After an prolonged downturn, Stitch Fix finally appears to be turning things around — or at the very least stemming the bleed. The corporate, now back under the leadership of founder Katrina Lake, exceeded expectations with its third-quarter earnings report on Tuesday because of a series of cost-cutting measures.
Not that business has picked up, amid economic pressures driving consumer spending down on discretionary items like fashion. In comparison with the year-ago quarter, sales revenue plummeted 20 percent, with today’s figure landing at $394.9 million.
Yet it managed to contain its net loss, with $21.8 million or 19 cents per share faring much better than the $78 million or 72 cents per share within the year-ago quarter.
Analysts expected an improvement, with...
Continue reading
0 Comments
