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  "documentTitle": "FIGS, Inc. (FIGS)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-09-07 00:00:00",
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  "notes": "The table highlights a specific accounting discrepancy between FIGS and its peer group.",
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      "text": "Compared to its DTC peers, FIGS allocates nearly all fulfillment and distribution expenses to the operating expense line items, instead of COGS. This results in FIGS gross margins being overstated relative to peers.",
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      "text": "Source: SEC filings for FIGS, BIRD, BRLT, CHWY, FLWS, HIMS, HNST, PRPL, RVLV, SFIX, W, WRBY, and LULU",
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      "text": "FIGS' High Gross Margins May Be Inflated By Misclassifying Expenses",
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