After four years operating in the U.K., Stitch Fix is exploring whether to leave the market in its next fiscal year. This year from the U.K. the company will see $50 million in revenue, about negative $15 million in EBITDA, and about $35 million in SG&A expense, CFO David Aufderhaar told analysts Tuesday.
The apparel box e-retailer also said it will close two distribution centers. The company won’t renew its lease in Bethlehem, Pennsylvania, when it comes up this year, and next year will close its Dallas center. That will garner annual savings of $10 million to $15 million, Aufderhaar said.
The strategic shifts come as . sales continue to fall. Stitch Fix said Q3 net revenue fell 20% year over year to $395 million, as its number of active clients fell 11% to 3.48 million. Net revenue per active client fell 9% to $502. Net loss narrowed to $21.8 million from last year’s $78 million net loss.
Source: RetailDive
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