Stitch Fix misses on revenue and forecasts lower number for second quarter 2023 By Investing.com

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Stitch Fix misses on revenue and forecasts lower number for second quarter 2023

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Stitch Fix misses on revenue and forecasts lower number for second quarter 2023

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By Liz Moyer

Investing.com -- Stitch Fix (NASDAQ:SFIX) reported a wider-than-expected loss and lower revenue than forecast.

The loss per share was 50 cents, compared with the analyst estimate calling for a loss of 46 cents. Revenue for the quarter came in at $455.6 million versus the consensus estimate of $464.56M.

Stitch Fix CEO Elizabeth Spaulding said in a press release that “This quarter we made meaningful progress on our transformation journey despite a difficult macro environment."

The online personal styling platform said it sees second-quarter 2023 revenue in a range of $410M to $420M which would be down about 20% and compares with the analyst consensus of $444.96M. For the fiscal year ending July 2023, it expects net revenue to be between $1.6 billion and $1.7B, and adjusted earnings to be between a loss of $10M and a gain of $10M.

Stitch Fix's shares fell 2.5% in after-hours trading. They are down 85% in the last year.

Net revenue in the quarter was $455.6M, a decrease of 22% from the same time last year. Active clients of 3.7M was down 11% year over year.

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