Stitch Fix announced net revenue fell 18 per cent to US $ 364.8 million during the first quarter, as the struggling US firm continues to recover losses under the direction of new chief executive, Matt Baer.
The San Francisco-based subscription fashion startup reported a 15 per cent year-over-year fall in active customers from continuing operations, while net revenue per active client decreased to US $ 506, a 6 per cent year-over-year decrease.
Despite the reduction in users and revenues, the company managed to narrow losses during the fiscal quarter ending 28th October, posting a net loss of US US $ 35.49 million, compared to a net loss of US $ 55.92 million in the previous year.
“The original vision of Stitch Fix is as powerful, relevant and compelling today as it was when the company was launched, and I am confident that our best days are ahead of us,” said Matt Baer, chief executive officer, who was appointed to helm Stitch Fix in June.
The fashion company revealed its pullout from the UK in late August. Back in June, it indicated it was considering exiting the market in fiscal year 2024, but it has now confirmed that the company will cease operations in the United Kingdom at the end of October.
