Shares of Stitch Fix Inc. fell after hours on Tuesday after the online clothing-selection and styling service offered up a weaker-than-expected sales forecast. And in the latest executive shake-up for the company, Stitch Fix
said that Dan Jedda would step down as chief financial officer “to pursue another opportunity.” He will be replaced by David Aufderhaar, current senior vice president of finance, on April 3.
For its second quarter, Stitch Fix reported a net loss of $65.6 million, or 58 cents a share, compared with $30.9 million, or 28 cents a share, in the same quarter that ended a year earlier. Revenue fell to $412.1 million, compared with $516.7 million in the prior-year quarter. Active clients — or users who checked out or bought clothes over the past 52 weeks — fell 11% to 3.57 million. Analysts polled by FactSet expected Stitch Fix to report a per-share loss of 34 cents, on revenue of $413 million. They expected active clients of 3.6 million. Executives forecast third-quarter sales of between $385 million and $395 million, compared with FactSet forecasts for $394 million. For its full fiscal year, which ends on July 29, they forecast sales of $1.625 billion to $1.645 billion. Wall Street was expecting $1.647 billion. Shares fell 4.2% after hours. The company reported after announcing in January that it would cut salaried positions by 20% and close its Salt Lake City distribution center. At that time, Stitch Fix said that Elizabeth Spaulding …