SANTA MONICA, Calif. - FIGS, Inc. (NYSE: FIGS), a medical apparel brand, today announced the appointment of Sarah Oughtred as its new Chief Financial Officer. Oughtred, who spent nearly 17 years at athletic apparel company lululemon (NASDAQ:LULU), will assume her new role at FIGS effective August 9, 2024, after joining the company on July 29.
During her tenure at lululemon, Oughtred was instrumental in the company's significant growth, overseeing an increase in net revenues from $270 million to approximately $10 billion, and the expansion of its retail presence from fewer than 50 stores to over 700 across more than 25 countries. Her previous role as Senior Vice President of Financial Planning & Analysis saw her leading a global finance team and contributing to strategic and operational planning.
Trina Spear, CEO and Co-Founder of FIGS, expressed confidence in Oughtred's ability to drive growth and profitability for the brand, which aims to be the global leader for healthcare professionals' apparel. Oughtred herself noted FIGS' potential for growth through product innovation, storytelling, and global expansion, among other strategies.
Oughtred's background also includes three years at PricewaterhouseCoopers in the audit and assurance practice, and she holds a Master's of Professional Accounting and a Chartered Professional Accountant designation in Canada.
This appointment comes as FIGS continues to expand its reach in the healthcare apparel market, serving professionals in North America, Europe, the Asia Pacific region, and the Middle East, as well as through its TEAMS platform for healthcare institutions.
The information in this article is based on a press release statement from FIGS, Inc.
In other recent news, FIGS Inc. has announced its Q1 2024 results and shared recent developments.
The company reported a slight decrease in net revenues by 2.8% to $210 million compared to the previous year, but surpassed expectations with an adjusted EBITDA margin of 10.9%. Despite the revenue dip, FIGS demonstrated resilience by raising its full-year net revenue outlook to -2% to +2% compared to 2023, with gross margins projected to be consistent with the previous year.
On the international front, FIGS reported a robust increase in net revenues by 29%, aligning with its strategy of product innovation and market expansion. The company plans to enhance its retail presence with a new store opening in Philadelphia and is improving its fulfillment capabilities to support larger scale and global distribution.
In other developments, FIGS shareholders recently endorsed directors and executive pay at the annual meeting, with a strong turnout of over 93% of the combined voting power of Class A and Class B stock. The company's non-scrub products have grown by 9%, now accounting for 20.5% of net revenues. Furthermore, FIGS is investing in brand storytelling and marketing and is on track with its fulfillment center transition.
InvestingPro Insights
With the appointment of Sarah Oughtred as the new CFO, FIGS, Inc. (NYSE: FIGS) is poised to leverage her extensive experience to enhance its financial strategies and continue its growth trajectory. A look at the company's financial health through InvestingPro's real-time data provides further insight into its current market position.
FIGS is currently trading at a P/E ratio of 42.1, indicating a high valuation relative to its earnings. However, it's worth noting that the company holds a robust gross profit margin of 68.56% over the last twelve months as of Q1 2024, which underscores its efficiency in managing production costs and maintaining profitability. This impressive margin aligns with the InvestingPro Tip that highlights FIGS' gross profit margins as a standout feature.
The company's market capitalization stands at $943.06 million, reflecting the market's valuation of the brand. Additionally, the PEG ratio of 0.58 suggests that the stock could be undervalued based on its earnings growth potential, which is an InvestingPro Tip indicating that FIGS is trading at a low P/E ratio relative to near-term earnings growth.
For readers looking to delve deeper into FIGS' financial metrics and gain more insights, InvestingPro offers a total of 9 additional tips on the company, which can be accessed at https://www.investing.com/pro/FIGS. Interested users can also take advantage of an exclusive offer using coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enriching their investment research with valuable data and analysis.
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