346	151,779
Supplemental Disclosure
Cash paid for income taxes	38	7
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Purchases of property and equipment included in accounts payable and accrued liabilities	4,880	731
Capitalized stock-based compensation	981	773
Leasehold improvements paid by landlord	$ 0	$ 7,406

Description of Business

Description of Business	3 Months Ended
	Oct. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Stitch Fix, Inc. (“we,” “our,” “us” or “the Company”) delivers one-to-one personalization to our clients through the combination of data science and human judgment. Our stylists hand select items from a broad range of merchandise. Stylists pair their own judgment with our analysis of client and merchandise data to provide a personalized shipment of apparel, shoes, and accessories suited to each client’s needs. We call each of these unique shipments a Fix. After receiving a Fix, our clients purchase the items they want to keep and return the other items. We also provide a direct-buy offering that allows clients the flexibility of purchasing items outside of a Fix. Through direct buy, clients are offered previously purchased items in different colors, sizes, or prints, as well as a personalized set of algorithmically generated items based on their prior purchases or style preferences. We are incorporated in Delaware and have operations in the United States and the United Kingdom (“UK”). COVID-19 Update We are closely monitoring the effects of the novel coronavirus (“COVID-19”) outbreak, which was declared a global pandemic in March 2020, and its impact on our business, the full extent of which will depend on factors such as the length of time the pandemic continues; how federal, state and local governments are responding; the impact of the crisis on the economy and consumer behavior; and the effect on our clients, employees, vendors, and other partners. As a result of the COVID-19 pandemic, in the third quarter of fiscal 2020 we temporarily closed three of our fulfillment centers, operated at significantly reduced capacity for much of the third quarter as a result of such temporary closures, and reduced our marketing in light of this reduced capacity. During the fourth quarter of fiscal 2020, our fulfillment centers returned to higher capacity levels and continued at those levels during the first quarter of fiscal 2021. We believe our financial resources will allow us to manage the impact of COVID-19 on our business and operations. We believe our existing cash, cash equivalents, and short-term investment balances, and the borrowing available under our senior revolving credit facility, if needed, will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months. We also do not anticipate any impairments with respect to long-lived assets or short-term and long-term investments that would have a material impact on our financial statements. Coronavirus Aid, Relief, and Economic Security Act On March 27, 2020, the U.S. enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which among other things, permits net operating loss (“NOL”) carryovers and carrybacks to offset 100% of taxable income for tax years beginning before 2021 and allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. We provided for an estimated effect of the CARES Act in our financial statements for the period ended October 31, 2020.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Oct. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to July 31. The fiscal years ending July 31, 2021 (“2021”), and August 1, 2020 (“2020”), consist of 52 weeks. The unaudited condensed consolidated financial statements include the accounts of Stitch Fix, Inc. and our wholly owned subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of our financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending July 31, 2021, or for any other interim period or for any other future year. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the fiscal year ended August 1, 2020, included in the Company’s Annual Report on Form 10-K filed with the SEC on September 25, 2020 (the “2020 Annual Report”). Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in our condensed consolidated financial statements and accompanying footnotes. Significant estimates and assumptions are used for inventory, stock-based compensation expense, income taxes, leases, and revenue recognition. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements. We have considered the impact of the COVID-19 pandemic on significant estimates and judgments used in applying accounting policies. While there is a greater degree of uncertainty in applying these judgments in light of this crisis, we believe reasonable estimates have been used in preparing the unaudited condensed consolidated financial statements. Short-Term and Long-Term Investments The Company’s short-term and long-term investments have been classified and accounted for as available-for-sale securities. We determine the appropriate classification of our investments at the time of purchase and reevaluate the classification at each balance sheet date. Available-for-sale securities with maturities of 12 months or less are classified as short-term and available-for-sale securities with maturities greater than 12 months are classified as long-term. The Company’s available-for-sale securities are carried at fair value, with unrealized gains and losses, net of taxes, reported within accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity. The cost of securities sold is based upon the specific identification method. In the first quarter of fiscal 2021, we adopted Accounting Standards Update (“ASU”) No. 2016-13, or “CECL,” which changed the way we evaluate available-for-sale securities for impairment. We no longer evaluate available-for-sale debt securities under the “other than temporary” impairment model, but now use an expected credit loss model. For debt securities with an amortized cost basis in excess of estimated fair value, we determine what amount of that deficit, if any, is caused by expected credit losses. The portion of the deficit attributable to expected credit losses is recognized in other (income) expense, net on our condensed consolidated statements of income. During the three months ended October 31, 2020, we did not record any expected credit losses on our available-for-sale debt securities. We have elected to present accrued interest receivable separately from short-term and long-term investments on our condensed consolidated balance sheets. Accrued interest receivable was $0.7 million as of October 31, 2020, and was recorded in prepaid expenses and other current assets. We have also elected to exclude accrued interest receivable from the estimation of expected credit loss on our available-for-sale securities and reverse accrued interest receivable through interest income (expense) when amounts are determined to be uncollectible. We did not write off any accrued interest receivable during the three months ended October 31, 2020. Leases Currently, we only have operating leases, which include lease arrangements for our corporate offices, fulfillment centers, and, to a lesser extent, equipment. Operating leases with a term greater than one year are recorded on the consolidated balance sheets as operating lease right-of-use assets and operating lease liabilities at the commencement date. These balances are initially recorded at the present value of future minimum lease payments calculated using our incremental borrowing rate and expected lease term. Certain adjustments to our operating lease right-of-use assets may be required for items such as initial direct costs paid or incentives received. Foreign Currency The functional currency of our international subsidiary is the local currency. For that subsidiary, we translate assets and liabilities to U.S. dollars using period-end exchange rates, and average monthly exchange rates for revenues, costs, and expenses. We record translation gains and losses in AOCI as a component of stockholders’ equity. Net foreign exchange transaction gains and losses resulting from the conversion of the transaction currency to functional currency are recorded in other income, net in the condensed consolidated statements of operations and comprehensive income. Revenue Recognition We generate revenue primarily from the sale of merchandise in a Fix and, to a lesser extent, from direct purchases. Clients create an online account on our website or mobile app, complete a style profile, and order a Fix or merchandise to be delivered on a specified date. We deduct discounts, sales tax, and estimated refunds to arrive at net revenue. Sales tax collected from clients is not considered revenue and is included in accrued liabilities until remitted to the taxing authorities. All shipping and handling costs are accounted for as fulfillment costs in cost of goods sold and as selling, general, and administrative expense (“SG&A”), respectively, and are therefore not evaluated as a separate performance obligation. Discounts are recorded as a reduction to revenue when the order is accepted. We record a refund reserve based on our historical refund patterns. Our refund reserve, which is included in accrued liabilities in the condensed consolidated balance sheets, was $8.7 million and $5.0 million as of October 31, 2020, and August 1, 2020, respectively. The Company has five types of contractual liabilities: (i) cash collections of upfront styling fees, which are included in deferred revenue and are recognized as revenue upon the earlier of application to a merchandise purchase or expiry of the offer, (ii) cash collections of Style Pass annual fees, which are included in deferred revenue and are recognized upon the earlier of application to a merchandise purchase or expiry of the Style Pass annual period, (iii) unredeemed gift cards, which are included in gift card liability and