Figs stock down as the medical scrubs maker runs into supply chain snags
Yahoo Finance Live anchors discuss the stock dip for Figs amid supply chain constraints.
Video Transcript
BRAD SMITH: Separately here, we've got to talk about FIGS here. We're also watching shares of the popular medical scrubs maker, as they continue their decline here. Pre-market, it's down about 26% right now. A few of the things to call out here, their active customers, that actually increased 31% to two million over this last quarter. Net revenue per active customer was an increase of about 6.1% year over year. They see that number come in at about $226, but I think one of the things that is certainly impacting the stock.
The guidance as well, as a result of some of the supply chain challenges that they're facing right now, actually had kind of moved that guidance just a little bit lower from $510 million to $530 million. That is the range now that they're expecting versus the $550 to $560 million range.
JULIE HYMAN: Yeah, and they also cut their gross margin forecast. You know, like so many other companies, this company is having supply chain problems. It's having to pay more to make its stuff. One fun little note, I saw a friend of mine earlier this week who is a medical professional. I commented on her stylish scrub top. She said it's FIGS.
BRIAN SOZZI: And that right there, and that is my point. I understand the market's reaction here. But look, this quarter, relatively speaking, is probably going to be one of the better quarters in retail, at least from a apparel perspective, as we get those reports over the next few weeks why, because this company has essentially cornered the market for apparel if you are a doctor or a nurse. They're doing it, and they're doing it right.
Active customers up 31% in the most recent quarter. That was very, very good to see. Sales up 26.4% year over year, that was good to see. And look, I think this quarter, this company continues to do good things. Trina Spear, the co-founder and CEO of the company, new friend of our show, she continues to get it done. I don't have a problem with this quarter.
JULIE HYMAN: Well--
BRIAN SOZZI: The market does, I know.
JULIE HYMAN: I was going to say, the market does.
BRIAN SOZZI: I know.
JULIE HYMAN: And just a reminder, folks, this company came public-- this was part of the class of 2021, which has been a troubled class, to say the least, right? And so remember, we talked to the FIGS founder on the day of the IPO, I believe. So that was May 26, 2021. The stock came public $22 a share. And now it's trading under $10. But as to your point, maybe there's the long-term secular growth in stylish scrubs. We'll see.
BRIAN SOZZI: Good to see us agreeing again. It's been a tough morning for me.
JULIE HYMAN: I'm sorry. I'm sorry, Sozz.
BRAD SMITH: It's going to have to come with the growth of the healthcare workers, too, which, after the course of the pandemic, too, we hope that there are this fresh batch of people who are excited to continue working in healthcare, because we know that there has been so much strain on healthcare professionals.
BRIAN SOZZI: Trina did encourage me that I can go out and buy this stuff.
JULIE HYMAN: Right, anyone can buy this stuff.
BRIAN SOZZI: I mean, I like [INAUDIBLE].
JULIE HYMAN: You might need a healthcare professional--
BRIAN SOZZI: Dr. Sozz.
JULIE HYMAN: --after I'm done with you today, Sozz. All right, let's--
