Stitch Fix (NASDAQ:SFIX) stock is taking a beating on Wednesday after the company released results for its fiscal fourth quarter of 2022.
The bad news for SFIX stock starts with the company’s diluted earnings per share (EPS) of -89 cents. That’s a far cry from the -60 cents per share that Wall Street had expected. It’s also worse than the company’s diluted EPS of 19 cents from the same time last year.
Adding to those troubles is Stitch Fix’s revenue of $481.9 million. Yet again, that failed to reach the $488.79 million in revenue analysts were looking for during the quarter. That’s also an almost 16% decrease year-over-year (YOY) compared to $571.2 million last year.
Stitch Fix CEO Elizabeth Spaulding said the following in the earnings report:
“Today’s macroeconomic environment and its impact on retail spending has been a challenge to navigate, but we remain committed to working through our transformation and returning to profitability.”
What’s the Future Hold for SFIX Stock?
Also not helping SFIX stock today is its outlook for the fiscal first quarter of 2023. The company expects revenue for the period to range from $455 million to $465 million. This would see it miss Wall Street’s estimate and represent a 22% to 20% YOY drop.
Markets have only recently opened and SFIX stock is already seeing quite a bit of trading. As of this writing, more than 2 million shares have changed hands. That’s quickly gaining on the company’s daily average trading volume of 3.9 million shares.
SFIX stock is down 1.1% as of Wednesday morning.
There’s more stock market news worth checking out below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.