The Stitch Fix Inc (NASDAQ: SFIX) stock price fell 6.56% after the company released its Q4 2023 and full-year results for the financial year ended on July 31, 2023. The company generated revenues worth $375.8 million in Q4 2023, marking a 22% decline compared to a similar period last year.
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The company’s full-year revenues reached $1.6 billion, marking a 21% decline from the previous year. The company’s net loss for Q4 2023 was $28.7 million, translating to a diluted loss per share of $0.24, falling from a net loss of $96.3 million last year.
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The fashion company’s full-year loss was $172 million, translating to a diluted loss per share of $1.50. However, the company reduced its annual losses from $207.1 million in the 2022 financial year to the $172 million loss incurred in fiscal 2023.
Stitch Fix also revealed that its active clients fell by 13% to 3,297,000, compared to 498,000 in the previous year. The firm’s net revenue per client (RPAC) also fell by 9% to $497. The company revealed that its fiscal Q4 exceeded expectations by delivering revenues worth $375.8 million.
The fashion company noted that it was still reaping the benefits of its disciplined cost management as it reported an adjusted pretax profit of $10.4 million in the fourth fiscal quarter, which exceeded its guidance range.
Stitch Fix strengthened its balance sheet by generating positive free cash flow for the third consecutive quarter. It delivered $17.7 million in the fourth fiscal quarter and $38.8 million for the full financial year 2023.
Matt Baer, the Stitch Fix CEO, said: “Since joining Stitch Fix in late June, I have spent time assessing every aspect of our business, operating model, and organization, getting to know what our clients feel we do well and where we can do better; and identifying opportunities to both optimize in the short term and reimagine for the future. Our current business results are not indicative of what I believe this Company can deliver, and I am committed to realizing the full potential of Stitch Fix and driving long-term, profitable growth.”
Stitch Fix (SFIX) stock price.
The Stitch Fix (SFIX) stock price fell 6.56% to trade at $2.85, from Monday’s closing price of $3.05.
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