SFIX - Stitch Fix Stock Sinks on Earnings Miss and Lowered Guidance as Customer Shedding Continues
2024-03-06 07:58:31 ET
Shares of Stitch Fix (NASDAQ: SFIX) dropped 21% on Tuesday, following the online personalized-apparel retailer's release on the prior afternoon of its report for the second quarter of fiscal 2024 (ended Jan. 27).
The stock's decline is attributable to the quarter's earnings missing the Wall Street consensus estimate, revenue guidance for the third quarter coming in lighter than analysts had expected, and management lowering its full-year top-line outlook. The magnitude of the decrease in "active clients" might have also been a tailwind.
Below is an overview of Stitch Fix's fiscal Q2 results and its guidance, centered around five key metrics. The company discontinued its U.K. business in the prior quarter, and this operation is now reported as a discontinued operation in its financial reports. The key metrics below are for continuing operations.
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Stitch Fix Stock Sinks on Earnings Miss and Lowered Guidance as Customer Shedding Continues