Why Stitch Fix Stock Jumped 33% in July
Shares of digital fashion company Stitch Fix (NASDAQ: SFIX) gained 33% in July according to data provided by S&P Global Market Intelligence. While there wasn't any news in the month, investors were probably reacting to the appointment of a new CEO in June and taking advantage of a super-low valuation.
Stitch Fix has been a mess lately. After soaring at the onset of the pandemic, it hasn't been able to sustain any solid performance. Sales have been declining, customer count is decreasing, and it's been posting losses.
The 2023 third fiscal quarter (ended April 29) was a continuation of this pattern. Revenue decreased 20%, and active clients decreased 11%, or by 431,000, to 3.5 million. Net loss was $22 million.
Source Fool.com
