Stitch Fix (SFIX) 10-Q 5 Mar 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jan. 27, 2024	Feb. 28, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 27, 2024
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 1100
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001576942
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--08-03
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		94,766,527
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,405,020

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 27, 2024	Jul. 29, 2023
Current assets:
Cash and cash equivalents	$ 227,503	$ 239,437
Short-term investments	2,321	18,161
Inventory, net	126,033	130,548
Prepaid expenses and other current assets	21,161	27,692
Current assets, discontinued operations	953	9,623
Total current assets	377,971	425,461
Property and equipment, net	63,522	79,757
Operating lease right-of-use assets	93,616	104,533
Other long-term assets	2,909	2,681
Long-term assets, discontinued operations	298	2,046
Total assets	538,316	614,478
Current liabilities:
Accounts payable	74,303	96,730
Operating lease liabilities	27,086	28,210
Accrued liabilities	75,694	69,893
Gift card liability	11,357	10,328
Deferred revenue	9,765	11,366
Other current liabilities	9,154	8,802
Current liabilities, discontinued operations	2,062	12,782
Total current liabilities	209,421	238,111
Operating lease liabilities, net of current portion	111,936	125,418
Other long-term liabilities	3,688	3,639
Total liabilities	325,045	367,168
Commitments and contingencies (Note 6)
Stockholders’ equity:
Additional paid-in capital	653,170	615,236
Accumulated other comprehensive income (loss)	(432)	527
Accumulated deficit	(409,427)	(338,413)
Treasury stock, at cost – 2,302,141 and 2,302,141 shares as of January 27, 2024, and July 29, 2023, respectively	(30,042)	(30,042)
Total stockholders’ equity	213,271	247,310
Total liabilities and stockholders’ equity	538,316	614,478
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	Jan. 27, 2024	Jul. 29, 2023
Treasury stock (in shares)	2,302,141	2,302,141
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)	97,068,668	90,217,226
Common stock, shares outstanding (in shares)	94,766,527	90,217,226
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)	25,405,020	25,405,020
Common stock, shares outstanding (in shares)	25,405,020	25,405,020

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Income Statement [Abstract]
Revenue, net	$ 330,402	$ 400,622	$ 695,187	$ 844,363
Cost of goods sold	186,922	236,866	392,604	493,297
Gross profit	143,480	163,756	302,583	351,066
Selling, general, and administrative expenses	181,518	227,038	369,282	462,884
Operating loss	(38,038)	(63,282)	(66,699)	(111,818)
Interest income	2,673	632	4,921	1,380
Other income (expense), net	578	(663)	989	(840)
Loss before income taxes	(34,787)	(63,313)	(60,789)	(111,278)
Provision for income taxes	169	131	338	318
Net loss from continuing operations	(34,956)	(63,444)	(61,127)	(111,596)
Net loss from discontinued operations, net of income taxes	(568)	(2,127)	(9,887)	(9,893)
Net loss	(35,524)	(65,571)	(71,014)	(121,489)
Other comprehensive income (loss):
Change in unrealized loss on available-for-sale securities, net of tax	49	941	170	755
Foreign currency translation	0	2,501	(1,129)	889
Total other comprehensive income (loss), net of tax	49	3,442	(959)	1,644
Comprehensive loss	$ (35,475)	$ (62,129)	$ (71,973)	$ (119,845)
Loss per share from continuing operations, attributable to common stockholders:
Basic (in dollars per share)	$ (0.29)	$ (0.56)	$ (0.52)	$ (0.99)
Diluted (in dollars per share)	(0.29)	(0.56)	(0.52)	(0.99)
Loss per share from discontinued operations, attributable to common stockholders:
Basic (in dollars per share)	0	(0.02)	(0.08)	(0.09)
Diluted (in dollars per share)	0	(0.02)	(0.08)	(0.09)
Loss per share attributable to common stockholders:
Basic (in dollars per share)	(0.30)	(0.58)	(0.60)	(1.07)
Diluted (in dollars per share)	$ (0.30)	$ (0.58)	$ (0.60)	$ (1.07)
Weighted-average shares used to compute loss per share attributable to common stockholders:
Basic (in shares)	119,045,026	113,928,081	117,845,093	113,143,991
Diluted (in shares)	119,045,026	113,928,081	117,845,093	113,143,991

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)	Accumulated Deficit	Treasury Stock
Stockholders' equity, beginning balance (in shares) at Jul. 30, 2022		111,592,931
Stockholders' equity, beginning balance at Jul. 30, 2022	$ 322,651	$ 2	$ 522,658	$ (3,527)	$ (166,440)	$ (30,042)
Stockholders' equity, beginning balance (in shares) at Jul. 30, 2022						(2,302,141)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options (in shares)		117,607
Issuance of common stock upon exercise of stock options	154		154
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)		3,099,038
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	(6,969)		(6,969)
Stock-based compensation	59,286		59,286
Net loss	(121,489)				(121,489)
Other comprehensive income (loss), net of tax	1,644			1,644
Stockholders' equity, ending balance (in shares) at Jan. 28, 2023		114,809,576
Stockholders' equity, ending balance at Jan. 28, 2023	255,277	$ 2	575,129	(1,883)	(287,929)	$ (30,042)
Stockholders' equity, ending balance (in shares) at Jan. 28, 2023						(2,302,141)
Stockholders' equity, beginning balance (in shares) at Oct. 29, 2022		113,110,197
Stockholders' equity, beginning balance at Oct. 29, 2022	294,767	$ 2	552,490	(5,325)	(222,358)	$ (30,042)
Stockholders' equity, beginning balance (in shares) at Oct. 29, 2022						(2,302,141)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options (in shares)		117,607
Issuance of common stock upon exercise of stock options	154		154
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)		1,581,772
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	(3,216)		(3,216)
Stock-based compensation	25,701		25,701
Net loss	(65,571)				(65,571)
Other comprehensive income (loss), net of tax	3,442			3,442
Stockholders' equity, ending balance (in shares) at Jan. 28, 2023		114,809,576
Stockholders' equity, ending balance at Jan. 28, 2023	255,277	$ 2	575,129	(1,883)	(287,929)	$ (30,042)
Stockholders' equity, ending balance (in shares) at Jan. 28, 2023						(2,302,141)
Stockholders' equity, beginning balance (in shares) at Jul. 29, 2023		117,924,387
Stockholders' equity, beginning balance at Jul. 29, 2023	$ 247,310	$ 2	615,236	527	(338,413)	$ (30,042)
Stockholders' equity, beginning balance (in shares) at Jul. 29, 2023	(2,302,141)					(2,302,141)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)		4,549,301
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	$ (8,514)		(8,514)
Stock-based compensation	46,448		46,448
Net loss	(71,014)				(71,014)
Other comprehensive income (loss), net of tax	(959)			(959)
Stockholders' equity, ending balance (in shares) at Jan. 27, 2024		122,473,688
Stockholders' equity, ending balance at Jan. 27, 2024	$ 213,271	$ 2	653,170	(432)	(409,427)	$ (30,042)
Stockholders' equity, ending balance (in shares) at Jan. 27, 2024	(2,302,141)					(2,302,141)
Stockholders' equity, beginning balance (in shares) at Oct. 28, 2023		120,193,066
Stockholders' equity, beginning balance at Oct. 28, 2023	$ 230,740	$ 2	635,164	(481)	(373,903)	$ (30,042)
Stockholders' equity, beginning balance (in shares) at Oct. 28, 2023						(2,302,141)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings (in shares)		2,280,622
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	(4,342)		(4,342)
Stock-based compensation	22,348		22,348
Net loss	(35,524)				(35,524)
Other comprehensive income (loss), net of tax	49			49
Stockholders' equity, ending balance (in shares) at Jan. 27, 2024		122,473,688
Stockholders' equity, ending balance at Jan. 27, 2024	$ 213,271	$ 2	$ 653,170	$ (432)	$ (409,427)	$ (30,042)
Stockholders' equity, ending balance (in shares) at Jan. 27, 2024	(2,302,141)					(2,302,141)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jan. 27, 2024	Jan. 28, 2023
Cash Flows from Operating Activities from Continuing Operations
Net loss from continuing operations	$ (61,127)	$ (111,596)
Adjustments to reconcile net loss from continuing operations to net cash provided by (used in) operating activities from continuing operations:
Change in inventory reserves	(5,137)	(6,170)
Stock-based compensation expense	40,967	56,391
Depreciation and amortization	26,593	21,464
Asset impairment	0	16,874
Other	(1,353)	1,067
Change in operating assets and liabilities:
Inventory	9,652	44,912
Prepaid expenses and other assets	6,678	7,279
Income tax receivables	0	26,640
Operating lease right-of-use assets and liabilities	(3,689)	39
Accounts payable	(22,463)	(36,328)
Accrued liabilities	8,315	(3,306)
Deferred revenue	(1,601)	(999)
Gift card liability	1,028	1,934
Other liabilities	401	2,582
Net cash provided by (used in) operating activities from continuing operations	(1,736)	20,783
Cash Flows from Investing Activities from Continuing Operations
Proceeds from sale of property and equipment	21	0
Purchases of property and equipment	(7,427)	(11,398)
Purchases of securities available-for-sale	0	(258)
Sales of securities available-for-sale	0	4,145
Maturities of securities available-for-sale	15,970	11,210
Net cash provided by investing activities from continuing operations	8,564	3,699
Cash Flows from Financing Activities from Continuing Operations
Proceeds from the exercise of stock options, net	0	154
Payments for tax withholdings related to vesting of restricted stock units	(8,342)	(6,794)
Other	(388)	(117)
Net cash used in financing activities from continuing operations	(8,730)	(6,757)
Net increase (decrease) in cash and cash equivalents from continuing operations	(1,902)	17,725
Cash Flows from Discontinued Operations
Net cash used in operating activities from discontinued operations	(9,311)	(9,723)
Net cash used in investing activities from discontinued operations	0	(489)
Net cash used in financing activities from discontinued operations	(171)	(175)
Net decrease in cash and cash equivalents from discontinued operations	(9,482)	(10,387)
Effect of exchange rate changes on cash and cash equivalents	(550)	706
Net increase (decrease) in cash and cash equivalents	(11,934)	8,044
Cash and cash equivalents at beginning of period	239,437	130,935
Cash and cash equivalents at end of period	227,503	138,979
Supplemental Disclosure
Cash paid for income taxes	1,233	178
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Purchases of property and equipment included in accounts payable and accrued liabilities	897	1,430
Capitalized stock-based compensation	$ 2,568	$ 3,409

