Stitch Fix Sales Fall, but Membership Rises
Stitch Fix (NASDAQ: SFIX) reported a 9% decline in revenue year over year in the third quarter, with $371.7 million, down from $401.9 million this time last year. Loss per share came in at $0.33, a huge drop from earnings of $0.07 in 2019.
CEO Katrina Lake explained that the company ran into COVID-19 related glitches when it had to temporarily shut down two warehouses and couldn't fulfill some orders. If not for those challenges, she said, the company would have enjoyed a sales increase.
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Source Fool.com
