Stitch Fix, Inc. SFIX shares are falling after the company reported its second-quarter financial results and issued guidance below estimates after the bell Monday. Here's a look at the details.
The Details:
Stitch Fix reported quarterly losses of 30 cents per share which missed the analyst consensus estimate of losses of 20 cents per share.
Quarterly sales came in at $330.4 million, missing the analyst consensus estimate of $330.85 million and representing a 19.83% decrease over sales of $412.12 million the same period last year.
The company reported active clients from continuing operations fell to 2.805 million, a decrease of 6% quarter-over-quarter and a decrease of 17% year-over-year.
“The original Stitch Fix vision, to create an easier and more enjoyable way for people to shop for clothing and accessories, remains both relevant and compelling,” said Matt Baer, CEO of Stitch Fix.
“Our transformation efforts are grounded in fully realizing that vision and include both strengthening the foundation of our company and reimagining our client experience. I am encouraged by the progress we continue to make and am confident we have the right strategic priorities in place to set us up to drive sustainable, profitable growth,” Baer added.
Outlook:
Stitch Fix sees third-quarter revenue of between $300 million and $310 million, versus the $322.29 million estimate. The company expects fiscal year 2024 revenue of between $1.29 billion and $1.32 billion, versus the $1.35 billion consensus estimate.
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SFIX Price Action: According to Benzinga Pro, Stitch Fix shares are trading down 13.7% after-hours at $2.83 at the time of publication.
Image: Pete Linforth from Pixabay
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