Description of Business

Description of Business	6 Months Ended
	Jan. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Stitch Fix, Inc. (“we,” “our,” “us,” or “the Company”) delivers personalization to our clients through the pairing of data science and human judgment. Currently, clients can engage with us in one of two ways that, combined, form an ecosystem of personalized experiences across styling, shopping, and inspiration: (1) by receiving a personalized shipment of items informed by our algorithms and sent by a Stitch Fix stylist (a “Fix”); or (2) by purchasing directly from our website or mobile app based on a personalized assortment of outfit and item recommendations (“Freestyle”). Clients can choose to schedule automatic shipments or order a Fix on demand after they fill out a style profile on our website or mobile app. After receiving a Fix, our clients purchase the items they want to keep and return the other items, if any. Freestyle utilizes our algorithms to recommend a personalized assortment of outfit and item recommendations that will update throughout the day and will continue to evolve as we learn more about the client. We are incorporated in Delaware and have operations in the United States. Previously, we also had operations in the United Kingdom (“UK”). During the first quarter of fiscal 2024, we ceased operations of our UK business and met the requirements to report the UK business as a discontinued operation for all periods presented.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jan. 27, 2024
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 year ending August 3, 2024 (“fiscal 2024”) consists of 53 weeks, with the extra week occurring in the fourth fiscal quarter ending August 3, 2024. The fiscal year ended July 29, 2023 (“fiscal 2023”) consisted of 52 weeks. The accompanying 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 applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. 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 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 August 3, 2024, 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 included in our Annual Report on Form 10-K for the fiscal year ended July 29, 2023 (the “2023 Annual Report”). Discontinued Operations During the first quarter of fiscal 2024, we ceased operations of our UK business and met the accounting requirements for reporting the UK business as a discontinued operation. Accordingly, the condensed consolidated financial statements reflect the results of the UK business as a discontinued operation for all periods presented. Unless otherwise noted, amounts and disclosures throughout these Notes to Condensed Consolidated Financial Statements relate to the Company's continuing operations. Refer to Note 12, “Discontinued Operations” for further details. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and the accompanying footnotes. Significant estimates and assumptions are used for inventory, stock-based compensation expense, income taxes, and revenue recognition. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements. Significant Accounting Policies Unless noted below, there have been no changes to the Company’s significant accounting policies, as described in our fiscal 2023 Annual Report, that had a material impact on these condensed consolidated financial statements and related notes. Short-Term Investments Our short-term investments have been classified and accounted for as available-for-sale securities. The allowance for expected credit losses on our available-for-sale debt securities was immaterial at both January 27, 2024 and July 29, 2023. We have elected to present accrued interest receivable separately from short-term investments in the condensed consolidated balance sheets. Accrued interest receivable, which was immaterial at both January 27, 2024 and July 29, 2023, is recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. We did not write off any accrued interest receivable during the three and six months ended January 27, 2024 or January 28, 2023. Inventory, net Inventory, net consists of finished goods recorded at the lower of cost or net realizable value using the first-in-first-out (FIFO) method. Gross inventory costs include both merchandise costs and in-bound freight costs. Inventory, net includes reserves for excess and slow-moving inventory we expect to write off based on historical trends, damaged inventory, and shrinkage. Our total inventory reserves were $33.5 million and $38.7 million as of January 27, 2024 and July 29, 2023, respectively. At both January 27, 2024 and July 29, 2023, we recorded additional specific reserves related to excess and slow-moving seasonal inventory. We have not made any material changes to our assumptions included in the calculations of the lower of cost or net realizable value reserves at January 27, 2024 or July 29, 2023. Leases Our leasing portfolio consists of 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 condensed 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, which is calculated using our incremental borrowing rate and the 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 During the first quarter of fiscal 2024, we ceased operations of our UK business and met the requirements to report the UK business as a discontinued operation. The functional currency of our UK business was the British pound sterling. We translated assets and liabilities to U.S. dollars using period-end exchange rates, and average monthly exchange rates for revenues, costs, and expenses. Prior to being classified as a discontinued operation, we recorded translation gains and losses in accumulated other comprehensive income (loss) (“AOCI”) as a component of stockholders’ equity. During the first quarter of fiscal 2024, historical foreign currency translation losses, which were previously recognized in AOCI, were fully reclassified from equity to loss from discontinued operations, net of income taxes in the condensed consolidated statements of operations and comprehensive loss. Refer to Note 7, “Accumulated Other Comprehensive Income (Loss)” and Note 12, “Discontinued Operations” for further details. Net foreign exchange transaction gains and losses attributable to continuing operations resulting from the conversion of the transaction currency to functional currency are recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. Fair Value Measurements We apply fair value accounting for assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis, 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. Impairment of Long-Lived Assets We review our long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated from the use of the asset and its eventual disposition. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount exceeds the fair value of the impaired assets. Assets to be disposed of are reported at the lower of their carrying amount or fair value less cost to sell. In the second quarter of fiscal 2023, we recorded an impairment charge related to a portion of our corporate office space. Refer to “Note 11 - Restructuring” for further details. Revenue Recognition We generate revenue primarily from the sale of merchandise to clients in a Fix and when clients purchase merchandise directly from Freestyle. 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. Revenue is recognized when control of the promised goods is transferred to the client. For a Fix, control is transferred when the client accepts or rejects the offer to purchase merchandise. Upon acceptance by purchasing one or more items within the Fix at checkout, the total amount of the order, including the upfront styling fee, is recognized as revenue. If none of the items within the Fix are accepted at checkout, the upfront styling fee is recognized as revenue at that time. The Style Pass annual fee is recognized at the earlier of (i) the time at which a client accepts and applies the Style Pass fee to an offer to purchase merchandise or (ii) upon expiry of the annual period. Under Style Pass arrangements, if a client does not accept any items within the Fix, the annual fee will continue to be deferred until it is applied to a future purchase or upon expiry of the annual period. If a client would like to exchange an item, we recognize revenue at the time the exchanged item is shipped, which coincides with the transfer of control to the customer. For a Freestyle purchase, control is transferred and revenue is recognized upon shipment to the client. 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. Our refund reserve is included in accrued liabilities in the condensed consolidated balance sheets. We have 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 Freestyle purchases, which are included in deferred revenue and are recognized as revenue upon shipment. We expect deferred revenue for upfront styling fees, Freestyle orders, and Style Pass annual fees to be recognized within one year. On average, our gift card liability and other current liabilities are also recognized within one year. The following table summarizes the balances of contractual liabilities included in deferred revenue, gift card liability, and other current liabilities as of the dates indicated: (in thousands) January 27, 2024 July 29, 2023 Deferred revenue: Upfront styling fees $ 5,097 $ 6,075 Style Pass annual fees 3,810 4,521 Freestyle orders 858 770 Total deferred revenue $ 9,765 $ 11,366 Gift card liability $ 11,357 $ 10,328 Other current liabilities: Referral credits $ 451 $ 362 The following table summarizes revenue recognized during the six months ended January 27, 2024, that was previously included in deferred revenue, gift card liability, and other current liabilities at July 29, 2023: (in thousands) Revenue Recognized From Amounts Previously Included in Deferred Balances at July 29, 2023 Upfront styling fees $ 6,032 Style Pass annual fees 2,953 Freestyle orders 554 Gift card liability 1,552 Referral credits 105 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 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 and six months ended January 27, 2024 or January 28, 2023. Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07). This update is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This standard also enhances interim disclosure requirements and provides new segment disclosure requirements for entities with a single reportable segment. This standard is effective for us beginning in fiscal 2025 for the annual period, and the interim periods thereafter. We are currently evaluating the impact that this standard will have on our consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). This update enhances the transparency and decision usefulness of income tax disclosures by improving the income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The update also includes certain other amendments to improve the effectiveness of income tax disclosures. This standard is effective for us beginning in fiscal 2026 with early adoption permitted. We do not anticipate this standard to have a material impact on our consolidated financial statements or related disclosures.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jan. 27, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Our financial instruments consist of cash, cash equivalents, investments, accounts payable, and accrued liabilities. At January 27, 2024 and July 29, 2023, the carrying values of cash, accounts payable, and accrued liabilities approximated fair value due to their short-term nature. We measure our cash equivalents and investments at fair value within Level 1 or Level 2 of the fair value hierarchy because we value these investments using unadjusted, quoted market prices; or alternative pricing sources and models utilizing market observable inputs, respectively. Our cash equivalents and investments accounted for as available-for-sale securities that were measured at fair value on a recurring basis as of January 27, 2024 and July 29, 2023 were as follows: January 27, 2024 July 29, 2023 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 127,499 $ — $ — $ 127,499 $ 80,251 $ — $ — $ 80,251 Investments: U.S. Treasury securities 272 — — 272 7,226 — — 7,226 Corporate bonds — 2,049 — 2,049 — 10,935 — 10,935 Total $ 127,771 $ 2,049 $ — $ 129,820 $ 87,477 $ 10,935 $ — $ 98,412 There were no transfers of financial assets or liabilities into or out of Level 1, Level 2, or Level 3 during the three and six months ended January 27, 2024 or January 28, 2023. The following table sets forth the amortized cost, gross unrealized losses, and fair values of our investments accounted for as available-for-sale securities as of January 27, 2024 and July 29, 2023: January 27, 2024 July 29, 2023 (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Losses Fair Value Investments: U.S. Treasury securities $ 272 $ — $ 272 $ 7,266 $ (40) $ 7,226 Corporate bonds 2,051 (2) 2,049 11,069 (134) 10,935 Total $ 2,323 $ (2) $ 2,321 $ 18,335 $ (174) $ 18,161 The fair value and gross unrealized losses for those investments that were in a continuous unrealized loss position as of January 27, 2024 were as follows: Less Than 12 Months More Than 12 Months Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investments: Corporate bonds — — 2,049 (2) 2,049 (2) Total $ — $ — $ 2,049 $ (2) $ 2,049 $ (2) The fair value and gross unrealized losses for those investments that were in a continuous unrealized loss position as of July 29, 2023 were as follows: Less Than 12 Months More Than 12 Months Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investments: U.S. Treasury securities $ 265 $ (1) $ 6,961 $ (39) $ 7,226 $ (40) Corporate bonds — — 10,935 (134) 10,935 (134) Total $ 265 $ (1) $ 17,896 $ (173) $ 18,161 $ (174) The total fair value of investments in a continuous unrealized loss and the related gross unrealized losses have both decreased since July 29, 2023, due to maturities and approaching maturities of our investments during the six months ended January 27, 2024. We evaluate securities for expected credit losses on a quarterly basis with consideration given to the financial condition and near-term prospects of the issuer, whether we intend to sell the securities, and whether it is more likely than not that we will be required to sell the securities before recovery of their amortized cost basis. As of January 27, 2024, the losses on our available-for-sale securities were immaterial. We have the current intent and ability to retain these securities until maturity or recovery of the amortized cost basis. Therefore, expected credit losses as of January 27, 2024 were immaterial. The fair values of available-for-sale securities by contractual maturity as of January 27, 2024 were as follows: January 27, 2024 (in thousands) One Year or Less Over One Year Through Five Years Over Five Years Total Investments: U.S. Treasury securities $ 272 $ — $ — $ 272 Corporate bonds 2,049 — — 2,049 Total $ 2,321 $ — $ — $ 2,321

