Stitch Fix rises on smaller-than-expected Q1 loss, sales beat

Stitch Fix

06/12/2023 12:59

** Shares of online styling service Stitch Fix  SFIX.O  edge
higher 1.3% to $3.92 premarket following smaller-than-expected
Q1 loss, sales beat
    ** Morgan Stanley raises PT on progress made on
profitability 
    ** Reports Q1 net loss from continuing operations of 22
cents/shr vs. est of 23 cents loss as SG&A expenses declined
20.4%
    ** New CEO, a former Macy's exec named in June, is focused
on improving client experience, efficiency in business and
inventory levels, says Jefferies 
    ** Beats Q1 sales estimates and reaffirms annual revenue
forecast
    ** However, SFIX forecasts current-quarter revenue largely
below estimates 
    ** Stock up nearly 24.4% this year, through last close
    

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com;))