recognized as revenue upon usage or inclusion in gift card breakage estimates, (iv) referral credits, which are included in other current liabilities and are recognized as revenue when used, and (v) cash collections of direct purchases, which are included in deferred revenue and are recognized as revenue upon shipment. We sell gift cards to clients and establish a liability based upon the face value of such gift cards. We reduce the liability and recognize revenue upon usage of the gift card. If a gift card is not used, we will recognize estimated gift card breakage revenue proportionately to customer usage of gift cards over the expected gift card usage period, subject to requirements to remit balances to governmental agencies. All commissions paid to third parties upon issuance of gift cards are recognized in SG&A as incurred, as on average, gift cards are used within a one-year period. Similarly, referral credits that are considered incremental costs of obtaining a contract with a customer are recognized in SG&A when issued, as on average, referral credits are used within a one-year period. The Company expects deferred revenue for upfront styling fees, direct orders, and Style Pass annual fees to be recognized within one year. On average, gift card liability and other current liabilities are also recognized within one year. The following table summarizes the balances of contractual liabilities included in other current liabilities, deferred revenue and gift card liability for the periods presented: (in thousands) October 31, 2020 August 1, 2020 Deferred revenue Upfront styling fees $ 10,681 $ 9,119 Style Pass annual fees 2,699 2,711 Direct order 1,583 $ 1,229 Total deferred revenue $ 14,963 $ 13,059 Gift card liability $ 8,319 $ 8,590 Other current liabilities Referral credits $ 5,454 $ 2,577 The following table summarizes revenue recognized during the three months ended October 31, 2020, that was previously included in deferred revenue, gift card liability, and other current liabilities at August 1, 2020: (in thousands) Revenue Recognized From Amounts Previously Included in Deferred Balances at August 1, 2020 Upfront styling fees 9,110 Style Pass annual fees 1,361 Direct order 884 Gift card liability 1,572 Referral credits 1,498 Concentration of Credit Risks We are subject to concentrations of credit risk principally from cash and cash equivalents and investment securities. The majority of our cash is held by two financial institutions within the United States. Our cash balances held by these institutions may exceed federally insured limits. The associated risk of concentration for cash is mitigated by banking with credit-worthy institutions. The associated risk of concentration for cash equivalents and investments is mitigated by maintaining a diversified portfolio of highly rated instruments. No client accounted for greater than 10% of total revenue, net for the three months ended October 31, 2020, and November 2, 2019, respectively. Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes . This update amends and simplifies the accounting for income taxes by eliminating certain exceptions in existing guidance related to performing intraperiod tax allocation, calculating interim period taxes, and recognizing deferred taxes for investments. The update also provides new guidance to reduce complexity in certain areas. This standard is effective beginning in our first fiscal quarter of 2022 with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The standard requires entities to use a financial instrument impairment model based on expected losses, known as the current expected credit loss model, rather than incurred losses. Under the new guidance, an entity recognizes an allowance for estimated credit losses upon recognition of the financial instrument. The new guidance also changes the impairment model for available-for-sale debt securities, requiring the use of an allowance to record estimated credit losses and subsequent recoveries. We adopted this standard in the first quarter of fiscal year 2021. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract . The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We adopted this standard in the first quarter of fiscal year 2021. The adoption of this standard did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires lessees to record most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to Accounting Standards Codification (“ASC”) 840. ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Presentation of leases within the consolidated statements of operations and comprehensive income and consolidated statements of cash flow is generally consistent with ASC 840. However, this standard resulted in a substantial increase in our long-term assets and liabilities on our consolidated balance sheet. We adopted this standard in the first quarter of fiscal 2020, on a modified retrospective basis through a cumulative-effect adjustment of zero to opening retained earnings. We also elected the package of practical expedients to leases that commenced before the effective date whereby we elected to not reassess the following: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. Upon adoption of ASU 2016-02, we did not record right-of-use assets or lease liabilities for leases with an initial term of 12 months or less. Payments on those leases are recognized on a straight-line basis through the consolidated statements of operations and comprehensive income over the lease term. We also elected to combine lease and non-lease components on new or modified leases after adoption. Upon adoption in the first quarter of fiscal 2020, we recorded $133.0 million in right-of-use assets, net of $25.7 million previously recorded as deferred rent on our consolidated balance sheets. We also recorded $22.0 million in current operating lease liabilities and $136.7 million in operating lease liabilities, net of current portion. In June 2018, the FASB issued ASU No. 2018-07 , Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”). Under ASU 2018-07, the accounting for awards issued to nonemployees will be similar to the accounting for employee awards. This includes allowing for the measurement of awards at the grant date and recognition of awards with performance conditions when those conditions are probable, both of which are earlier than under current guidance for nonemployee awards. We adopted this standard in the first quarter of fiscal year 2020. The standard did not have a material impact on our consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Oct. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsWe disclose and recognize the fair value of our assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes three levels of the fair value hierarchy as follows: Level 1 : Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 : Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 : Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. Our financial instruments consist of cash and cash equivalents, short-term and long-term investments, accounts payable, and accrued liabilities. At October 31, 2020, and August 1, 2020, the carrying values of cash and cash equivalents, accounts payable, and accrued liabilities approximated fair value due to their short-term maturities. The following table sets forth the amortized cost, gross unrealized gains, gross unrealized losses and fair values of our short-term and long-term investments accounted for as available-for-sale securities as of October 31, 2020, and August 1, 2020: October 31, 2020 August 1, 2020 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Financial Assets: Investments: U.S. Treasury securities $ 87,125 $ 314 $ (2) $ 87,437 $ 67,335 $ 516 $ (1) $ 67,850 Certificates of deposit 6,150 — — 6,150 6,150 — — 6,150 Commercial paper 31,368 — — 31,368 35,331 — — 35,331 Asset-backed securities 35,979 244 (7) 36,216 44,854 410 (4) 45,260 Corporate bonds 67,968 433 (1) 68,400 82,821 723 (1) 83,543 Total $ 228,590 $ 991 $ (10) $ 229,571 $ 236,491 $ 1,649 $ (6) $ 238,134 The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at October 31, 2020: Less Than 12 Months More Than 12 Months Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Financial Assets: Investments: U.S. Treasury securities $ 11,125 $ (2) — — $ 11,125 $ (2) Commercial paper 8,659 (7) — — 8,659 (7) Corporate bonds 3,419 (1) — — 3,419 (1) Total $ 23,203 $ (10) $ — $ — $ 23,203 $ (10) The following table sets forth the fair value of available-for-sale securities by contractual maturity as of October 31, 2020, and August 1, 2020: October 31, 2020 August 1, 2020 (in thousands) One Year or Less Over One Year Through Five Years Over Five Years Total One Year or Less Over One Year Through Five Years Over Five Years Total Financial Assets: Investments: U.S. Treasury securities $ 87,437 $ — $ — $ 87,437 $ 38,794 $ 29,056 $ — $ 67,850 Certificates of deposit 6,150 — — 6,150 6,150 — — 6,150 Commercial paper 31,368 — — 31,368 35,331 — — 35,331 Asset-backed securities 6,127 30,089 — 36,216 6,657 38,603 — 45,260 Corporate bonds 56,897 11,503 — 68,400 56,105 27,438 — 83,543 Total $ 187,979 $ 41,592 $ — $ 229,571 $ 143,037 $ 95,097 $ — $ 238,134 The following table sets forth our cash equivalents, and short-term and long-term investments accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of October 31, 2020, and August 1, 2020: October 31, 2020 August 1, 2020 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 7,938 $ — $ — $ 7,938 $ 2,394 $ — $ — $ 2,394 U.S Treasury securities 3,730 — — 3,730 — — — — Investments: U.S. Treasury securities 87,437 — — 87,437 67,850 — — 67,850 Certificates of deposit — 6,150 — 6,150 — 6,150 — 6,150 Commercial paper — 31,368 — 31,368 — 35,331 — 35,331 Asset-backed securities — 36,216 — 36,216 — 45,260 — 45,260 Corporate bonds — 68,400 — 68,400 — 83,543 — 83,543 Total $ 99,105 $ 142,134 $ — $ 241,239 $ 70,244 $ 170,284 $ — $ 240,528

