Shares of apparel e-commerce company Stitch Fix (NASDAQ: SFIX) skyrocketed 67.5% in January, according to data provided by S&P Global Market Intelligence . And the rise hasn't stopped there. As of 2 p.m. ET on February 2, Stitch Fix is now up 92% year to date -- quite surprising considering that there have been few fundamental developments so far this year.
Stitch Fix decided to start 2023 off on a new foot. On January 5, the company announced that CEO Elizabeth Spaulding was stepping down after fewer than two years on the job. Spaulding officially took over on August 1, 2021. And while it wouldn't be fair to blame Stitch Fix's performance solely on her, the stock was down 94% since the time she took over through the end of 2022.
Spaulding was tasked with replacing founder Katrina Lake on the strength of her experience as president of Stitch Fix and her visions of expanding the company's product offerings. However, the clothing e-tailer has lost clients, and revenue has fallen at an alarming pace in recent quarters.
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Here's Why Stitch Fix Stock Skyrocketed Nearly 68% Last Month