Stitch Fix Stock Could Be Further Knocked Down by This Pinterest Move
Shares of online personalized-apparel retailer Stitch Fix (NASDAQ: SFIX) have plunged 95% since hitting their all-time high in late January 2021. In 2022, they're down 74%, as of July 1.
For context, so far this year, the S&P 500 and tech-heavy Nasdaq Composite, including dividends, are underwater by 9.1% and 28.6%, respectively. And shares of Amazon and athletic wear retailer Lululemon are in the red by 34.3% and 32.7%, respectively.
So while the market is having a poor year, Stitch Fix stock is having a much worse one. Investors have punished the stock because the company has struggled since its late 2017 initial public offering (IPO) to consistently grow revenue and turn a profit. Last quarter, its challenges intensified, as its number of active clients declined 5% year over year, and management announced that it was laying off about 15% of salaried staff.
Source Fool.com