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Oct. 31, 2020
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following: (in thousands) October 31, 2020 August 1, 2020 Compensation and related benefits $ 17,723 $ 11,987 Advertising 20,601 14,979 Sales taxes 11,637 7,134 Shipping and freight 15,264 8,624 Accrued accounts payable 7,721 5,892 Inventory purchases 20,474 15,427 Other 17,380 13,547 Total accrued liabilities $ 110,800 $ 77,590 California Styling Organization On June 1, 2020, we announced a restructuring plan to eliminate substantially all of our Styling team based in California. As a result of this restructuring, we recognized aggregate charges of $4.8 million for termination benefits within selling, general, and administrative expenses during 2020. Other costs such as relocation assistance will be expensed as incurred. The following table provides the components of and changes in the Company’s restructuring and related charges, included in Compensation and related benefits in the table above : (in thousands) Severance and Other Termination Benefits Balance at August 1, 2020 $ 3,156 Cash payments (2,758) Balance at October 31, 2020 $ 398

Credit Agreement

Credit Agreement	3 Months Ended
	Oct. 31, 2020
Debt Disclosure [Abstract]
Credit Agreement	Credit Agreement In June 2020, we entered into a credit agreement (the “Credit Agreement”) with Silicon Valley Bank and other lenders, to provide a revolving line of credit of up to $90.0 million, including a letter of credit sub-facility in the aggregate amount of $20.0 million, and a swingline sub-facility in the aggregate amount of $50.0 million. We also have the option to request an incremental facility of up to an additional $60.0 million from one or more of the lenders under the Credit Agreement. Under the terms of the Credit Agreement, revolving loans may be either Eurodollar Loans or ABR Loans. Outstanding Eurodollar Loans incur interest at the Eurodollar Rate, which is defined in the Credit Agreement as LIBOR (or any successor thereto), plus a margin of either 2.25% or 2.50%, depending on usage. Outstanding ABR Loans incur interest at the highest of (a) the Prime Rate, as published by the Wall Street Journal, (b) the federal funds rate in effect for such day plus 0.50%, and (c) the Eurodollar Rate plus 1.00%, in each case plus a margin of either 1.25% or 1.50%, depending on usage. We will be charged a commitment fee of either 0.25% or 0.30% per year, depending on usage, for committed but unused amounts. The Credit Agreement will terminate on June 2, 2021, unless the termination date is extended at the election of the lenders. We capitalized $0.7 million of issuance costs in connection with the Credit Agreement. The Credit Agreement is secured by substantially all of our current and future property, rights, and assets, including, but not limited to, cash, goods, equipment, contractual rights, financial assets, and intangible assets. The Credit Agreement contains covenants limiting our ability to, among other things, dispose of assets, undergo a change in control, merge or consolidate, make acquisitions, incur debt, incur liens, pay dividends, repurchase stock, and make investments, in each case subject to certain exceptions. The Credit Agreement also contains financial covenants requiring us to maintain minimum free cash flow and an adjusted current ratio above specified levels, measured in each case at the end of each fiscal quarter. The Credit Agreement contains events of default that include, among others, non-payment of principal, interest, or fees, breach of covenants, inaccuracy of representations and warranties, cross defaults to certain other indebtedness, bankruptcy and insolvency events, and material judgments. As of October 31, 2020, we did not have any borrowings outstanding under the Credit Agreement and we were in compliance with all financial covenants.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Oct. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments In November 2020, we entered into an agreement to lease approximately 700,000 square feet of space to be used as a fulfillment center in Salt Lake City, Utah. We expect to classify this lease as an operating lease, with a commencement date of late fiscal 2021 or early fiscal 2022. The lease expires in 2030 and we expect to record fixed operating lease costs of approximately $33.1 million over the life of the lease. Contingencies We record a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably possible. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Although we cannot predict with assurance the outcome of any litigation or tax matters, we do not believe there are currently any such actions that, if resolved unfavorably, would have a material impact on our operating results, financial position, and cash flows. On October 11, 2018, October 26, 2018, November 16, 2018, and December 10, 2018, four putative class action lawsuits alleging violations of the federal securities laws were filed in the U.S. District Court for the Northern District of California, naming as defendants us and certain of our officers. The four lawsuits each make the same allegations of violations of the Securities Exchange Act of 1934, as amended, by us and our officers for allegedly making materially false and misleading statements regarding our active client growth and strategy with respect to television advertising between June 2018 and October 2018. The plaintiffs seek unspecified monetary damages and other relief. The four lawsuits have been consolidated and a lead plaintiff has been appointed. On September 18, 2019, the lead plaintiff in the consolidated class action lawsuits (the “Class Action”) filed a consolidated complaint for violation of the federal securities laws. On October 28, 2019, we and other defendants filed a motion to dismiss the consolidated complaint. The lead plaintiff filed an opposition to the motion to dismiss on December 9, 2019, and we and the other defendants filed our reply in support of our motion to dismiss on December 30, 2019. The court granted our motion to dismiss on September 30, 2020 but allowed the lead plaintiff to file an amended complaint. On November 6, 2020, the lead plaintiff filed his amended complaint. We filed a motion to dismiss the amended complaint on December 7, 2020. On December 12, 2018, a derivative action was filed against our directors in the same court, alleging the same violations of securities laws as alleged in the Class Action and breach of fiduciary duties. The derivative action has been stayed pending the outcome of the motion to dismiss in the Class Action pursuant to the parties’ stipulation. On December 12, 2019, a second derivative action was filed against our directors in the same court, alleging the same violations of securities laws and breach of fiduciary duties as the other derivative action. The second derivative action has also been stayed pending the outcome of the motion to dismiss in the Class Action pursuant to the parties’ stipulation. The two derivative actions have been related to each other and to the Class Action, and all the related cases are now proceeding before a single judge in the U.S. District Court for the Northern District of California. On August 10, 2020, a representative action under California’s Private Attorneys General Act was filed against us in the Superior Court for the State of California, County of San Diego. The complaint alleged various violations of California’s wage and hour laws relating to our current and former non-exempt stylist employees and seeks attorney’s fees and penalties. In November 2020, the Superior Court approved the settlement that we reached with the plaintiffs to resolve this matter. There have been no other material changes to our commitments and contingencies disclosed in our 2020 Annual Report. Indemnifications In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, directors, officers and other parties with respect to certain matters. We have not incurred any material costs as a result of such indemnifications and have not accrued any liabilities related to such obligations in our condensed consolidated financial statements.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Oct. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The tables below present the changes in AOCI by component and, if applicable, the reclassifications out of AOCI: Changes in Accumulated Other Comprehensive Income (Loss) (in thousands) Available-for-sale Securities Foreign Currency Translation Total Balance at August 1, 2020 $ 1,213 $ 1,515 $ 2,728 Other comprehensive income (loss) before reclassifications (1) (548) (338) (886) Amounts reclassified from AOCI (115) — (115) Net change in AOCI (663) (338) (1,001) Balance at October 31, 2020 $ 550 $ 1,177 $ 1,727 Changes in Accumulated Other Comprehensive Income (Loss) (in thousands) Available-for-sale Securities Foreign Currency Translation Total Balance at August 3, 2019 $ 391 $ (578) $ (187) Other comprehensive income (loss) before reclassifications (1) (172) 1,755 1,583 Net change in AOCI (172) 1,755 1,583 Balance at November 2, 2019 $ 219 $ 1,177 $ 1,396 (1) The associated income tax effects for gains / losses on available-for-sale securities were $430 and $409 for the three months ended October 31, 2020, and November 2, 2019, respectively.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Oct. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 2011 Equity Incentive Plan In 2011, we adopted the 2011 Equity Incentive Plan (the “2011 Plan”). The 2011 Plan provided for the grant of stock-based awards to employees, directors, and nonemployees under terms and provisions established by the board of directors. The 2011 Plan allowed for the grant of incentive stock options or nonqualified stock options as well as restricted stock units, restricted stock, and stock appreciation rights. Only incentive and nonqualified stock options were granted under the 2011 Plan. Employee stock option grants generally vest 25% on the first anniversary of the grant date with the remaining options vesting ratably over the next three years. Options generally expire after 10 years. Effective upon our initial public offering in 2017, the 2011 Plan was replaced by the 2017 Incentive Plan. 2017 Incentive Plan In November 2017, our board of directors and stockholders adopted our 2017 Incentive Plan (the “2017 Plan”). The remaining shares available for issuance under the 2011 Plan became reserved for issuance under the 2017 Plan. Our 2017 Plan provides for the grant of Class A incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards, performance cash awards, and other forms of stock awards to employees, directors, and consultants, including employees and consultants of our subsidiaries. The number of shares authorized for issuance under the 2017 Plan was 27,395,455 as of October 31, 2020. 2019 Inducement Plan In October 2019, our board of directors adopted our 2019 Inducement Plan (the “2019 Plan”). Our 2019 Plan provides for the grant of Class A nonqualified stock options and restricted stock unit awards to individuals who satisfy the standards for inducement grants under the relevant Nasdaq Stock Market rules. The number of shares authorized for issuance under the 2019 Plan was 4,750,000 as of October 31, 2020. Stock option activity under the 2011 Plan, 2017 Plan, and 2019 Plan is as follows: Options Outstanding Number of Weighted- Weighted- Aggregate Balance – August 1, 2020 6,817,196 $ 17.10 7.41 $ 40,252 Granted 795 $ 36.01 Exercised (525,316) $ 9.54 Cancelled (614,429) $ 23.04 Balance – October 31, 2020 5,678,246 $ 17.16 7.25 $ 98,125 The aggregate intrinsic value is the difference between the current fair value of the underlying common stock and the exercise price for in-the-money stock options. The following table summarizes the restricted stock unit (“RSU”) award activity under the 2017 Plan and 2019 Plan: Unvested RSUs Class A Common Stock Weighted- Unvested at August 1, 2020 9,123,341 $ 20.11 Granted 3,601,020 $ 24.87 Vested (440,918) $ 22.02 Forfeited (639,041) $ 20.95 Unvested at October 31, 2020 11,644,402 $ 21.47 Stock-Based Compensation Expense Stock-based compensation expense for employees was $19.9 million for the three months ended October 31, 2020, respectively, and $12.1 million for the three months ended November 2, 2019, respectively. Stock-based compensation expense is included in selling, general, and administrative expenses in our condensed consolidated statements of operations and comprehensive income. The weighted-average grant date fair value of options granted during the three months ended October 31, 2020, was $17.70 per share. The weighted-average grant date fair value of options granted during the three months ended November 2, 2019, was $11.30 per share. As of October 31, 2020, the total unrecognized compensation expense related to unvested options and RSUs, net of estimated forfeitures, was $249.2 million, which we expect to recognize over an estimated weighted average period of 2.7 years. We record stock-based compensation of stock options granted to employees by estimating the fair value of stock-based awards using the Black-Scholes option pricing model and amortizing the fair value of the stock-based awards granted over the applicable vesting period of the awards on a straight-line basis. The fair value of stock options granted to employees was estimated at the grant date using the Black-Scholes option-pricing model with the following assumptions: For the Three Months Ended October 31, 2020 November 2, 2019 Expected term (in years) 5.5 6.0 - 6.2 Volatility 55.9 % 51.2% Risk free interest rate 0.3 % 1.7% Dividend yield — % — %

