Stitch Fix, Inc. (NASDAQ: SFIX) has reported a 20% drop in net revenue to $412.1 million for the second quarter of 2023, reflecting the tough macroeconomic conditions and the slowdown in consumer spending.
The company incurred a net loss of $0.58 per share in the quarter, compared to a loss of $0.28 per share in the comparable period of last year. Adjusted EBITDA was $3.8 million, versus $10.1 million in the year-ago fiscal quarter.
The number of active clients decreased by 11% to about 3.57 million during the three-month period, while net revenue per client decreased by 6% to $516.
The weak financial performances and projections led to a sharp fall in the company’s share price soon after the announcement.