(Stitch Fix) Shares of Stitch Fix fell more than 16% on Friday after reporting a revenue of $492.9 million in the third quarter of 2022, down 8% year-over-year.
The company also said that its active clients in the quarter came lower at 3.907 million, 5% or 200,000 below last year. Net revenue per active client rose by 15% to $553.
An underwhelming quarter was also highlighted by a reported loss of $78.04 million, which was higher than a loss of $18.85 million in the prior year.
Stitch expects net revenue of between $485 million to $495 million in the fourth quarter, representing a decline of 15% to 13% year-over-year. Adjusted EBITDA is expected to fall between 6% to 5% to between a $30 million loss and a $25 million loss.
SFIX:NASDAQ is down -16.7% in premarket.
