FIGS Reports Strong Q2 Earnings Results for FY2023 Ending June 30 2023
August 24, 2023
☀️Earnings Overview
On August 3 2023, FIGS ($NYSE:FIGS) reported its earnings results for Q2 of FY2023, ending June 30 2023. The company’s total revenue for the period had increased by 13.0% compared to the same quarter in the prior year, totaling USD 138.1 million; however, net income had decreased by 5.6%, standing at USD 4.6 million.
Share Price
The company’s stock opened at $7.0 and closed at $7.0, with a 0.4% increase from the prior closing price of 7.0. The strong performance of FIGS was attributed to its focus on continuously improving its services and products, a strategy that has paid off in increased customer satisfaction and ultimately, increased profits. This growth was driven by an increase in demand for the company’s services, as well as an increase in average selling prices. The strong performance of FIGS during the quarter was welcomed news for investors, who have been eagerly awaiting the company’s financial update.
The company’s stock price closed near its opening price, indicating that investors are confident in the company’s ability to deliver on its promise of long-term growth and sustainability. Overall, Q2 FY2023 was a strong quarter for FIGS, as the company reported strong earnings results and positive customer sentiment despite the challenging economic environment. The company’s focus on quality and customer satisfaction has paid off, and investors remain confident that FIGS will continue to deliver strong financial results in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Figs. FIGS_Reports_Strong_Q2_Earnings_Results_for_FY2023_Ending_June_30_2023″>More…
| Total Revenues | Net Income | Net Margin |
| 531.85 | 13.93 | 2.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Figs. FIGS_Reports_Strong_Q2_Earnings_Results_for_FY2023_Ending_June_30_2023″>More…
| Operations | Investing | Financing |
| 17.73 | -43.58 | 2.36 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Figs. FIGS_Reports_Strong_Q2_Earnings_Results_for_FY2023_Ending_June_30_2023″>More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 411.01 | 74.09 | 2.02 |
Key Ratios Snapshot
Some of the financial key ratios for Figs are shown below. FIGS_Reports_Strong_Q2_Earnings_Results_for_FY2023_Ending_June_30_2023″>More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 66.0% | – | 4.6% |
| FCF Margin | ROE | ROA |
| 2.3% | 4.6% | 3.7% |
Analysis
At GoodWhale, we have conducted a thorough analysis of FIGS‘s financials. Our Risk Rating algorithm has determined that FIGS is a medium risk investment in terms of both financial and business aspects. Despite this, we have identified 1 risk warnings in their cashflow statement. To read more about this and take a deeper dive into FIGS’s financials, be sure to register on goodwhale.com and start exploring! More…
Peers
The competition in the garments industry is intense with a large number of companies trying to get a share of the market. Among them, FIGS Inc is a major player in the industry and it competes with other companies such as Dazzle Fashion Co Ltd, Intexa SA, and People’s Garment PCL.
– Dazzle Fashion Co Ltd ($SHSE:603587)
Dazzle Fashion Co Ltd is a publicly traded company with a market capitalization of 6.81 billion as of 2022. The company has a return on equity of 11.66%. Dazzle Fashion Co Ltd is a leading international fashion retailer, with over 2,000 stores across more than 30 countries. The company offers a wide range of fashion products for women, men, and children.
– Intexa SA ($LTS:0NPZ)
Intexa SA is a company that operates in the field of providing solutions for the management of environmental risk. The company has a market capitalization of 3.04 million as of 2022 and a return on equity of 2.12%. Intexa SA provides services to both the public and private sector in order to help them manage environmental risk and improve environmental performance. The company has a strong focus on the prevention of environmental pollution and the protection of human health.
– People’s Garment PCL ($SET:PG)
People’s Garment PCL is a publicly traded company with a market cap of 691.2 million as of March 2022. The company is engaged in the manufacture and sale of garments, textiles, and related products. It has a return on equity of 1.48%.
People’s Garment was founded in Thailand in 1978 and has since grown to become one of the leading garment manufacturers in the country. The company employs over 4,000 people and has a strong presence in the Thai market, with a market share of around 15%. People’s Garment exports its products to over 30 countries worldwide.
The company has a strong financial position, with a net cash position of THB 1.3 billion as of December 2020. It has a diversified customer base and a strong brand name. People’s Garment is well-positioned to continue its growth in the future.
Summary
FIGS reported strong revenue growth in the second quarter of FY2023, up 13% year-over-year, despite a slight decrease in net income. This suggests that the company is making progress in its core business operations and may be well-positioned to continue its growth trajectory. For investors, this is an encouraging signal that FIGS is a sound investment opportunity. Looking ahead, investors should watch for continued revenue growth, cost control, and balance sheet improvements from the company to ensure sustained returns.
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