Stitch Fix Inc (NASDAQ:SFIX) shares fell more than 20% after the online personal styling service provider’s fiscal third quarter guidance disappointed investors.
For the fiscal third quarter, ending April 27, 2024, Stitch Fix expects to report net revenue of $300 million to $310 million, representing a decline of 22% to 19% over the comparable period last year.
This missed Wall Street forecasts of $326.1 million.
Meanwhile, revenue for the fiscal second quarter fell 18% year-over-year to $330.4 million, above estimates of $320.8 million.
Active clients decreased by 17% or 572,000 year-over-year to 2,805,000.
Its net loss was $35 million or a loss per share of $0.29, greater than the loss per share of $0.18 expected by analysts.
Stitch Fix shares, which soared over 300% during the pandemic to above $96 but over the past 12 months have been tacking near $5, traded down 20.8% at $2.60 shortly before noon on Tuesday.