Income Taxes

Income Taxes	3 Months Ended
	Oct. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table summarizes our effective tax rate from income for the periods presented: For the Three Months Ended (in thousands) October 31, 2020 November 2, 2019 Income (loss) before income taxes $ (18,577) $ 979 Provision (benefit) for income taxes (28,118) 1,157 Effective tax rate 151.4 % 118.2 % Our effective tax rate for the three months ended October 31, 2020, differs from the federal statutory income tax rate primarily due to the net operating loss carryback provisions of the CARES Act, partially offset by certain nondeductible expenses. Our effective tax rate for the three months ended November 2, 2019, differed from the federal statutory income tax rate primarily due to impacts from tax reform, certain nondeductible expenses, tax expense related to employee share-based awards, and state taxes which are offset by the benefit of allowable credits. We continue to monitor the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions.

Earnings (Loss) Per Share Attri

Earnings (Loss) Per Share Attributable to Common Stockholders	3 Months Ended
	Oct. 31, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Share Attributable to Common Stockholders	Earnings (Loss) Per Share Attributable to Common Stockholders Basic and diluted earnings (loss) per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities: Class A and Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock is convertible at any time at the option of the stockholder into one share of Class A common stock. Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. For the calculation of diluted earnings (loss) per share (“EPS”), net income (loss) attributable to common stockholders for basic EPS is adjusted by the effect of dilutive securities. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares. The undistributed earnings are allocated based on the contractual participation rights of the Class A and Class B common shares as if the earnings for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. The computation of the diluted net income (loss) per share of Class A common stock assumes the conversion of Class B common stock, while diluted net income (loss) per share of Class B common stock does not assume the conversion of Class A common stock as Class A common stock is not convertible into Class B common stock. A reconciliation of the numerator and denominator used in the calculation of basic and diluted EPS attributable to common stockholders is as follows: For the Three Months Ended October 31, 2020 November 2, 2019 (in thousands, except share and per share amounts) Class A Class B Class A Class B Numerator: Net income (loss) $ 5,425 $ 4,116 $ (96) $ (82) Net income (loss) attributable to common stockholders - basic 5,425 4,116 (96) (82) Reallocation of undistributed earnings (loss) as a result of conversion of Class B to Class A shares 4,116 — — — Reallocation of undistributed earnings (loss) to Class B shares — (60) — — Net income (loss) attributable to common stockholders - diluted $ 9,541 $ 4,056 $ (96) $ (82) Denominator: Weighted-average shares of common stock - basic 59,205,535 44,929,315 54,867,211 46,690,335 Conversion of Class B to Class A common shares outstanding 44,929,315 — — — Effect of dilutive stock options and restricted stock units 5,342,504 1,610,475 — — Weighted-average shares of common stock - diluted 109,477,354 46,539,790 54,867,211 46,690,335 Earnings (loss) per share attributable to common stockholders: Basic $ 0.09 $ 0.09 $ (0.00) $ (0.00) Diluted $ 0.09 $ 0.09 $ (0.00) $ (0.00) The following common stock equivalents were excluded from the computation of diluted earnings (loss) per share for the periods presented because including them would have been antidilutive: For the Three Months Ended October 31, 2020 November 2, 2019 Restricted stock units 3,910,451 3,735,946 Stock options to purchase Class A common stock 1,647,310 2,186,564 Stock options to purchase Class B common stock 137,977 4,418,546 Total 5,695,738 10,341,056

