Stitch Fix Reports Q3 FY2022 Revenue of $492.9M, Net Loss of $78.0M, Announces Workforce Reduction

Stitch Fix, Inc.

2022-Q3 EPS reported -$1.02 revenue$1,590,909,000

Net revenue of $492.9M, down 8% year-over-year; active clients decreased 5% to 3,907,000.
Net loss of $78.0M and diluted loss per share of $0.72; adjusted EBITDA loss of $36.0M.
Company reduces workforce by ~15% of salaried positions (~4% total roles) to cut costs.
Expects annual cost savings of $40M-$60M in fiscal 2023; restructuring charges of $15M-$20M in Q4.
Q4 FY2022 outlook: net revenue $485M-$495M (down 13%-15% YoY) and adjusted EBITDA loss of $25M-$30M.

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