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jan. 27, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following: (in thousands) January 27, 2024 July 29, 2023 Compensation and related benefits $ 11,979 $ 12,836 Advertising 13,925 6,625 Sales taxes 5,979 5,358 Shipping and freight 8,819 8,628 Accrued accounts payable 7,445 4,058 Inventory purchases 18,760 22,684 Sales refund reserve 5,802 6,509 Other 2,985 3,195 Total accrued liabilities $ 75,694 $ 69,893

Credit Facility

Credit Facility	6 Months Ended
	Jan. 27, 2024
Debt Disclosure [Abstract]
Credit Facility	Credit Facility Prior to December 4, 2023, we were party to an amended and restated credit agreement, entered into June 2, 2021 and amended on July 29, 2022 (the “Amended Credit Agreement”) with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (successor by purchase to the Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bridge Bank, N.A. (as successor of Silicon Valley Bank)), and other lenders, to provide a revolving line of credit of up to $100.0 million, including a letter of credit sub-facility in the aggregate amount of $30.0 million, and a swingline sub-facility in the aggregate amount of $40.0 million. On December 4, 2023, we entered into a first lien credit agreement with Citibank, N.A., as agent and lender, which provides for a $50.0 million revolving credit facility maturing on December 4, 2026 (the “2023 Credit Facility”). Upon entry into the 2023 Credit Facility, the Amended Credit Agreement was terminated. The 2023 Credit Facility includes a sub-facility that provides for the issuance of letters of credit in an amount of up to $30.0 million. Availability of the 2023 Credit Facility will be based upon a borrowing base formula and periodic borrowing base certifications valuing certain of our accounts receivable, credit card receivables, and inventory as reduced by certain reserves, if any. Our borrowing availability as of January 27, 2024 was $50.0 million, and our borrowing capacity was $29.4 million as a result of outstanding letters of credit, and no outstanding borrowing. The 2023 Credit Facility is subject to customary fees for loan facilities of this type, including a commitment fee equal to 0.30% based on the average daily undrawn portion of the 2023 Credit Facility, payable quarterly. The interest rate applicable to the 2023 Credit Facility will be, at our option, either (a) the Adjusted Term SOFR rate for the applicable interest period (subject to a 0.00% floor), plus a margin of 2.00% or (b) the Base Rate plus a margin of 2.00%. The Base Rate is the highest of (a) the federal funds rate plus 0.50%, (b) the Wall Street Journal prime rate and (c) the Adjusted Term SOFR rate for a one month interest period plus 1.00%. Debt under the 2023 Credit Facility is guaranteed by substantially all of our material domestic subsidiaries and is secured by substantially all of our and such subsidiaries’ assets. The 2023 Credit Facility contains affirmative and negative covenants, indemnification provisions, and events of default. The 2023 Credit Facility also contains financial covenants that require us to maintain a minimum liquidity level and, if applicable, a minimum total consolidated fixed charge coverage ratio during the periods set forth in the 2023 Credit Facility. As of January 27, 2024, we were in compliance with all financial covenants.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jan. 27, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 August 26, 2022, a class action lawsuit alleging violations of federal securities laws was filed by certain of our stockholders in the U.S. District Court for the Northern District of California, naming as defendants us and certain of our officers and directors. An amended complaint was filed on August 15, 2023. The lawsuit alleges 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 Freestyle offering between December 2020 and June 2022. The plaintiffs seek unspecified monetary damages and other relief. The Company filed a motion to dismiss on November 1, 2023. The plaintiffs filed an Opposition to Motion to Dismiss on December 22, 2023, and the Company filed a Reply in Support of Motion to Dismiss on February 6, 2024. On March 17, 2023, 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. There have been no other material changes to our commitments and contingencies disclosed in our fiscal 2023 Annual Report. Indemnifications

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jan. 27, 2024
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 for the periods presented: For the Three Months Ended January 27, 2024 January 28, 2023 (in thousands) Available-for-sale Securities Foreign Currency Translation Total Available-for-sale Securities Foreign Currency Translation Total Beginning balance $ (481) $ — $ (481) $ (2,526) $ (2,799) $ (5,325) Other comprehensive income before reclassifications (1) 49 — 49 941 2,501 3,442 Net change in AOCI 49 — 49 941 2,501 3,442 Ending balance $ (432) $ — $ (432) $ (1,585) $ (298) $ (1,883) For the Six Months Ended January 27, 2024 January 28, 2023 (in thousands) Available-for-sale Securities Foreign Currency Translation Total Available-for-sale Securities Foreign Currency Translation Total Beginning balance $ (602) $ 1,129 $ 527 $ (2,340) $ (1,187) $ (3,527) Other comprehensive income (loss) before reclassifications (1) 170 (2,274) (2,104) 773 889 1,662 Amounts reclassified from AOCI — — — (18) — (18) Release of cumulative foreign currency translation adjustments associated with discontinued operations (2) — 1,145 1,145 — — — Net change in AOCI 170 (1,129) (959) 755 889 1,644 Ending balance $ (432) $ — $ (432) $ (1,585) $ (298) $ (1,883) (1) There was no associated income tax effect for losses on available-for-sale securities for the three and six months ended January 27, 2024 or January 28, 2023, as we have recorded a valuation allowance against these deferred tax balances.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jan. 27, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Plans 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 non-employees 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 (“RSU”), restricted stock awards (“RSA”), and stock appreciation rights. Only incentive and nonqualified stock options were granted under the 2011 Plan. Employee stock option awards generally vested 25% on the first anniversary of the grant date with the remaining shares subject to the option vesting ratably over the next three years subject to the employee’s continued service with the Company. 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 our 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 our subsidiary, and for the grant of nonqualified stock options, stock appreciation rights, RSAs, RSU 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. Employee stock option awards generally begin to vest six months after the grant date with the remaining shares subject to the option vesting ratably over the next thirty months. Options generally expire after 10 years. RSU awards made to employees generally vest ratably on a quarterly basis subject to the employee’s continued service with the Company. As of January 27, 2024, the number of shares authorized for issuance under the 2017 Plan was 44,038,883 shares of Class A common stock, and the number of shares available for grant was 3,093,161. 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 RSU awards to individuals who satisfy the standards for inducement grants under the relevant Nasdaq Stock Market rules. As of January 27, 2024, the number of shares authorized for issuance under the 2019 Plan was 10,750,000 shares of Class A common stock and the number of shares available for grant was 913,496. Stock Options Stock option activity under the 2011 Plan, 2017 Plan, and 2019 Plan was as follows: Options Outstanding Number of Weighted- Weighted- Aggregate Balance at July 29, 2023 8,106,110 $ 7.06 8.78 $ 4,770 Granted 2,450,951 4.00 Exercised — — Cancelled (545,451) 10.18 Balance at January 27, 2024 10,011,610 $ 6.14 8.67 $ 13 Restricted Stock Units RSU award activity under the 2017 Plan and 2019 Plan was as follows: Unvested RSUs Class A Common Stock Weighted- Unvested at July 29, 2023 11,455,577 $ 10.47 Granted 12,073,155 3.27 Vested (4,549,301) 7.07 Forfeited (3,790,619) 8.38 Unvested at January 27, 2024 15,188,812 $ 6.29 Performance-Based Stock Awards In fiscal 2023, the Company incurred stock-based compensation expense under compensation arrangements with certain of its employees under which the Company settled bonuses for a fixed dollar amount by issuing a variable number of restricted stock units. The awards had both service and performance conditions. During the first quarter of fiscal 2024, the Company issued 848,489 RSUs based on the Company’s trailing seven Stock-Based Compensation Expense Stock-based compensation expense for options and RSUs granted to employees was $21.1 million and $41.0 million for the three and six months ended January 27, 2024, and $25.3 million and $56.4 million for the three and six months ended January 28, 2023. Stock-based compensation expense is included in selling, general, and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. As of January 27, 2024, the total unrecognized compensation expense related to unvested options and RSUs, net of estimated forfeitures, was $96.5 million, which we expect to recognize over an estimated weighted average period of 1.8 years. The weighted-average grant date fair value of options granted during the six months ended January 27, 2024, was $2.51 per share. The weighted-average grant date fair value of options granted during the six months ended January 28, 2023, was $2.42 per share. 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 For the Six Months Ended January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Expected term (in years) 4 - 5.5 3.2 - 5.5 4 - 5.5 3.2 - 5.5 Volatility 77.3% - 78.0% 87.3 % 77.3% - 78.0% 87.3 % Risk free interest rate 4.8% 4.2% - 4.4% 4.8% 4.2% - 4.4% Dividend yield — % — % — % — %

