FIGS' Customer Base Expands as Repeat Engagement Strengthens

FIGS, Inc. FIGS accelerated active customer growth in the second quarter of fiscal 2026, with its customer base increasing 13.2% year over year to approximately 3.1 million. This marked an improvement from 12.2% growth in the first quarter and reflects continued momentum in customer expansion. The growing customer base supported a 28.8% increase in second-quarter net revenues to $196.6 million, highlighting the expanding reach of FIGS’ direct-to-consumer healthcare apparel platform.

Growth was broad based across new and returning customers, with returning customers emerging as a particularly strong contributor. Management highlighted gains in search and traffic, along with continued traction in social following, email sign-ups and engagement rates. Word-of-mouth referrals, combined with data-driven brand and performance marketing, continued to support customer acquisition and brand awareness.

Customer retention and repeat purchasing strengthened during the quarter. Management noted that the time between purchases is declining as healthcare professionals increasingly return for replenishment and additional products. Customers typically enter through core scrubs and subsequently expand into underscrubs, limited-edition offerings, outerwear and other categories, increasing their value to FIGS over time.

The broader product ecosystem is helping deepen customer engagement. Scrubwear revenues grew 27%, while non-scrubwear sales increased 40%, supported by stronger offerings across underscrubs, outerwear and accessories. Meanwhile, average order value increased 9% to $127, while improved purchase frequency helped drive net revenues per active customer 10% higher to a record $229, indicating stronger spending and engagement among the expanding customer base.

The customer momentum reinforces FIGS’ stronger growth outlook. Following the second-quarter performance, management raised its full-year 2026 net revenue growth expectation to approximately 20%, up from the prior 14% to 16% range. Sustained active customer growth, stronger engagement and repeat purchasing should remain important contributors to the company’s growth trajectory.

FIGS’ Price Performance, Valuation & Estimates

Shares of FIGS have surged 109.1% over the past year against the industry’s 1.3% decline.

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From a valuation standpoint, FIGS trades at a forward price-to-sales ratio of 3.07X, above the industry’s average of 1.65X. It has a Value Score of B.

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The Zacks Consensus Estimate for FIGS’ 2026 earnings implies year-over-year growth of 89.5%, while the same for 2027 indicates a decline of 6.9%. Estimates for 2026 and 2027 have been revised upward by 10 cents and 3 cents, respectively, over the past 30 days.

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FIGS currently carries a Zacks Rank #2 (Buy).

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Urban Outfitters, Inc. URBN is a lifestyle products and services company that sells fashion apparel, accessories, footwear, home goods and related offerings through a portfolio of global consumer brands. The company carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Urban Outfitters’ current fiscal-year earnings and sales suggests growth of 12.7% and 8.8%, respectively, from the year-ago actuals. URBN delivered a trailing four-quarter average earnings surprise of 12.2%.

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