What "Perspective" Looks Like

I've shown you what bad performance (Macy's, JCP) looks like.

I haven't shown you what good performance looks like.

Here are half-year results from Stitch Fix for the past two years.

• 2017 Net Sales = $474 million, Pre-Tax Profit = $25 million.
• 2018 Net Sales = $591 million, Pre-Tax Profit = $36 million.
• Won-Lost Record = 11-5.

Lots of sales growth.

Decent (but not great) pre-tax profit rates (which drag the 11-5 down from the 13-3 or 14-2 that is "could" be).

Long-term catalogers should look to Stitch Fix as a target ... this is what is possible. This is what winning looks like.

Will Stitch Fix win forever? Heck no! There will be a day when it all comes crumbling down. But for now, this is your target. You probably won't achieve sales growth like this. You can certainly achieve better pre-tax profit performance.