Stitch Fix CFO Departs With Company’s Sales Down 20 Percent — Retail Bum

Stitch Fix has appointed its Senior Vice President of Finance, David Aufderhaar, to take over the CFO role from Dan Jedda, effective April 3, 2023.

Jedda’s departure comes on the heels of disappointing earnings reports, with the company’s revenue plummeting by 20% to $412.1 million.

Stitch Fix’s active clients fell 11% to 3,574,000 and net revenue per active client declined by 6% to $516 year-over-year.

“This quarter, we continued to execute on our plan to achieve profitability and preserve liquidity, delivering adjusted EBITDA of $3.8 million, which is at the high end of our guidance range,” said Stitch Fix interim CEO Katrina Lake.

The styling service expects its net revenue for the fiscal year ending July 29, 2022, to be in the $1.625 billion to $1.645 billion range and adjusted EBITDA to be somewhere between breaking even and $10 million.

“Looking forward, we will continue to invest in the advanced data science and machine learning capabilities combined with personalized styling expertise that have set us apart for more than a decade. This strategic re-focusing on our styling-first model will deliver clarity to the client experience and drive efficiency in our marketing spend.”

In January 2023, the company cut 20% of its staff as it struggled to sustain demand for its personal styling service. Around the same, then-chief executive Elizabeth Spaulding stepped down from her position.

Originally published at https://retailbum.com on March 9, 2023.