Stitch Fix fiscal 2024 revenues drop by double-digits

Fashion subscription service Stitch Fix announced on Tuesday a 12.4% decrease in fourth-quarter revenues to $319.6 million, capping off a fiscal 2024 year that saw revenues decline by double-digits. 

The San Francisco-based company said yearly revenue fell to $1.34 billion, a decrease of 16% year-over-year, equating to a net loss of $118.9 million and diluted loss per share of $0.99.

Net loss for the fourth quarter came in at $35.7 million, with a diluted loss per share of $0.29.

During the first quarter of fiscal 2024, Stitch Fix ceased operations of its UK business, ending the year with 2,508,000 active clients, down by 613,000, or 19.6%, year-over-year.

“We are executing our transformation strategy with discipline and, during the fourth quarter, we delivered results at the high end of our guidance on both the top and bottom line,” said Matt Baer, chief executive officer, Stitch Fix. 

“I am proud of the Stitch Fix team’s efforts this past fiscal year and encouraged by the progress we have already made to strengthen the foundation of our business and reimagine our client experience. While there is a lot of work still to do, I am confident we are on the right path to continue to improve the trajectory of our business which includes returning to revenue growth by the end of FY26.” 

Looking ahead, for its fiscal first quarter of 2025, the company expects revenue of $303 million to $310 million, and revenue of $1.11 billion to $1.16 billion for fiscal 2025.