Stitch Fix pulls out forecast for the year due to the uncertainty surrounding the coronavirus
Stitch Fix Inc.’s SFIX, -0.23%, announced late Wednesday that its outlook for the year had been postponed due to “mounting uncertainty” caused by the COVID-19 pandemic. In March, Stitch Fix had forecast an unexpectedly low sales outlook for the third fiscal quarter of 465 to 475 million US dollars and for the year from 1.81 to 1.84 billion US dollars. At the last review, analysts surveyed by FactSet looked for third-quarter revenue of $ 461.8 million and total annual revenue of $ 1.81 billion. The company said it had to close two of its distribution centers – one in South San Francisco, California and one in Bethlehem, Pennsylvania. – Compliance with local health regulations. “While we expected our business to be affected, we had no insight into the extent to which it would disrupt our distribution centers,” said Katrina Lake, managing director of Stitch Fix, in a statement. Stitch Fix stocks were down 0.5% after hours after rising 1.7% to close the regular session at $ 13.57.