Stitch Fix, Inc. (NASDAQ: SFIX) has reported a net loss for the fourth quarter of 2022, compared to a profit last year, as the personal styling services company’s revenues declined sharply amid faltering demand.
The company reported a comprehensive loss of $97.2 million or $0.89 per share for the fourth quarter, compared to a profit of $21.6 million or $0.19 per share in the same period of 2021.
The bottom line was negatively impacted by a 16% fall in revenues to $481.9 million. The company had around 3,795,000 active users at the end of the quarter, which is down 9% from the year-ago period.
“Today’s macroeconomic environment and its impact on retail spending has been a challenge to navigate, but we remain committed to working through our transformation and returning to profitability. We are also capitalizing on every customer touchpoint to build long-term relationships and reignite net active client growth,” said Stitch Fix’s CEO Elizabeth Spaulding.
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