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Mar 8, 2023
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Stitch Fix CFO departs as quarterly sales plunge 20%

Mar 8, 2023

U.S. subscription fashion service Stitch Fix Inc. continued to face headwinds in its most recent quarter, with revenues plummeting 20% to $412.1 million, coinciding with news its CFO Dan Jedda will depart.

Jedda will be succeeded byDavid Aufderhaar, SVP of finance,Stitch Fix, effectiveApril 3 - Stitch Fix

Jedda will be succeeded by David Aufderhaar, SVP of finance, Stitch Fix, effective April 3.

The San Francisco-based company said active client numbers fell 11% to 3,574,000, while net revenue per active client fell 6% to $516 year-over-year.

As a result, the company reported a net loss of $65.6 million and diluted loss per share of $0.58 for the second quarter ending January 28.

“This quarter, we continued to execute on our plan to achieve profitability and preserve liquidity, delivering adjusted EBITDA of $3.8 million, which is at the high end of our guidance range," said ​​Stitch Fix interim CEO, Katrina Lake.

​For the fiscal year ending July 29, Stitch Fix said it expects net revenue to be between $1.625 billion and $1.645 billion, and adjusted EBITDA to be between breakeven and $10 million.

"Looking forward, we will continue to invest in the advanced data science and machine learning capabilities combined with personalized styling expertise that have set us apart for more than a decade. This strategic re-focusing on our styling-first model will deliver clarity to the client experience and drive efficiency in our marketing spend."

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