Why Stitch Fix Stock Was Down on Tuesday
Stitch Fix (NASDAQ: SFIX) shareholders lost ground to the market early Tuesday. The struggling apparel retailer's stock fell 8% by 11:15 a.m. ET, compared with a 1.1% drop in the S&P 500. That decline added to significant short-term losses for investors as shares are down over 80% so far in 2022.
The drop was powered by worries about what Stitch Fix will say about its operating trends in an earnings report slated for Tuesday afternoon .
Investors have low expectations for the fiscal first-quarter earnings report that will be published after the market closes on Tuesday. The company reported a 16% sales decline in the previous quarter, after all, and management forecast worse results ahead. In fact, most Wall Street pros are looking for Stitch Fix's sales to fall by roughly 20% to $460 million .
Source Fool.com