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to July 31. The fiscal years ending July 31, 2021 (“2021”), and August 1, 2020 (“2020”), consist of 52 weeks. The unaudited condensed consolidated financial statements include the accounts of Stitch Fix, Inc. and our wholly owned subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of our financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending July 31, 2021, or for any other interim period or for any other future year. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the fiscal year ended August 1, 2020, included in the Company’s Annual Report on Form 10-K filed with the SEC on September 25, 2020 (the “2020 Annual Report”).
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in our condensed consolidated financial statements and accompanying footnotes. Significant estimates and assumptions are used for inventory, stock-based compensation expense, income taxes, leases, and revenue recognition. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements. We have considered the impact of the COVID-19 pandemic on significant estimates and judgments used in applying accounting policies. While there is a greater degree of uncertainty in applying these judgments in light of this crisis, we believe reasonable estimates have been used in preparing the unaudited condensed consolidated financial statements.
Short-Term and Long-Term Investments	Short-Term and Long-Term Investments The Company’s short-term and long-term investments have been classified and accounted for as available-for-sale securities. We determine the appropriate classification of our investments at the time of purchase and reevaluate the classification at each balance sheet date. Available-for-sale securities with maturities of 12 months or less are classified as short-term and available-for-sale securities with maturities greater than 12 months are classified as long-term. The Company’s available-for-sale securities are carried at fair value, with unrealized gains and losses, net of taxes, reported within accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity. The cost of securities sold is based upon the specific identification method. In the first quarter of fiscal 2021, we adopted Accounting Standards Update (“ASU”) No. 2016-13, or “CECL,” which changed the way we evaluate available-for-sale securities for impairment. We no longer evaluate available-for-sale debt securities under the “other than temporary” impairment model, but now use an expected credit loss model. For debt securities with an amortized cost basis in excess of estimated fair value, we determine what amount of that deficit, if any, is caused by expected credit losses. The portion of the deficit attributable to expected credit losses is recognized in other (income) expense, net on our condensed consolidated statements of income. During the three months ended October 31, 2020, we did not record any expected credit losses on our available-for-sale debt securities. We have elected to present accrued interest receivable separately from short-term and long-term investments on our condensed consolidated balance sheets. Accrued interest receivable was $0.7 million as of October 31, 2020, and was recorded in prepaid expenses and other current assets. We have also elected to exclude accrued interest receivable from the estimation of expected credit loss on our available-for-sale securities and reverse accrued interest receivable through interest income (expense) when amounts are determined to be uncollectible. We did not write off any accrued interest receivable during the three months ended October 31, 2020.
Leases	LeasesCurrently, we only have operating leases, which include lease arrangements for our corporate offices, fulfillment centers, and, to a lesser extent, equipment. Operating leases with a term greater than one year are recorded on the consolidated balance sheets as operating lease right-of-use assets and operating lease liabilities at the commencement date. These balances are initially recorded at the present value of future minimum lease payments calculated using our incremental borrowing rate and expected lease term. Certain adjustments to our operating lease right-of-use assets may be required for items such as initial direct costs paid or incentives received.
Foreign Currency	Foreign CurrencyThe functional currency of our international subsidiary is the local currency. For that subsidiary, we translate assets and liabilities to U.S. dollars using period-end exchange rates, and average monthly exchange rates for revenues, costs, and expenses. We record translation gains and losses in AOCI as a component of stockholders’ equity. Net foreign exchange transaction gains and losses resulting from the conversion of the transaction currency to functional currency are recorded in other income, net in the condensed consolidated statements of operations and comprehensive income.
Revenue Recognition	Revenue Recognition We generate revenue primarily from the sale of merchandise in a Fix and, to a lesser extent, from direct purchases. Clients create an online account on our website or mobile app, complete a style profile, and order a Fix or merchandise to be delivered on a specified date. We deduct discounts, sales tax, and estimated refunds to arrive at net revenue. Sales tax collected from clients is not considered revenue and is included in accrued liabilities until remitted to the taxing authorities. All shipping and handling costs are accounted for as fulfillment costs in cost of goods sold and as selling, general, and administrative expense (“SG&A”), respectively, and are therefore not evaluated as a separate performance obligation. Discounts are recorded as a reduction to revenue when the order is accepted. We record a refund reserve based on our historical refund patterns. Our refund reserve, which is included in accrued liabilities in the condensed consolidated balance sheets, was $8.7 million and $5.0 million as of October 31, 2020, and August 1, 2020, respectively. The Company has five types of contractual liabilities: (i) cash collections of upfront styling fees, which are included in deferred revenue and are recognized as revenue upon the earlier of application to a merchandise purchase or expiry of the offer, (ii) cash collections of Style Pass annual fees, which are included in deferred revenue and are recognized upon the earlier of application to a merchandise purchase or expiry of the Style Pass annual period, (iii) unredeemed gift cards, which are included in gift card liability and recognized as revenue upon usage or inclusion in gift card breakage estimates, (iv) referral credits, which are included in other current liabilities and are recognized as revenue when used, and (v) cash collections of direct purchases, which are included in deferred revenue and are recognized as revenue upon shipment.
Concentration of Credit Risks	Concentration of Credit RisksWe are subject to concentrations of credit risk principally from cash and cash equivalents and investment securities. The majority of our cash is held by two financial institutions within the United States. Our cash balances held by these institutions may exceed federally insured limits. The associated risk of concentration for cash is mitigated by banking with credit-worthy institutions. The associated risk of concentration for cash equivalents and investments is mitigated by maintaining a diversified portfolio of highly rated instruments.
Recently Issued/Adopted Accounting Pronouncements and Recently Issued SEC Rules	Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes . This update amends and simplifies the accounting for income taxes by eliminating certain exceptions in existing guidance related to performing intraperiod tax allocation, calculating interim period taxes, and recognizing deferred taxes for investments. The update also provides new guidance to reduce complexity in certain areas. This standard is effective beginning in our first fiscal quarter of 2022 with early adoption permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The standard requires entities to use a financial instrument impairment model based on expected losses, known as the current expected credit loss model, rather than incurred losses. Under the new guidance, an entity recognizes an allowance for estimated credit losses upon recognition of the financial instrument. The new guidance also changes the impairment model for available-for-sale debt securities, requiring the use of an allowance to record estimated credit losses and subsequent recoveries. We adopted this standard in the first quarter of fiscal year 2021. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract . The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We adopted this standard in the first quarter of fiscal year 2021. The adoption of this standard did not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires lessees to record most leases on their balance sheets but recognize the expenses on their income statements in a manner similar to Accounting Standards Codification (“ASC”) 840. ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Presentation of leases within the consolidated statements of operations and comprehensive income and consolidated statements of cash flow is generally consistent with ASC 840. However, this standard resulted in a substantial increase in our long-term assets and liabilities on our consolidated balance sheet. We adopted this standard in the first quarter of fiscal 2020, on a modified retrospective basis through a cumulative-effect adjustment of zero to opening retained earnings. We also elected the package of practical expedients to leases that commenced before the effective date whereby we elected to not reassess the following: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. Upon adoption of ASU 2016-02, we did not record right-of-use assets or lease liabilities for leases with an initial term of 12 months or less. Payments on those leases are recognized on a straight-line basis through the consolidated statements of operations and comprehensive income over the lease term. We also elected to combine lease and non-lease components on new or modified leases after adoption. Upon adoption in the first quarter of fiscal 2020, we recorded $133.0 million in right-of-use assets, net of $25.7 million previously recorded as deferred rent on our consolidated balance sheets. We also recorded $22.0 million in current operating lease liabilities and $136.7 million in operating lease liabilities, net of current portion. In June 2018, the FASB issued ASU No. 2018-07 , Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”). Under ASU 2018-07, the accounting for awards issued to nonemployees will be similar to the accounting for employee awards. This includes allowing for the measurement of awards at the grant date and recognition of awards with performance conditions when those conditions are probable, both of which are earlier than under current guidance for nonemployee awards. We adopted this standard in the first quarter of fiscal year 2020. The standard did not have a material impact on our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Oct. 31, 2020
Accounting Policies [Abstract]
Summary of Contractual Liabilities and Revenue Recognized	The following table summarizes the balances of contractual liabilities included in other current liabilities, deferred revenue and gift card liability for the periods presented: (in thousands) October 31, 2020 August 1, 2020 Deferred revenue Upfront styling fees $ 10,681 $ 9,119 Style Pass annual fees 2,699 2,711 Direct order 1,583 $ 1,229 Total deferred revenue $ 14,963 $ 13,059 Gift card liability $ 8,319 $ 8,590 Other current liabilities Referral credits $ 5,454 $ 2,577 The following table summarizes revenue recognized during the three months ended October 31, 2020, that was previously included in deferred revenue, gift card liability, and other current liabilities at August 1, 2020: (in thousands) Revenue Recognized From Amounts Previously Included in Deferred Balances at August 1, 2020 Upfront styling fees 9,110 Style Pass annual fees 1,361 Direct order 884 Gift card liability 1,572 Referral credits 1,498

