Why Stitch Fix Stock Plunged 47% in March
Shares of Stitch Fix (NASDAQ: SFIX) dropped 47.1% last month, according to data provided by S&P Global Market Intelligence. As negative sentiment was bringing the broader market down early in the month, Stitch Fix issued a disappointing outlook for fiscal 2020.
While management anticipates some pressure on revenue growth related to economic weakness over the COVID-19 outbreak, the main reason for the lowered outlook given on March 9 was a promotional retail environment due to heightened competition throughout the retail industry.
Image source: Stitch Fix.
Source Fool.com
