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Stitch Fix reports wider than expected loss

By Liz Moyer

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

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, which was inline with the company's guidance but compared with analysts' consensus estimate of $464.56 million.

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 $410 million to $420 million which would be down about 20% and compares with the analyst consensus of $444.96 million. For the fiscal year ending July 2023, it expects net revenue to be between $1.6 billion and $1.7 billion, and adjusted earnings to be between a loss of $10 million and a gain of $10 million.

Stitch Fix's shares fell 2.5% in after-hours trading. They are down 80% so far this year.

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

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.