Stitch Fix Inc. (NASDAQ: SFIX) slipped to a loss in the third quarter of 2020 from a profit last year, due to higher expenses and lower revenue. The bottom line was wider than the analysts’ expectations while the top-line missed consensus estimates.
The top-line fell by 9% year-over-year despite higher active clients. The company expects a return to positive growth in Q4. The company believes its business model and balance sheet uniquely position it to thrive in retail’s next era and is excited to demonstrate that in the quarters ahead.
Since late March, the company experienced softness in the client demand due to the temporary shift in consumer mindshare as the COVID-19 crisis escalated. The company exited Q3 at about two-thirds capacity but had an aggressive strategy to ensure it drove continued operational improvements throughout the course of May.
While approaching full capacity, the company is tracking to eliminate its Fix backlog by the end of June, putting it in more of a position to play offense in the coming quarters.
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