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Why Stitch Fix Stock Was Up on Thursday

TheMotleyFool

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Stitch Fix (NASDAQ: SFIX) investors had a good day on Thursday as their stock had gained 10% by 3:30 p.m. ET, compared to a 0.6% drop in the S&P 500. That rally erased only a small part of the losses that shareholders have seen in the e-commerce stock, though, which is down by over 80% in the past year.

Thursday's stock price jump came as the company announced the temporary return of Stitch Fix's founder and former CEO, Katrina Lake.

The current CEO, Elizabeth Spaulding, is stepping down immediately, according to a press release today. "It is now time for a new leader to help support the next phase" of Stitch Fix's transformation process, Spaulding said in the announcement.

Source Fool.com

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