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Oct. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Amortized Cost, Gross Unrealized Gains (Losses) and Fair Value of Available-for-sale Investments	The following table sets forth the amortized cost, gross unrealized gains, gross unrealized losses and fair values of our short-term and long-term investments accounted for as available-for-sale securities as of October 31, 2020, and August 1, 2020: October 31, 2020 August 1, 2020 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Financial Assets: Investments: U.S. Treasury securities $ 87,125 $ 314 $ (2) $ 87,437 $ 67,335 $ 516 $ (1) $ 67,850 Certificates of deposit 6,150 — — 6,150 6,150 — — 6,150 Commercial paper 31,368 — — 31,368 35,331 — — 35,331 Asset-backed securities 35,979 244 (7) 36,216 44,854 410 (4) 45,260 Corporate bonds 67,968 433 (1) 68,400 82,821 723 (1) 83,543 Total $ 228,590 $ 991 $ (10) $ 229,571 $ 236,491 $ 1,649 $ (6) $ 238,134
Schedule of Fair Value of Available-for-sale Securities, Continuous Unrealized Loss Position	The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at October 31, 2020: Less Than 12 Months More Than 12 Months Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Financial Assets: Investments: U.S. Treasury securities $ 11,125 $ (2) — — $ 11,125 $ (2) Commercial paper 8,659 (7) — — 8,659 (7) Corporate bonds 3,419 (1) — — 3,419 (1) Total $ 23,203 $ (10) $ — $ — $ 23,203 $ (10)
Schedule of Fair Value of Available-for-sale Securities By Contractual Maturity	The following table sets forth the fair value of available-for-sale securities by contractual maturity as of October 31, 2020, and August 1, 2020: October 31, 2020 August 1, 2020 (in thousands) One Year or Less Over One Year Through Five Years Over Five Years Total One Year or Less Over One Year Through Five Years Over Five Years Total Financial Assets: Investments: U.S. Treasury securities $ 87,437 $ — $ — $ 87,437 $ 38,794 $ 29,056 $ — $ 67,850 Certificates of deposit 6,150 — — 6,150 6,150 — — 6,150 Commercial paper 31,368 — — 31,368 35,331 — — 35,331 Asset-backed securities 6,127 30,089 — 36,216 6,657 38,603 — 45,260 Corporate bonds 56,897 11,503 — 68,400 56,105 27,438 — 83,543 Total $ 187,979 $ 41,592 $ — $ 229,571 $ 143,037 $ 95,097 $ — $ 238,134
Schedule of Short-term and Long-term Investments Accounted for as Available-for-sale Measured at Fair Value on Recurring Basis	The following table sets forth our cash equivalents, and short-term and long-term investments accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of October 31, 2020, and August 1, 2020: October 31, 2020 August 1, 2020 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 7,938 $ — $ — $ 7,938 $ 2,394 $ — $ — $ 2,394 U.S Treasury securities 3,730 — — 3,730 — — — — Investments: U.S. Treasury securities 87,437 — — 87,437 67,850 — — 67,850 Certificates of deposit — 6,150 — 6,150 — 6,150 — 6,150 Commercial paper — 31,368 — 31,368 — 35,331 — 35,331 Asset-backed securities — 36,216 — 36,216 — 45,260 — 45,260 Corporate bonds — 68,400 — 68,400 — 83,543 — 83,543 Total $ 99,105 $ 142,134 $ — $ 241,239 $ 70,244 $ 170,284 $ — $ 240,528

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Oct. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following: (in thousands) October 31, 2020 August 1, 2020 Compensation and related benefits $ 17,723 $ 11,987 Advertising 20,601 14,979 Sales taxes 11,637 7,134 Shipping and freight 15,264 8,624 Accrued accounts payable 7,721 5,892 Inventory purchases 20,474 15,427 Other 17,380 13,547 Total accrued liabilities $ 110,800 $ 77,590
Schedule of Restructuring and Related Charges	The following table provides the components of and changes in the Company’s restructuring and related charges, included in Compensation and related benefits in the table above : (in thousands) Severance and Other Termination Benefits Balance at August 1, 2020 $ 3,156 Cash payments (2,758) Balance at October 31, 2020 $ 398

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Oct. 31, 2020
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss By Component	The tables below present the changes in AOCI by component and, if applicable, the reclassifications out of AOCI: Changes in Accumulated Other Comprehensive Income (Loss) (in thousands) Available-for-sale Securities Foreign Currency Translation Total Balance at August 1, 2020 $ 1,213 $ 1,515 $ 2,728 Other comprehensive income (loss) before reclassifications (1) (548) (338) (886) Amounts reclassified from AOCI (115) — (115) Net change in AOCI (663) (338) (1,001) Balance at October 31, 2020 $ 550 $ 1,177 $ 1,727 Changes in Accumulated Other Comprehensive Income (Loss) (in thousands) Available-for-sale Securities Foreign Currency Translation Total Balance at August 3, 2019 $ 391 $ (578) $ (187) Other comprehensive income (loss) before reclassifications (1) (172) 1,755 1,583 Net change in AOCI (172) 1,755 1,583 Balance at November 2, 2019 $ 219 $ 1,177 $ 1,396 (1) The associated income tax effects for gains / losses on available-for-sale securities were $430 and $409 for the three months ended October 31, 2020, and November 2, 2019, respectively.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Oct. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity Under 2011 and 2017 Stock Plan	Stock option activity under the 2011 Plan, 2017 Plan, and 2019 Plan is as follows: Options Outstanding Number of Weighted- Weighted- Aggregate Balance – August 1, 2020 6,817,196 $ 17.10 7.41 $ 40,252 Granted 795 $ 36.01 Exercised (525,316) $ 9.54 Cancelled (614,429) $ 23.04 Balance – October 31, 2020 5,678,246 $ 17.16 7.25 $ 98,125
Schedule of Unvested Restricted Stock Units Activity	The following table summarizes the restricted stock unit (“RSU”) award activity under the 2017 Plan and 2019 Plan: Unvested RSUs Class A Common Stock Weighted- Unvested at August 1, 2020 9,123,341 $ 20.11 Granted 3,601,020 $ 24.87 Vested (440,918) $ 22.02 Forfeited (639,041) $ 20.95 Unvested at October 31, 2020 11,644,402 $ 21.47
Summary of Assumptions Used in Black-Scholes Option-Pricing Model to Determine Fair Value of Stock Options	The fair value of stock options granted to employees was estimated at the grant date using the Black-Scholes option-pricing model with the following assumptions: For the Three Months Ended October 31, 2020 November 2, 2019 Expected term (in years) 5.5 6.0 - 6.2 Volatility 55.9 % 51.2% Risk free interest rate 0.3 % 1.7% Dividend yield — % — %

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Oct. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Effective Tax Rate from Income	The following table summarizes our effective tax rate from income for the periods presented: For the Three Months Ended (in thousands) October 31, 2020 November 2, 2019 Income (loss) before income taxes $ (18,577) $ 979 Provision (benefit) for income taxes (28,118) 1,157 Effective tax rate 151.4 % 118.2 %