Income Taxes

Income Taxes	6 Months Ended
	Jan. 27, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table summarizes our effective tax rate from loss from continuing operations for the periods presented: For the Three Months Ended For the Six Months Ended (in thousands) January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Loss from continuing operations before income taxes $ (34,787) $ (63,313) $ (60,789) $ (111,278) Provision for income taxes 169 131 338 318 Effective tax rate (0.5) % (0.2) % (0.6) % (0.3) % Our continuing operations are subject to income taxes in the United States. Our effective tax rate for the three and six months ended January 27, 2024 differs from the federal statutory income tax rate primarily due to the full valuation allowance recorded on our net federal and state deferred tax assets. The tax provision for the three and six months ended January 27, 2024 is primarily comprised of state taxes. Our effective tax rate for the three and six months ended January 28, 2023 differed from the federal statutory income tax rate primarily due to the full valuation allowance recorded on our net federal and state deferred tax assets. The tax provision for the three and six months ended January 28, 2023 is primarily comprised of state taxes. 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.

Net Loss Per Share from Continu

Net Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock	6 Months Ended
	Jan. 27, 2024
Earnings Per Share [Abstract]
Net Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock	Net Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock Basic and diluted loss per share from continuing operations 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 loss per share from continuing operations attributable to common stockholders is computed by dividing the net loss from continuing operations attributable to common stockholders by the weighted-average number of common shares outstanding during the period. For the calculation of diluted loss per share from continuing operations, net loss from continuing operations attributable to common stockholders for basic loss per share is adjusted by the effect of dilutive securities. Diluted net loss per share from continuing operations attributable to common stockholders is computed by dividing the net loss from continuing operations attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares. In periods of loss, there are no potentially dilutive common shares to add to the weighted-average number of common shares outstanding. The undistributed losses are allocated based on the contractual participation rights of the Class A and Class B common shares as if the losses for the year have been distributed. As the liquidation and dividend rights are identical, the undistributed loss is allocated on a proportionate basis. The table below presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted loss per share from continuing operations attributable to Class A and Class B common stockholders: For the Three Months Ended For the Six Months Ended (in thousands, except share and per share amounts) January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Numerator: Net loss from continuing operations attributable to Class A and Class B common stockholders $ (34,956) $ (63,444) $ (61,127) $ (111,596) Denominator: Weighted-average shares of common stock - basic 119,045,026 113,928,081 117,845,093 113,143,991 Weighted-average shares of common stock - diluted 119,045,026 113,928,081 117,845,093 113,143,991 Loss per share from continuing operations attributable to Class A and Class B common stockholders: Basic $ (0.29) $ (0.56) $ (0.52) $ (0.99) Diluted $ (0.29) $ (0.56) $ (0.52) $ (0.99) As the Company has reported net loss from continuing operations for each of the periods presented, all potentially dilutive securities were considered antidilutive. The following common stock equivalents were excluded from the computation of diluted loss per share from continuing operations because their effect would have been antidilutive for the periods presented: For the Three Months Ended For the Six Months Ended January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Restricted stock units that settle into Class A common stock 15,188,812 13,745,346 15,188,812 13,745,346 Stock options to purchase Class A common stock 9,213,028 4,296,003 9,213,028 4,296,003 Stock options to purchase Class B common stock 798,582 905,367 798,582 905,367 Total 25,200,422 18,946,716 25,200,422 18,946,716 Share Repurchase Program In January 2022, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $150.0 million of our outstanding Class A common stock, with no expiration date (the “2022 Repurchase Program”). The actual timing, number, and value of shares repurchased in the future will be determined by the Company in its discretion and will depend on a number of factors, including market conditions, applicable legal requirements, our capital needs, and whether there is a better alternative use of capital.

