Shares of Stitch Fix, Inc. (SFIX) are down more than 24% in pre-market after the company cut its full-year revenue outlook. The retailer’s second quarter sales outlook also came in below view.
For the full year the company now expects revenue to grow in high single-digit rate compared with more than 15% growth projected earlier. Analysts polled by Thomson Reuters expect revenue growth of 15.7% for the period.
Looking forward to the second quarter, the company sees revenue in the range of $505 million – $520 million. This compares with the consensus estimate of $584.7 million.
In the first quarter, Stitch Fix reported net loss of $1.83 million or $0.02 per share compared with net income of $9.54 million or $0.09 per share in the same quarter a year ago. Analysts expected loss of $0.14 per share for the quarter.
Revenue for the quarter increased 19% year over year to $581.2 million.
SFIX closed Tuesday’s regular trade at $24.97, up $1.10 or 4.61%. The stock is currently at $18.80.
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