Healthcare apparel company Figs (NYSE:FIGS) will be announcing earnings results tomorrow after market close. Here's what you need to know.
Figs beat analysts' revenue expectations by 1.6% last quarter, reporting revenues of $119.3 million, flat year on year. It was a very strong quarter for the company, with an impressive beat of analysts' earnings estimates and a narrow beat of analysts' active customers estimates.
Is Figs a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Figs's revenue to grow 3% year on year to $142.3 million, slowing from the 13% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Figs has only missed Wall Street's revenue estimates once over the last two years, exceeding top-line expectations by 4% on average.
Looking at Figs's peers in the apparel, accessories and luxury goods segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Kontoor Brands's revenues decreased 1.5% year on year, beating analysts' expectations by 2.3%, and Levi's reported revenues up 7.8%, in line with consensus estimates. Kontoor Brands traded down 1.6% following the results while Levi's was also down 15.7%.
Read our full analysis of Kontoor Brands's results here and Levi's results here.
Investors in the apparel, accessories and luxury goods segment have had steady hands going into earnings, with share prices up 1.5% on average over the last month. Figs is up 8% during the same time and is heading into earnings with an average analyst price target of $5.7 (compared to the current share price of $5.65).
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