Restructuring

Restructuring	6 Months Ended
	Jan. 27, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring In June 2022, we announced a restructuring plan (the “2022 Restructuring Plan”) to reduce our future fixed and variable operating costs and allow us to centralize key capabilities, strengthen decision-making to drive efficiencies, and ensure we are allocating resources to our most critical priorities. In furtherance of and as an expansion of the 2022 Restructuring Plan, in January 2023, we implemented a plan of termination (“January 2023 Reduction in Force”). The January 2023 Reduction in Force reduced our then-current employee workforce by approximately 6%, including approximately 20% of our then-salaried positions. During fiscal 2023, we recorded an aggregate $36.4 million of restructuring charges related to this action, primarily consisting of severance and employee-related benefits; impairment related to a portion of our corporate office space; and accelerated depreciation expense related to assets at our Salt Lake City fulfillment center, which were not transferred to other fulfillment centers in our network and for which we did not have immediate plans to use. In furtherance of and as an expansion of the 2022 Restructuring Plan, in June 2023, we announced the intended closures of our fulfillment centers in Bethlehem, Pennsylvania and Dallas, Texas (the “Bethlehem and Dallas Closures”). The Bethlehem, Pennsylvania location ceased operations during the three months ended October 28, 2023, and we expect the Dallas, Texas location to cease operations in the three months ending April 27, 2024. During fiscal 2023, we recorded an aggregate $2.6 million related to this action, primarily consisting of severance and employee-related benefits, and accelerated depreciation expense and other restructuring costs. During the three and six months ended January 27, 2024, we recorded $6 million and $14 million of restructuring charges related to the Bethlehem and Dallas closures, primarily consisting of severance and employee-related benefits, and accelerated depreciation expense and other restructuring costs. In furtherance of and as an expansion of the 2022 Restructuring Plan, in January 2024, we implemented an organization realignment that resulted in the further elimination of styling leadership and corporate positions. During the three and six months ended January 27, 2024, we recorded $2.2 million related to this action, primarily consisting of severance and employee-related benefits. The components of total restructuring charges were as follows: For the Three Months Ended For the Six Months Ended (in thousands) January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Cash restructuring charges: Severance and employee-related benefits $ 3,827 $ 15,571 $ 6,289 $ 16,498 Other 1,157 135 1,805 135 Non-cash restructuring charges: Asset impairments (2) — 16,874 — 16,874 Accelerated depreciation 3,159 1,755 7,337 1,755 Other 251 232 913 232 Total restructuring (1) $ 8,394 $ 34,567 $ 16,344 $ 35,494 (1) Recorded in selling, general, and administrative expenses on the condensed consolidated statements of operations and comprehensive loss. (2) Includes impairments of both operating lease right-of-use assets and property and equipment. The following table provides the changes in the Company’s restructuring related liabilities, which are included within accounts payable and accrued liabilities on the condensed consolidated balance sheets: (in thousands) Severance and Employee Related Benefits and Other Balance at July 29, 2023 $ 1,923 Charges incurred 8,094 Cash payments (5,011) Balance at January 27, 2024 $ 5,006 In January 2024, we revised our compensation model for full-time stylists to move to a part-time only model, whereby stylists who will opt to continue with the company will be paid one-time restructuring bonuses over the next three quarters to continue to serve the Company. Related to the 2022 Restructuring Plan and stylist compensation restructuring, we estimate we will incur between $4 million and $5 million of additional cash restructuring charges over the next three fiscal quarters, with substantially all of the cash payments to be completed by the end of the first quarter of fiscal 2025. We estimate that we will also incur between $1 million and $2 million in additional accelerated depreciation expense for fixed assets at the Dallas, Texas fulfillment center over the next fiscal quarter.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jan. 27, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations In June 2023, we announced that we would enter a consultation period, in accordance with UK law, to explore exiting the market in the UK. During the first quarter of fiscal 2024, we ceased operations of our UK business and the accounting requirements for reporting the UK business as a discontinued operation were met. As a result, the UK business is presented in the accompanying condensed financial statements as a discontinued operation for all periods presented. Cash from our UK business is recorded as continuing operations on the condensed consolidated balance sheets, as any cash remaining after the settlement of outstanding liabilities related to the UK business is expected to be repatriated into the U.S. The following table summarizes the major classes of assets and liabilities of discontinued operations, which are summarized separately in the condensed consolidated balance sheets: (in thousands) January 27, 2024 July 29, 2023 Inventory, net $ — $ 6,628 Prepaid expenses and other current assets 953 2,995 Current assets, discontinued operations 953 9,623 Operating lease right-of-use assets — 1,565 Other long-term assets 298 481 Long-term assets, discontinued operations 298 2,046 Total assets, discontinued operations $ 1,251 $ 11,669 Accounts payable $ 577 $ 2,586 Operating lease liabilities — 1,132 Accrued liabilities 1,485 8,903 Other current liabilities — 161 Current liabilities, discontinued operations 2,062 12,782 Total liabilities, discontinued operations $ 2,062 $ 12,782 The key components of loss from discontinued operations were as follows: For the Three Months Ended For the Six Months Ended (in thousands) January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Revenue, net $ 824 $ 11,496 $ 9,382 $ 23,348 Cost of goods sold 784 6,134 7,274 13,535 Gross profit 40 5,362 2,108 9,813 Selling, general, and administrative expenses 1,500 8,789 11,635 19,834 Operating loss (1,460) (3,427) (9,527) (10,021) Interest income — 72 187 98 Other income (expense), net (1) 560 1,315 (583) 207 Loss before income taxes (900) (2,040) (9,923) (9,716) Provision (benefit) for income taxes (332) 87 (36) 177 Loss from discontinued operations, net of income taxes $ (568) $ (2,127) $ (9,887) $ (9,893) (1) For the six months ended January 27, 2024, Other income (expense), net includes the loss from the release of historical foreign currency translation adjustments related to the exit of the UK business in the first quarter of fiscal 2024, Refer to Note 2, “Summary of Significant Accounting Policies” for further details. During fiscal 2023, we recorded an aggregate $4.7 million of expenses related to the exit and wind down of the UK business, primarily consisting of losses from firm purchase commitments for future receipts of inventory, inventory write-downs to net realizable value, and fixed asset impairment charges. These charges were recorded in both cost of goods sold and selling, general, and administrative expenses from discontinued operations. During the three and six months ended January 27, 2024, we recorded $0.5 million and $5.4 million of expense associated with the exit of the UK business, which consisted primarily of severance and employee-related benefits, and early contract termination charges. These charges were recorded in selling, general, and administrative expenses from discontinued operations. We expect future expenses associated with the exit of the UK business to be immaterial.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (35,524)	$ (65,571)	$ (71,014)	$ (121,489)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jan. 27, 2024 shares	Jan. 27, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During our last fiscal quarter, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions or written plans for the purchase or sale of the Company’s securities set forth in the table below: Type of Trading Arrangement Name and Position Action Date Rule 10b5-1 Non-Rule 10b5-1 Total Shares of Class A Common Stock 1 Total Shares of Class B Common Stock Expiration Date Matt Baer, Chief Executive Officer and Director Adoption 12/18/2023 X 538,536 — 03/10/2025 (1) This 10b5–1 trading arrangement includes 80,206 shares subject to restricted stock units previously granted to Matthew Baer that may vest and be released to Mr. Baer on or before March 10, 2025 upon the satisfaction of the applicable service-based vesting conditions. The actual number of shares that will be released to Mr. Baer pursuant to the restricted stock units and sold under the Rule 10b5-1 trading arrangement will be net of the number of shares withheld by the Company to satisfy tax withholding obligations arising from the vesting of such shares and is not yet determinable.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Matt Baer [Member]
Trading Arrangements, by Individual
Name	Matt Baer
Title	Chief Executive Officer and Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	12/18/2023
Arrangement Duration	448 days
Matt Baer Trading Arrangement, Class A Common Stock [Member] | Matt Baer [Member]
Trading Arrangements, by Individual
Aggregate Available	538,536	538,536
Matt Baer Trading Arrangement, Class B Common Stock [Member] | Matt Baer [Member]
Trading Arrangements, by Individual
Aggregate Available	0	0
Matt Baer Trading Arrangement, Restricted Stock Units [Member] | Matt Baer [Member]
Trading Arrangements, by Individual
Aggregate Available	80,206	80,206

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jan. 27, 2024
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 year ending August 3, 2024 (“fiscal 2024”) consists of 53 weeks, with the extra week occurring in the fourth fiscal quarter ending August 3, 2024. The fiscal year ended July 29, 2023 (“fiscal 2023”) consisted of 52 weeks. The accompanying 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 applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. 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 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 August 3, 2024, 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 included in our Annual Report on Form 10-K for the fiscal year ended July 29, 2023 (the “2023 Annual Report”). Discontinued Operations
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and the accompanying footnotes. Significant estimates and assumptions are used for inventory, stock-based compensation expense, income taxes, and revenue recognition. Actual results could differ from those estimates and such differences may be material to the condensed consolidated financial statements.
Short-Term Investments	Short-Term Investments Our short-term investments have been classified and accounted for as available-for-sale securities. The allowance for expected credit losses on our available-for-sale debt securities was immaterial at both January 27, 2024 and July 29, 2023. We have elected to present accrued interest receivable separately from short-term investments in the condensed consolidated balance sheets. Accrued interest receivable, which was immaterial at both January 27, 2024 and July 29, 2023, is recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. We did not write off any accrued interest receivable during the three and six months ended January 27, 2024 or January 28, 2023.
Inventory, net	Inventory, net Inventory, net consists of finished goods recorded at the lower of cost or net realizable value using the first-in-first-out (FIFO) method. Gross inventory costs include both merchandise costs and in-bound freight costs.
Leases	Leases Our leasing portfolio consists of 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 condensed 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, which is calculated using our incremental borrowing rate and the 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 Currency During the first quarter of fiscal 2024, we ceased operations of our UK business and met the requirements to report the UK business as a discontinued operation. The functional currency of our UK business was the British pound sterling. We translated assets and liabilities to U.S. dollars using period-end exchange rates, and average monthly exchange rates for revenues, costs, and expenses. Prior to being classified as a discontinued operation, we recorded translation gains and losses in accumulated other comprehensive income (loss) (“AOCI”) as a component of stockholders’ equity. During the first quarter of fiscal 2024, historical foreign currency translation losses, which were previously recognized in AOCI, were fully reclassified from equity to loss from discontinued operations, net of income taxes in the condensed consolidated statements of operations and comprehensive loss. Refer to Note 7, “Accumulated Other Comprehensive Income (Loss)” and Note 12, “Discontinued Operations” for further details. Net foreign exchange transaction gains and losses attributable to continuing operations resulting from the conversion of the transaction currency to functional currency are recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss.
Fair Value Measurements	Fair Value Measurements We apply fair value accounting for assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis, 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.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We review our long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated from the use of the asset and its eventual disposition. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount exceeds the fair value of the impaired assets. Assets to be disposed of are reported at the lower of their carrying amount or fair value less cost to sell. In the second quarter of fiscal 2023, we recorded an impairment charge related to a portion of our corporate office space. Refer to “Note 11 - Restructuring” for further details.
Revenue Recognition	Revenue Recognition We generate revenue primarily from the sale of merchandise to clients in a Fix and when clients purchase merchandise directly from Freestyle. 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. Revenue is recognized when control of the promised goods is transferred to the client. For a Fix, control is transferred when the client accepts or rejects the offer to purchase merchandise. Upon acceptance by purchasing one or more items within the Fix at checkout, the total amount of the order, including the upfront styling fee, is recognized as revenue. If none of the items within the Fix are accepted at checkout, the upfront styling fee is recognized as revenue at that time. The Style Pass annual fee is recognized at the earlier of (i) the time at which a client accepts and applies the Style Pass fee to an offer to purchase merchandise or (ii) upon expiry of the annual period. Under Style Pass arrangements, if a client does not accept any items within the Fix, the annual fee will continue to be deferred until it is applied to a future purchase or upon expiry of the annual period. If a client would like to exchange an item, we recognize revenue at the time the exchanged item is shipped, which coincides with the transfer of control to the customer. For a Freestyle purchase, control is transferred and revenue is recognized upon shipment to the client. 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. Our refund reserve is included in accrued liabilities in the condensed consolidated balance sheets. We have 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 Freestyle purchases, which are included in deferred revenue and are recognized as revenue upon shipment. We expect deferred revenue for upfront styling fees, Freestyle orders, and Style Pass annual fees to be recognized within one year. On average, our gift card liability and other current liabilities are also recognized within one year.
Concentration of Credit Risks	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 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 and six months ended January 27, 2024 or January 28, 2023.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07). This update is designed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This standard also enhances interim disclosure requirements and provides new segment disclosure requirements for entities with a single reportable segment. This standard is effective for us beginning in fiscal 2025 for the annual period, and the interim periods thereafter. We are currently evaluating the impact that this standard will have on our consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). This update enhances the transparency and decision usefulness of income tax disclosures by improving the income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The update also includes certain other amendments to improve the effectiveness of income tax disclosures. This standard is effective for us beginning in fiscal 2026 with early adoption permitted. We do not anticipate this standard to have a material impact on our consolidated financial statements or related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jan. 27, 2024
Accounting Policies [Abstract]
Summary of Contractual Liabilities and Revenue Recognized	The following table summarizes the balances of contractual liabilities included in deferred revenue, gift card liability, and other current liabilities as of the dates indicated: (in thousands) January 27, 2024 July 29, 2023 Deferred revenue: Upfront styling fees $ 5,097 $ 6,075 Style Pass annual fees 3,810 4,521 Freestyle orders 858 770 Total deferred revenue $ 9,765 $ 11,366 Gift card liability $ 11,357 $ 10,328 Other current liabilities: Referral credits $ 451 $ 362 The following table summarizes revenue recognized during the six months ended January 27, 2024, that was previously included in deferred revenue, gift card liability, and other current liabilities at July 29, 2023: (in thousands) Revenue Recognized From Amounts Previously Included in Deferred Balances at July 29, 2023 Upfront styling fees $ 6,032 Style Pass annual fees 2,953 Freestyle orders 554 Gift card liability 1,552 Referral credits 105

