Stitch Fix recently disclosed a 16 per cent decline in revenue to US $ 322.7 million for the third quarter, accompanied by a continued drop in active customer numbers at the subscription-based apparel firm.
The San Francisco-headquartered company noted a 6 per cent decrease in active clients, totaling 2,633,000 quarter-over-quarter, and a 20 per cent decline year-over-year to 655,000 for the three months ending 27th April. Nonetheless, net revenue per active client saw a 2 per cent uptick to US $ 525.
In terms of financial performance for the quarter, the US-based firm reported a net loss from continuing operations of US $ 22 million, a substantial improvement from the prior-year quarter’s net loss of US $ 92 million.
“At Stitch Fix, we are on a mission to help people discover the styles they will love that fit perfectly so they always look and feel their best, and this commitment is at the heart of our transformation,” said Matt Baer, chief executive officer, Stitch Fix.
Earlier this year, the company shuttered its UK operations, meeting the necessary accounting criteria to classify the UK business as a discontinued operation.