Earnings (Loss) Per Share Att_2

Earnings (Loss) Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Oct. 31, 2020
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted EPS	A reconciliation of the numerator and denominator used in the calculation of basic and diluted EPS attributable to common stockholders is as follows: For the Three Months Ended October 31, 2020 November 2, 2019 (in thousands, except share and per share amounts) Class A Class B Class A Class B Numerator: Net income (loss) $ 5,425 $ 4,116 $ (96) $ (82) Net income (loss) attributable to common stockholders - basic 5,425 4,116 (96) (82) Reallocation of undistributed earnings (loss) as a result of conversion of Class B to Class A shares 4,116 — — — Reallocation of undistributed earnings (loss) to Class B shares — (60) — — Net income (loss) attributable to common stockholders - diluted $ 9,541 $ 4,056 $ (96) $ (82) Denominator: Weighted-average shares of common stock - basic 59,205,535 44,929,315 54,867,211 46,690,335 Conversion of Class B to Class A common shares outstanding 44,929,315 — — — Effect of dilutive stock options and restricted stock units 5,342,504 1,610,475 — — Weighted-average shares of common stock - diluted 109,477,354 46,539,790 54,867,211 46,690,335 Earnings (loss) per share attributable to common stockholders: Basic $ 0.09 $ 0.09 $ (0.00) $ (0.00) Diluted $ 0.09 $ 0.09 $ (0.00) $ (0.00)
Schedule of Common Stock Equivalents Excluded from Computation of Diluted Earnings Per Share	The following common stock equivalents were excluded from the computation of diluted earnings (loss) per share for the periods presented because including them would have been antidilutive: For the Three Months Ended October 31, 2020 November 2, 2019 Restricted stock units 3,910,451 3,735,946 Stock options to purchase Class A common stock 1,647,310 2,186,564 Stock options to purchase Class B common stock 137,977 4,418,546 Total 5,695,738 10,341,056

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Aug. 01, 2020	Aug. 04, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Refund reserve	$ 8,700	$ 5,000
Operating lease, right-of-use assets	135,561	132,615
Current operating lease liabilities	25,531	24,333
Noncurrent operating lease liabilities	140,298	$ 140,175
Accounting Standards Update 2016-02
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating lease, right-of-use assets			$ 133,000
Deferred rent previously recorded			25,700
Current operating lease liabilities			22,000
Noncurrent operating lease liabilities			$ 136,700
Prepaid Expenses and Other Current Assets
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Interest receivable	$ 700

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Contractual Liabilities and Revenue Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 01, 2020	Oct. 31, 2020
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 13,059	$ 14,963
Upfront Styling Fees
Deferred Revenue Arrangement [Line Items]
Deferred revenue	9,119	10,681
Revenue recognized	9,110
Style Pass annual fees
Deferred Revenue Arrangement [Line Items]
Deferred revenue	2,711	2,699
Revenue recognized	1,361
Direct Orders
Deferred Revenue Arrangement [Line Items]
Deferred revenue	1,229	1,583
Revenue recognized	884
Gift card liability
Deferred Revenue Arrangement [Line Items]
Deferred revenue	8,590	8,319
Revenue recognized	1,572
Deferred revenue
Deferred Revenue Arrangement [Line Items]
Deferred revenue	13,059	14,963
Other current liabilities
Deferred Revenue Arrangement [Line Items]
Deferred revenue	2,577	$ 5,454
Revenue recognized	$ 1,498

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Aug. 01, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 228,590	$ 236,491
Gross Unrealized Gains	991	1,649
Gross Unrealized Losses	(10)	(6)
Fair Value	229,571	238,134
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	87,125	67,335
Gross Unrealized Gains	314	516
Gross Unrealized Losses	(2)	(1)
Fair Value	87,437	67,850
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,150	6,150
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	6,150	6,150
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	31,368	35,331
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	31,368	35,331
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	35,979	44,854
Gross Unrealized Gains	244	410
Gross Unrealized Losses	(7)	(4)
Fair Value	36,216	45,260
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	67,968	82,821
Gross Unrealized Gains	433	723
Gross Unrealized Losses	(1)	(1)
Fair Value	$ 68,400	$ 83,543

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value of Continuous Unrealized Loss Position (Details) $ in Thousands	Oct. 31, 2020USD ($)
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	$ 23,203
Unrealized losses, less than 12 months	(10)
Fair value, more than 12 months	0
Unrealized losses, more than 12 months	0
Fair value	23,203
Unrealized losses	(10)
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	11,125
Unrealized losses, less than 12 months	(2)
Fair value, more than 12 months	0
Unrealized losses, more than 12 months	0
Fair value	11,125
Unrealized losses	(2)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	8,659
Unrealized losses, less than 12 months	(7)
Fair value, more than 12 months	0
Unrealized losses, more than 12 months	0
Fair value	8,659
Unrealized losses	(7)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Fair value, less than 12 months	3,419
Unrealized losses, less than 12 months	(1)
Fair value, more than 12 months	0
Unrealized losses, more than 12 months	0
Fair value	3,419
Unrealized losses	$ (1)

Fair Value Measurements - Fai_3

Fair Value Measurements - Fair Value of Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Aug. 01, 2020
Debt Securities, Available-for-sale [Line Items]
One Year or Less	$ 187,979	$ 143,037
Over One Year Through Five Years	41,592	95,097
Over Five Years	0	0
Total	229,571	238,134
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
One Year or Less	87,437	38,794
Over One Year Through Five Years	0	29,056
Over Five Years	0	0
Total	87,437	67,850
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
One Year or Less	6,150	6,150
Over One Year Through Five Years	0	0
Over Five Years	0	0
Total	6,150	6,150
Commercial paper
Debt Securities, Available-for-sale [Line Items]
One Year or Less	31,368	35,331
Over One Year Through Five Years	0	0
Over Five Years	0	0
Total	31,368	35,331
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
One Year or Less	6,127	6,657
Over One Year Through Five Years	30,089	38,603
Over Five Years	0	0
Total	36,216	45,260
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
One Year or Less	56,897	56,105
Over One Year Through Five Years	11,503	27,438
Over Five Years	0	0
Total	$ 68,400	$ 83,543

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis Based on Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Aug. 01, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 229,571	$ 238,134
Assets at fair value	241,239	240,528
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets at fair value	99,105	70,244
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets at fair value	142,134	170,284
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets at fair value	0	0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	87,437	67,850
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	6,150	6,150
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	31,368	35,331
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	36,216	45,260
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	68,400	83,543
Money market funds | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents at fair value	7,938	2,394
U.S. Treasury securities | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents at fair value	3,730	0
Fair Value, Recurring | Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents at fair value	7,938	2,394
Fair Value, Recurring | Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents at fair value	0	0
Fair Value, Recurring | Money market funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents at fair value	0	0
Fair Value, Recurring | U.S. Treasury securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents at fair value	3,730	0
Fair Value, Recurring | U.S. Treasury securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents at fair value	0	0
Fair Value, Recurring | U.S. Treasury securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents at fair value	0	0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	87,437	67,850
U.S. Treasury securities | Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	87,437	67,850
U.S. Treasury securities | Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
U.S. Treasury securities | Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	6,150	6,150
Certificates of deposit | Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Certificates of deposit | Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	6,150	6,150
Certificates of deposit | Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	31,368	35,331
Commercial paper | Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Commercial paper | Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	31,368	35,331
Commercial paper | Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	36,216	45,260
Asset-backed securities | Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Asset-backed securities | Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	36,216	45,260
Asset-backed securities | Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	68,400	83,543
Corporate bonds | Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0	0
Corporate bonds | Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	68,400	83,543
Corporate bonds | Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 0	$ 0

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Aug. 01, 2020	Oct. 31, 2020
Payables and Accruals [Abstract]
Compensation and related benefits	$ 11,987	$ 17,723
Advertising	14,979	20,601
Sales taxes	7,134	11,637
Shipping and freight	8,624	15,264
Accrued accounts payable	5,892	7,721
Inventory purchases	15,427	20,474
Other	13,547	17,380
Total accrued liabilities	77,590	$ 110,800
Restructuring charges	$ 4,800

Accrued Liabilities - Schedul_2

Accrued Liabilities - Schedule of Restructuring and Related Charges (Details) $ in Thousands	3 Months Ended
	Oct. 31, 2020USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 3,156
Cash payments	(2,758)
Restructuring reserve, ending balance	$ 398

Credit Agreement (Details)