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jan. 27, 2024
Fair Value Disclosures [Abstract]
Schedule of Short-term and Long-term Investments Accounted for as Available-for-sale Measured at Fair Value on Recurring Basis	Our cash equivalents and investments accounted for as available-for-sale securities that were measured at fair value on a recurring basis as of January 27, 2024 and July 29, 2023 were as follows: January 27, 2024 July 29, 2023 (in thousands) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 127,499 $ — $ — $ 127,499 $ 80,251 $ — $ — $ 80,251 Investments: U.S. Treasury securities 272 — — 272 7,226 — — 7,226 Corporate bonds — 2,049 — 2,049 — 10,935 — 10,935 Total $ 127,771 $ 2,049 $ — $ 129,820 $ 87,477 $ 10,935 $ — $ 98,412
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 losses, and fair values of our investments accounted for as available-for-sale securities as of January 27, 2024 and July 29, 2023: January 27, 2024 July 29, 2023 (in thousands) Amortized Cost Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Losses Fair Value Investments: U.S. Treasury securities $ 272 $ — $ 272 $ 7,266 $ (40) $ 7,226 Corporate bonds 2,051 (2) 2,049 11,069 (134) 10,935 Total $ 2,323 $ (2) $ 2,321 $ 18,335 $ (174) $ 18,161
Schedule of Unrealized Loss on Investments	The fair value and gross unrealized losses for those investments that were in a continuous unrealized loss position as of January 27, 2024 were as follows: Less Than 12 Months More Than 12 Months Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investments: Corporate bonds — — 2,049 (2) 2,049 (2) Total $ — $ — $ 2,049 $ (2) $ 2,049 $ (2) The fair value and gross unrealized losses for those investments that were in a continuous unrealized loss position as of July 29, 2023 were as follows: Less Than 12 Months More Than 12 Months Total (in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Investments: U.S. Treasury securities $ 265 $ (1) $ 6,961 $ (39) $ 7,226 $ (40) Corporate bonds — — 10,935 (134) 10,935 (134) Total $ 265 $ (1) $ 17,896 $ (173) $ 18,161 $ (174)
Schedule of Fair Value of Available-for-sale Securities By Contractual Maturity	The fair values of available-for-sale securities by contractual maturity as of January 27, 2024 were as follows: January 27, 2024 (in thousands) One Year or Less Over One Year Through Five Years Over Five Years Total Investments: U.S. Treasury securities $ 272 $ — $ — $ 272 Corporate bonds 2,049 — — 2,049 Total $ 2,321 $ — $ — $ 2,321

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jan. 27, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following: (in thousands) January 27, 2024 July 29, 2023 Compensation and related benefits $ 11,979 $ 12,836 Advertising 13,925 6,625 Sales taxes 5,979 5,358 Shipping and freight 8,819 8,628 Accrued accounts payable 7,445 4,058 Inventory purchases 18,760 22,684 Sales refund reserve 5,802 6,509 Other 2,985 3,195 Total accrued liabilities $ 75,694 $ 69,893

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jan. 27, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The tables below present the changes in AOCI by component and, if applicable, the reclassifications out of AOCI for the periods presented: For the Three Months Ended January 27, 2024 January 28, 2023 (in thousands) Available-for-sale Securities Foreign Currency Translation Total Available-for-sale Securities Foreign Currency Translation Total Beginning balance $ (481) $ — $ (481) $ (2,526) $ (2,799) $ (5,325) Other comprehensive income before reclassifications (1) 49 — 49 941 2,501 3,442 Net change in AOCI 49 — 49 941 2,501 3,442 Ending balance $ (432) $ — $ (432) $ (1,585) $ (298) $ (1,883) For the Six Months Ended January 27, 2024 January 28, 2023 (in thousands) Available-for-sale Securities Foreign Currency Translation Total Available-for-sale Securities Foreign Currency Translation Total Beginning balance $ (602) $ 1,129 $ 527 $ (2,340) $ (1,187) $ (3,527) Other comprehensive income (loss) before reclassifications (1) 170 (2,274) (2,104) 773 889 1,662 Amounts reclassified from AOCI — — — (18) — (18) Release of cumulative foreign currency translation adjustments associated with discontinued operations (2) — 1,145 1,145 — — — Net change in AOCI 170 (1,129) (959) 755 889 1,644 Ending balance $ (432) $ — $ (432) $ (1,585) $ (298) $ (1,883) (1) There was no associated income tax effect for losses on available-for-sale securities for the three and six months ended January 27, 2024 or January 28, 2023, as we have recorded a valuation allowance against these deferred tax balances. (2) During the first quarter of fiscal 2024, we ceased operations of our UK business and the accounting requirements for reporting the UK business as a discontinued operation were met. Accordingly, in the first quarter of fiscal 2024, we reclassified historical foreign currency translation losses, which were previously recognized in AOCI, from stockholders’ equity to loss from discontinued operations, net of income taxes in the condensed consolidated statements of operations and comprehensive loss. Refer to Note 2, “Summary of Significant Accounting Policies” and Note 12, “Discontinued Operations” for further details.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jan. 27, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	Stock option activity under the 2011 Plan, 2017 Plan, and 2019 Plan was as follows: Options Outstanding Number of Weighted- Weighted- Aggregate Balance at July 29, 2023 8,106,110 $ 7.06 8.78 $ 4,770 Granted 2,450,951 4.00 Exercised — — Cancelled (545,451) 10.18 Balance at January 27, 2024 10,011,610 $ 6.14 8.67 $ 13
Schedule of Unvested Restricted Stock Units Activity	RSU award activity under the 2017 Plan and 2019 Plan was as follows: Unvested RSUs Class A Common Stock Weighted- Unvested at July 29, 2023 11,455,577 $ 10.47 Granted 12,073,155 3.27 Vested (4,549,301) 7.07 Forfeited (3,790,619) 8.38 Unvested at January 27, 2024 15,188,812 $ 6.29
Schedule of Black - Scholes Option - Pricing Model Assumptions Used in Estimating 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 For the Six Months Ended January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Expected term (in years) 4 - 5.5 3.2 - 5.5 4 - 5.5 3.2 - 5.5 Volatility 77.3% - 78.0% 87.3 % 77.3% - 78.0% 87.3 % Risk free interest rate 4.8% 4.2% - 4.4% 4.8% 4.2% - 4.4% Dividend yield — % — % — % — %

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jan. 27, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Tax Rate from Loss	The following table summarizes our effective tax rate from loss from continuing operations for the periods presented: For the Three Months Ended For the Six Months Ended (in thousands) January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Loss from continuing operations before income taxes $ (34,787) $ (63,313) $ (60,789) $ (111,278) Provision for income taxes 169 131 338 318 Effective tax rate (0.5) % (0.2) % (0.6) % (0.3) %

Net Loss Per Share from Conti_2

Net Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock (Tables)	6 Months Ended
	Jan. 27, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted EPS	The table below presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted loss per share from continuing operations attributable to Class A and Class B common stockholders: For the Three Months Ended For the Six Months Ended (in thousands, except share and per share amounts) January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Numerator: Net loss from continuing operations attributable to Class A and Class B common stockholders $ (34,956) $ (63,444) $ (61,127) $ (111,596) Denominator: Weighted-average shares of common stock - basic 119,045,026 113,928,081 117,845,093 113,143,991 Weighted-average shares of common stock - diluted 119,045,026 113,928,081 117,845,093 113,143,991 Loss per share from continuing operations attributable to Class A and Class B common stockholders: Basic $ (0.29) $ (0.56) $ (0.52) $ (0.99) Diluted $ (0.29) $ (0.56) $ (0.52) $ (0.99)
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 loss per share from continuing operations because their effect would have been antidilutive for the periods presented: For the Three Months Ended For the Six Months Ended January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Restricted stock units that settle into Class A common stock 15,188,812 13,745,346 15,188,812 13,745,346 Stock options to purchase Class A common stock 9,213,028 4,296,003 9,213,028 4,296,003 Stock options to purchase Class B common stock 798,582 905,367 798,582 905,367 Total 25,200,422 18,946,716 25,200,422 18,946,716

