Home Equities Score What Is Hurting Stitch Fix (SFIX) Before The Market Opens This Morning?

What Is Hurting Stitch Fix (SFIX) Before The Market Opens This Morning?

In the premarket trades, shares of the leading online personal styling company Stitch Fix, Inc. (NASDAQ: SFIX) fell by 24.26% after the release of its quarterly financial results yesterday. During the quarter, the company made a y/o/y loss and experienced a decline in revenue per active client, which has been affecting the stock price now.

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What has happened?

As a personal stylist online, Stitch Fix offers a unique shopping experience for its clients by using artificial intelligence and human judgment to deliver one-to-one personalization with each order they receive. Stitch Fix was established in 2011 by CEO Katrina Lake. Millions of women, men, and kids have used the service to find and buy the unique fashions they like, and Stitch Fix stylists curated a collection for them by using algorithms and stylists.

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SFIX has released its financial results for the second quarter of the fiscal year 2021 ended January 30, 2021.

For the quarter:

  • Net Revenue rose by 11.58% to $504.09 million, compared to $451.78 million in fiscal Q2 2020.
  • Net Loss came at -$21.04 million against a net profit of $11.43 million in a year ago quarter.
  • Earnings per share came at -$0.20 whereas in a year-ago quarter, it was EPS of $0.11 per share. The EPS posted by the company also came a bit more than the analysts’ estimate of -$0.22 with a surprise factor of nearly 9%.
  • Also in the reported quarter, there was a year over year increase of 12% in active clients was noted which came up by 408,000 to nearly 3.9 million.
  • These numbers were 110,000 more than the number of active clients reported in the previous quarter.
  • Net revenue per active client decreased by 7% year over year to $467, from a per active client net revenue of $501.

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