Credit Agreement (Details) - Senior Revolving Credit Facility - 2020 Credit Agreement - USD ($)	Jun. 03, 2020	Oct. 31, 2020
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 90,000,000
Credit sublimit	20,000,000
Swingline provision	50,000,000
Option increase amount	$ 60,000,000
Payments of issuance costs		$ 700,000
Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	0.50%
Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.00%
Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.25%
Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	2.25%
Minimum | Eurodollar Applicable Margin Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.25%
Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.30%
Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	2.50%
Maximum | Eurodollar Applicable Margin Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.50%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended	2 Months Ended
	Nov. 30, 2020USD ($)ft²	Dec. 10, 2018lawsuit
Subsequent Event [Line Items]
Number of lawsuits | lawsuit		4
Subsequent event
Subsequent Event [Line Items]
Area of leased space | ft²	700,000
Operating lease, cost | $	$ 33.1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	$ 401,037	$ 396,000
Other comprehensive income (loss) before reclassifications	(886)	1,583
Amounts reclassified from AOCI	(115)
Total other comprehensive income (loss), net of tax	(1,001)	1,583
Stockholders' equity, ending balance	428,587	408,614
Tax (benefit) expense for gains and losses on available-for-sale securities	430	409
Available-for-sale Securities
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	1,213	391
Other comprehensive income (loss) before reclassifications	(548)	(172)
Amounts reclassified from AOCI	(115)
Total other comprehensive income (loss), net of tax	(663)	(172)
Stockholders' equity, ending balance	550	219
Foreign Currency Translation
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	1,515	(578)
Other comprehensive income (loss) before reclassifications	(338)	1,755
Amounts reclassified from AOCI	0
Total other comprehensive income (loss), net of tax	(338)	1,755
Stockholders' equity, ending balance	1,177	1,177
Accumulated Other Comprehensive Income (Loss)
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	2,728	(187)
Total other comprehensive income (loss), net of tax	(1,001)	1,583
Stockholders' equity, ending balance	$ 1,727	$ 1,396

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of options (in dollars per share)	$ 17.70	$ 11.30
Unrecognized compensation expense related to unvested options and RSUs, net of forfeitures	$ 249.2
Unrecognized compensation expense related to unvested options weighted average recognition period	2 years 8 months 12 days
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 19.9	$ 12.1
2011 Equity Incentive Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Options exercisable period	10 years
2011 Equity Incentive Plan | Stock Options | First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options vesting percentage	25.00%
2011 Equity Incentive Plan | Stock Options | Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options vesting percentage	25.00%
2011 Equity Incentive Plan | Stock Options | Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options vesting percentage	25.00%
2011 Equity Incentive Plan | Stock Options | Fourth Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options vesting percentage	25.00%
2017 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	27,395,455
2019 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	4,750,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity Under 2011 and 2017 Stock Plan (Details) - 2011, 2017, and 2019 Plans - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Oct. 31, 2020	Aug. 01, 2020
Number of Options
Outstanding, beginning balance (in shares)	6,817,196
Granted (in shares)	795
Exercised (in shares)	(525,316)
Cancelled (in shares)	(614,429)
Outstanding, ending balance (in shares)	5,678,246	6,817,196
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 17.10
Granted (in dollars per share)	36.01
Exercised (in dollars per share)	9.54
Cancelled (in dollars per share)	23.04
Outstanding, ending balance (in dollars per share)	$ 17.16	$ 17.10
Weighted- Average Remaining Contractual Life (in Years)
Outstanding, weighted-average remaining contractual life	7 years 3 months	7 years 4 months 28 days
Aggregate Intrinsic Value (in thousands)
Outstanding, aggregate intrinsic value	$ 98,125	$ 40,252

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Units Award Activity (Details) - Class A Common Stock - Restricted stock units	3 Months Ended
	Oct. 31, 2020$ / sharesshares
Class A Common Stock
Unvested, beginning balance (in shares) | shares	9,123,341
Granted (in shares) | shares	3,601,020
Vested (in shares) | shares	(440,918)
Forfeited (in shares) | shares	(639,041)
Unvested, ending balance (in shares) | shares	11,644,402
Weighted- Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) | $ / shares	$ 20.11
Granted (in dollars per share) | $ / shares	24.87
Vested (in dollars per share) | $ / shares	22.02
Forfeited (in dollars per share) | $ / shares	20.95
Unvested, ending balance (in dollars per share) | $ / shares	$ 21.47

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option-Pricing Model to Determine Fair Value of Stock Options (Details)	3 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	55.90%	51.20%
Risk free interest rate	0.30%	1.70%
Dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	6 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		6 years 2 months 12 days

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rate from Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (18,577)	$ 979
Provision (benefit) for income taxes	$ (28,118)	$ 1,157
Effective tax rate	151.40%	118.20%

Earnings (Loss) Per Share Att_3

Earnings (Loss) Per Share Attributable to Common Stockholders - Additional Information (Details)	Nov. 16, 2017vote	Oct. 31, 2020class
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of new classes of common stock authorized | class		2
Common stock, conversion ratio	1
IPO | Class A Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of votes per share	1
IPO | Class B Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of votes per share	10

Earnings (Loss) Per Share Att_4

Earnings (Loss) Per Share Attributable to Common Stockholders - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Numerator:
Net income (loss)	$ 9,541	$ (178)
Net income (loss) attributable to common stockholders - basic	9,541	(178)
Net income (loss) attributable to common stockholders - diluted	$ 9,541	$ (178)
Denominator:
Weighted-average shares of common stock - basic (in shares)	104,134,850	101,557,546
Weighted-average shares of common stock - diluted (in shares)	109,477,354	101,557,546
Earnings (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.09	$ 0
Diluted (in dollars per share)	$ 0.09	$ 0
Class A Common Stock
Numerator:
Net income (loss)	$ 5,425	$ (96)
Net income (loss) attributable to common stockholders - basic	5,425	(96)
Reallocation of undistributed earnings (loss) as a result of conversion of Class B to Class A shares	4,116	0
Reallocation of undistributed earnings (loss) to Class B shares	0	0
Net income (loss) attributable to common stockholders - diluted	$ 9,541	$ (96)
Denominator:
Weighted-average shares of common stock - basic (in shares)	59,205,535	54,867,211
Conversion of Class B to Class A common shares outstanding (in shares)	44,929,315	0
Effect of dilutive stock options and restricted stock units (in shares)	5,342,504	0
Weighted-average shares of common stock - diluted (in shares)	109,477,354	54,867,211
Earnings (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.09	$ 0
Diluted (in dollars per share)	$ 0.09	$ 0
Class B Common Stock
Numerator:
Net income (loss)	$ 4,116	$ (82)
Net income (loss) attributable to common stockholders - basic	4,116	(82)
Reallocation of undistributed earnings (loss) as a result of conversion of Class B to Class A shares	0	0
Reallocation of undistributed earnings (loss) to Class B shares	(60)	0
Net income (loss) attributable to common stockholders - diluted	$ 4,056	$ (82)
Denominator:
Weighted-average shares of common stock - basic (in shares)	44,929,315	46,690,335
Conversion of Class B to Class A common shares outstanding (in shares)	0	0
Effect of dilutive stock options and restricted stock units (in shares)	1,610,475	0
Weighted-average shares of common stock - diluted (in shares)	46,539,790	46,690,335
Earnings (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.09	$ 0
Diluted (in dollars per share)	$ 0.09	$ 0

Earnings (Loss) Per Share Att_5

Earnings (Loss) Per Share Attributable to Common Stockholders - Schedule of Common Stock Equivalents Excluded from Computation of Diluted Earnings (Loss) Per Share (Details) - shares	3 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per share (in shares)	5,695,738	10,341,056
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per share (in shares)	3,910,451	3,735,946
Stock Options | Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per share (in shares)	1,647,310	2,186,564
Stock Options | Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings (loss) per share (in shares)	137,977	4,418,546