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jan. 27, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Charges	The components of total restructuring charges were as follows: For the Three Months Ended For the Six Months Ended (in thousands) January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Cash restructuring charges: Severance and employee-related benefits $ 3,827 $ 15,571 $ 6,289 $ 16,498 Other 1,157 135 1,805 135 Non-cash restructuring charges: Asset impairments (2) — 16,874 — 16,874 Accelerated depreciation 3,159 1,755 7,337 1,755 Other 251 232 913 232 Total restructuring (1) $ 8,394 $ 34,567 $ 16,344 $ 35,494 (1) Recorded in selling, general, and administrative expenses on the condensed consolidated statements of operations and comprehensive loss. (2) Includes impairments of both operating lease right-of-use assets and property and equipment. The following table provides the changes in the Company’s restructuring related liabilities, which are included within accounts payable and accrued liabilities on the condensed consolidated balance sheets: (in thousands) Severance and Employee Related Benefits and Other Balance at July 29, 2023 $ 1,923 Charges incurred 8,094 Cash payments (5,011) Balance at January 27, 2024 $ 5,006

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jan. 27, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations, Assets and Liabilities and Components of Loss	The following table summarizes the major classes of assets and liabilities of discontinued operations, which are summarized separately in the condensed consolidated balance sheets: (in thousands) January 27, 2024 July 29, 2023 Inventory, net $ — $ 6,628 Prepaid expenses and other current assets 953 2,995 Current assets, discontinued operations 953 9,623 Operating lease right-of-use assets — 1,565 Other long-term assets 298 481 Long-term assets, discontinued operations 298 2,046 Total assets, discontinued operations $ 1,251 $ 11,669 Accounts payable $ 577 $ 2,586 Operating lease liabilities — 1,132 Accrued liabilities 1,485 8,903 Other current liabilities — 161 Current liabilities, discontinued operations 2,062 12,782 Total liabilities, discontinued operations $ 2,062 $ 12,782 The key components of loss from discontinued operations were as follows: For the Three Months Ended For the Six Months Ended (in thousands) January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Revenue, net $ 824 $ 11,496 $ 9,382 $ 23,348 Cost of goods sold 784 6,134 7,274 13,535 Gross profit 40 5,362 2,108 9,813 Selling, general, and administrative expenses 1,500 8,789 11,635 19,834 Operating loss (1,460) (3,427) (9,527) (10,021) Interest income — 72 187 98 Other income (expense), net (1) 560 1,315 (583) 207 Loss before income taxes (900) (2,040) (9,923) (9,716) Provision (benefit) for income taxes (332) 87 (36) 177 Loss from discontinued operations, net of income taxes $ (568) $ (2,127) $ (9,887) $ (9,893) (1) For the six months ended January 27, 2024, Other income (expense), net includes the loss from the release of historical foreign currency translation adjustments related to the exit of the UK business in the first quarter of fiscal 2024, Refer to Note 2, “Summary of Significant Accounting Policies” for further details.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Jan. 27, 2024	Jul. 29, 2023
Accounting Policies [Abstract]
Inventory reserves	$ 33.5	$ 38.7

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Contractual Liabilities and Revenue Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 29, 2023	Jan. 27, 2024
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 11,366	$ 9,765
Gift card liability	10,328	11,357
Upfront styling fees
Deferred Revenue Arrangement [Line Items]
Deferred revenue	6,075	5,097
Revenue recognized	6,032
Style Pass annual fees
Deferred Revenue Arrangement [Line Items]
Deferred revenue	4,521	3,810
Revenue recognized	2,953
Freestyle orders
Deferred Revenue Arrangement [Line Items]
Deferred revenue	770	858
Revenue recognized	554
Gift card liability
Deferred Revenue Arrangement [Line Items]
Revenue recognized	1,552
Total deferred revenue
Deferred Revenue Arrangement [Line Items]
Deferred revenue	11,366	9,765
Referral credits
Deferred Revenue Arrangement [Line Items]
Deferred revenue	362	$ 451
Revenue recognized	$ 105

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	Jan. 27, 2024	Jul. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 2,321	$ 18,161
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	129,820	98,412
Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	127,771	87,477
Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,049	10,935
Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Fair Value, Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	127,499	80,251
Fair Value, Recurring | Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	127,499	80,251
Fair Value, Recurring | Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	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	0	0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	272	7,226
U.S. Treasury securities | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	272	7,226
U.S. Treasury securities | Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	272	7,226
U.S. Treasury securities | Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	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	0	0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,049	10,935
Corporate bonds | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,049	10,935
Corporate bonds | Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Corporate bonds | Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,049	10,935
Corporate bonds | Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jan. 27, 2024	Jul. 29, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 2,323	$ 18,335
Gross Unrealized Losses	(2)	(174)
Fair Value	2,321	18,161
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	272	7,266
Gross Unrealized Losses	0	(40)
Fair Value	272	7,226
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,051	11,069
Gross Unrealized Losses	(2)	(134)
Fair Value	$ 2,049	$ 10,935

Fair Value Measurements - Unrea

Fair Value Measurements - Unrealized Loss on Investments (Details) - USD ($) $ in Thousands	Jan. 27, 2024	Jul. 29, 2023
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, fair value, less than 12 months	$ 0	$ 265
Available-for-sale, unrealized losses, less than 12 months	0	(1)
Available-for-sale, fair value, more than 12 months	2,049	17,896
Available-for-sale, unrealized losses, more than 12 months	(2)	(173)
Available-for-sale, fair value, total	2,049	18,161
Available-for-sale, unrealized losses, total	(2)	(174)
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, fair value, less than 12 months		265
Available-for-sale, unrealized losses, less than 12 months		(1)
Available-for-sale, fair value, more than 12 months		6,961
Available-for-sale, unrealized losses, more than 12 months		(39)
Available-for-sale, fair value, total		7,226
Available-for-sale, unrealized losses, total		(40)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, fair value, less than 12 months	0	0
Available-for-sale, unrealized losses, less than 12 months	0	0
Available-for-sale, fair value, more than 12 months	2,049	10,935
Available-for-sale, unrealized losses, more than 12 months	(2)	(134)
Available-for-sale, fair value, total	2,049	10,935
Available-for-sale, unrealized losses, total	$ (2)	$ (134)

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value of Available-for-Sale Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jan. 27, 2024	Jul. 29, 2023
Debt Securities, Available-for-sale [Line Items]
One Year or Less	$ 2,321
Over One Year Through Five Years	0
Over Five Years	0
Total	2,321	$ 18,161
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
One Year or Less	272
Over One Year Through Five Years	0
Over Five Years	0
Total	272	7,226
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
One Year or Less	2,049
Over One Year Through Five Years	0
Over Five Years	0
Total	$ 2,049	$ 10,935

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jan. 27, 2024	Jul. 29, 2023
Payables and Accruals [Abstract]
Compensation and related benefits	$ 11,979	$ 12,836
Advertising	13,925	6,625
Sales taxes	5,979	5,358
Shipping and freight	8,819	8,628
Accrued accounts payable	7,445	4,058
Inventory purchases	18,760	22,684
Sales refund reserve	5,802	6,509
Other	2,985	3,195
Total accrued liabilities	$ 75,694	$ 69,893

Credit Facility (Details)

Credit Facility (Details) - USD ($)	Dec. 04, 2023	Jan. 27, 2024	Jun. 02, 2021
Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 100,000,000
Credit sublimit			30,000,000
Swingline provision			$ 40,000,000
Credit Facility | Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity		$ 29,400,000
Credit Facility | 2023 Credit Facility | Citibank, N.A.
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000	50,000,000
Outstanding borrowing		$ 0
2023 Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 30,000,000
Commitment fee percentage	0.30%
Basis spread on variable rate	0%
2023 Credit Facility | Credit Agreement | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2%
2023 Credit Facility | Credit Agreement | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2%
2023 Credit Facility | Credit Agreement | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
2023 Credit Facility | Credit Agreement | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate	1%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	$ 230,740,000	$ 294,767,000	$ 247,310,000	$ 322,651,000
Release of cumulative foreign currency translation adjustments associated with discontinued operations	0	2,501,000	(1,129,000)	889,000
Total other comprehensive income (loss), net of tax	49,000	3,442,000	(959,000)	1,644,000
Stockholders' equity, ending balance	213,271,000	255,277,000	213,271,000	255,277,000
Losses on available-for-sale securities	0	0	0	0
Total
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	(481,000)	(5,325,000)	527,000	(3,527,000)
Other comprehensive income (loss) before reclassifications	49,000	3,442,000	(2,104,000)	1,662,000
Amounts reclassified from AOCI			0	(18,000)
Release of cumulative foreign currency translation adjustments associated with discontinued operations			1,145,000	0
Total other comprehensive income (loss), net of tax	49,000	3,442,000	(959,000)	1,644,000
Stockholders' equity, ending balance	(432,000)	(1,883,000)	(432,000)	(1,883,000)
Available-for-sale Securities
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	(481,000)	(2,526,000)	(602,000)	(2,340,000)
Other comprehensive income (loss) before reclassifications	49,000	941,000	170,000	773,000
Amounts reclassified from AOCI			0	(18,000)
Release of cumulative foreign currency translation adjustments associated with discontinued operations			0	0
Total other comprehensive income (loss), net of tax	49,000	941,000	170,000	755,000
Stockholders' equity, ending balance	(432,000)	(1,585,000)	(432,000)	(1,585,000)
Foreign Currency Translation
Changes in Accumulated Other Comprehensive Income (Loss) By Component
Stockholders' equity, beginning balance	0	(2,799,000)	1,129,000	(1,187,000)
Other comprehensive income (loss) before reclassifications	0	2,501,000	(2,274,000)	889,000
Amounts reclassified from AOCI			0	0
Release of cumulative foreign currency translation adjustments associated with discontinued operations			1,145,000	0
Total other comprehensive income (loss), net of tax	0	2,501,000	(1,129,000)	889,000
Stockholders' equity, ending balance	$ 0	$ (298,000)	$ 0	$ (298,000)

