Why Stitch Fix Stock Slumped on Thursday
Stitch Fix (NASDAQ: SFIX) investors lost ground to the market on Thursday as shares fell 17% by 1:15 p.m. ET compared to a 0.7% drop in the S&P 500. Stitch Fix announced on Tuesday afternoon that sales fell 16% in the fiscal fourth quarter, which ended in late July. The stock initially rose following the report, potentially because CEO Elizabeth Spaulding and her team are projecting smaller losses to start the new fiscal year.