Stitch Fix falls on PT cuts after warning of shrinking sales

Stitch Fix

19/09/2023 13:34

** Stitch Fix  SFIX.O  shares drop 5.3% to $2.89 in
premarket trading
    ** At least six brokerages cut PT on SFIX after co forecast
shrinking sales late Monday 
    ** SFIX expects net revenue from the US business to drop 18%
to 20% y/y in its fiscal first quarter ending October
    ** Net revenue for fiscal year ending July 2024 seen
dropping 14% to 18%
    ** Co reported fourth-quarter adjusted loss 3 cents higher
than expectations at 24 cents per share; revenue came in
slightly higher than expectations
    ** Of the 16 analysts covering the stock, 14 rate "hold" and
two rate "sell"; median PT $4
    ** SFIX down ~2% YTD as of last close

 (Reporting by Yuvraj Malik)
 ((yuvraj.malik@thomsonreuters.com))