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jan. 27, 2024	Oct. 28, 2023	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of average share price		7 days
Unrecognized compensation expense related to unvested options and RSUs, net of forfeitures	$ 96.5			$ 96.5
Unrecognized compensation expense related to unvested options weighted average recognition period				1 year 9 months 18 days
Weighted-average grant date fair value of options (in dollars per share)				$ 2.51	$ 2.42
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 21.1		$ 25.3	$ 41	$ 56.4
2017 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	3,093,161			3,093,161
2017 Incentive Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	44,038,883			44,038,883
2019 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	913,496			913,496
2019 Inducement Plan | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)	10,750,000			10,750,000
Stock Options | 2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock options vesting percentage				25%
Award vesting period				3 years
Options exercisable period				10 years
Stock Options | 2017 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable period				10 years
Stock Options | 2017 Incentive Plan | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				6 months
Stock Options | 2017 Incentive Plan | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				30 months
Performance-Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)		848,489

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2011, 2017, and 2019 Plans - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jan. 27, 2024	Jul. 29, 2023
Number of Options
Outstanding, beginning balance (in shares)	8,106,110
Granted (in shares)	2,450,951
Exercised (in shares)	0
Cancelled (in shares)	(545,451)
Outstanding, ending balance (in shares)	10,011,610	8,106,110
Weighted- Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 7.06
Granted (in dollars per share)	4
Exercised (in dollars per share)	0
Cancelled (in dollars per share)	10.18
Outstanding, ending balance (in dollars per share)	$ 6.14	$ 7.06
Weighted- Average Remaining Contractual Life (in years)
Outstanding, weighted-average remaining contractual life	8 years 8 months 1 day	8 years 9 months 10 days
Aggregate Intrinsic Value (in thousands)
Outstanding, aggregate intrinsic value	$ 13	$ 4,770

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Units Award Activity (Details) - Class A Common Stock - Restricted Stock Units	6 Months Ended
	Jan. 27, 2024 $ / shares shares
Class A Common Stock
Unvested, beginning balance (in shares) | shares	11,455,577
Granted (in shares) | shares	12,073,155
Vested (in shares) | shares	(4,549,301)
Forfeited (in shares) | shares	(3,790,619)
Unvested, ending balance (in shares) | shares	15,188,812
Weighted- Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) | $ / shares	$ 10.47
Granted (in dollars per share) | $ / shares	3.27
Vested (in dollars per share) | $ / shares	7.07
Forfeited (in dollars per share) | $ / shares	8.38
Unvested, ending balance (in dollars per share) | $ / shares	$ 6.29

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		6 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, minimum	77.30%		77.30%
Volatility, maximum	78%		78%
Volatility		87.30%		87.30%
Risk free interest rate, minimum	4.80%	4.20%	4.80%	4.20%
Risk free interest rate, maximum		4.40%		4.40%
Dividend yield	0%	0%	0%	0%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	4 years	3 years 2 months 12 days	4 years	3 years 2 months 12 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 6 months	5 years 6 months	5 years 6 months

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rate from Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Income Tax Disclosure [Abstract]
Loss from continuing operations before income taxes	$ (34,787)	$ (63,313)	$ (60,789)	$ (111,278)
Provision for income taxes	$ 169	$ 131	$ 338	$ 318
Effective tax rate	(0.50%)	(0.20%)	(0.60%)	(0.30%)

Net Loss Per Share from Conti_3

Net Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock - Additional Information (Details)	6 Months Ended
	Jan. 27, 2024 USD ($) vote class	Jan. 31, 2022 USD ($)
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
Aggregate purchase price | $	$ 120,000,000
Class A Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Share repurchase amount | $		$ 150,000,000
Class A Common Stock | IPO
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of votes per share | vote	1
Class B Common Stock | IPO
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of votes per share | vote	10

Net Loss Per Share from Conti_4

Net Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock - Reconciliation of Numerator and Denominator Used in Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Numerator:
Net loss from continuing operations attributable to Class A and Class B common stockholders	$ (34,956)	$ (63,444)	$ (61,127)	$ (111,596)
Denominator:
Weighted-average shares of common stock - basic (in shares)	119,045,026	113,928,081	117,845,093	113,143,991
Weighted-average shares of common stock - diluted (in shares)	119,045,026	113,928,081	117,845,093	113,143,991
Loss per share from continuing operations attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ (0.29)	$ (0.56)	$ (0.52)	$ (0.99)
Diluted (in dollars per share)	$ (0.29)	$ (0.56)	$ (0.52)	$ (0.99)

Net Loss Per Share from Conti_5

Net Loss Per Share from Continuing Operations Attributable to Common Stockholders and Common Stock - Schedule of Common Stock Equivalents Excluded from Computation of Diluted Earnings (Loss) Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the computation of diluted loss per share (in shares)	25,200,422	18,946,716	25,200,422	18,946,716
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the computation of diluted loss per share (in shares)	15,188,812	13,745,346	15,188,812	13,745,346
Stock Options | Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the computation of diluted loss per share (in shares)	9,213,028	4,296,003	9,213,028	4,296,003
Stock Options | Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from the computation of diluted loss per share (in shares)	798,582	905,367	798,582	905,367

Restructuring - Additional Info

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2023	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023	Jul. 29, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 8,394	$ 34,567	$ 16,344	$ 35,494
Severance and employee-related benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges		3,827	$ 15,571	6,289	$ 16,498
June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent	6%
June 9th, 2022 Restructuring Plan | Severance and employee-related benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges				8,094		$ 36,400
June 9th, 2022 Restructuring Plan | Severance and employee-related benefits | Bethlehem, Pennsylvania and Dallas, Texas
Restructuring Cost and Reserve [Line Items]
Restructuring charges		6,000		14,000		$ 2,600
June 9th, 2022 Restructuring Plan | Accelerated Depreciation and Other Restructuring Charges | Bethlehem, Pennsylvania and Dallas, Texas | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring charges				1,000
Additional cash restructuring charges		4,000		4,000
June 9th, 2022 Restructuring Plan | Accelerated Depreciation and Other Restructuring Charges | Bethlehem, Pennsylvania and Dallas, Texas | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring charges				2,000
Additional cash restructuring charges		5,000		5,000
June 9th, 2022 Restructuring Plan | Salaried Employees
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated, period percent	20%
June 9th, 2022 Restructuring Plan Expansion | Severance and employee-related benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 2,200		$ 2,200

Restructuring - Components of R

Restructuring - Components of Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023	Jul. 29, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 8,394	$ 34,567	$ 16,344	$ 35,494
Severance and employee-related benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,827	15,571	6,289	16,498
Severance and employee-related benefits | June 9th, 2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges			8,094		$ 36,400
Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,157	135	1,805	135
Asset impairments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	16,874	0	16,874
Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,159	1,755	7,337	1,755
Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 251	$ 232	$ 913	$ 232

Restructuring - Restructuring C

Restructuring - Restructuring Charges Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023	Jul. 29, 2023
Restructuring Reserve [Roll Forward]
Charges incurred	$ 8,394	$ 34,567	$ 16,344	$ 35,494
Severance and employee-related benefits
Restructuring Reserve [Roll Forward]
Charges incurred	3,827	$ 15,571	6,289	$ 16,498
Severance and employee-related benefits | June 9th, 2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			1,923
Charges incurred			8,094		$ 36,400
Cash payments			(5,011)
Restructuring reserve, ending balance	$ 5,006		$ 5,006		$ 1,923

Discontinued Operations - Major

Discontinued Operations - Major Classes of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 27, 2024	Jul. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Current assets, discontinued operations	$ 953	$ 9,623
Long-term assets, discontinued operations	298	2,046
Current liabilities, discontinued operations	2,062	12,782
Discontinued Operations | Operation of UK Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventory, net	0	6,628
Prepaid expenses and other current assets	953	2,995
Current assets, discontinued operations	953	9,623
Operating lease right-of-use assets	0	1,565
Other long-term assets	298	481
Long-term assets, discontinued operations	298	2,046
Total assets, discontinued operations	1,251	11,669
Accounts payable	577	2,586
Operating lease liabilities	0	1,132
Accrued liabilities	1,485	8,903
Other current liabilities	0	161
Current liabilities, discontinued operations	2,062	12,782
Total liabilities, discontinued operations	$ 2,062	$ 12,782

Discontinued Operations - Compo

Discontinued Operations - Components of Loss from Discontinued Operations (Details) - Discontinued Operations - Operation of UK Business - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue, net	$ 824	$ 11,496	$ 9,382	$ 23,348
Cost of goods sold	784	6,134	7,274	13,535
Gross profit	40	5,362	2,108	9,813
Selling, general, and administrative expenses	1,500	8,789	11,635	19,834
Operating loss	(1,460)	(3,427)	(9,527)	(10,021)
Interest income	0	72	187	98
Other income (expense), net	560	1,315	(583)	207
Loss before income taxes	(900)	(2,040)	(9,923)	(9,716)
Provision (benefit) for income taxes	(332)	87	(36)	177
Loss from discontinued operations, net of income taxes	$ (568)	$ (2,127)	$ (9,887)	$ (9,893)

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 27, 2024	Jan. 28, 2023	Jan. 27, 2024	Jan. 28, 2023	Jul. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges	$ 8,394	$ 34,567	$ 16,344	$ 35,494
Discontinued Operations | Operation of UK Business | UNITED KINGDOM
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges	$ 500		$ 5,400
Discontinued Operations | Operation of UK Business | UNITED KINGDOM | Facility Closing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring charges					$ 4,700