San Francisco-based company Stitch Fix reported a year-over-year drop in annual revenue to US $ 1.6 billion, marking a 21 per cent decrease, resulting in a net loss of US $ 172 million.
However, the company did make progress in reducing its losses over the 12 months ending 31st July, compared to a net loss of US $ 207.1 million in the previous year.
For the fourth quarter, Stitch Fix recorded a net loss of US $ 28.7 million. This represents an improvement from the net loss of US $ 96.3 million reported in the same period the previous year.
In late August, the struggling US fashion company confirmed its exit from the UK market. In June, it had initially expressed the possibility of exiting the market in fiscal year 2024, but it has now confirmed that it will cease operations in Britain by the end of October.
In the same month of June, Stitch Fix appointed former Macy’s executive Matt Baer as its new CEO, with his tenure commencing on 26th June.
Commenting on his role, Baer stated, “Since joining Stitch Fix in late June, I have spent time assessing every aspect of our business, operating model, and organization. I have been getting to know what our clients feel we do well and where we can improve, while also identifying opportunities for optimization in the short term and reimagining the future.”
Baer took over from Stitch Fix’s founder, Katrina Lake, who had temporarily assumed the top leadership role in January after Elizabeth Spaulding stepped down as chief executive.
