Stitch Fix sales fell 9% as coronavirus delayed orders, sees sales growth ahead as backlog clears

Stitch Fix sales fell 9% as coronavirus delayed orders, sees sales growth ahead as backlog clears

Stitch Fix on Monday reported a quarterly sales decline of 9%, and a wider-than-expected net loss. Jun 08, 2020 (WiredRelease via COMTEX) —
Global Curved Display Devices Market explores the current outlook of the whole market. This report provides a… 3 superstars the Raiders should consider trading for before the 2020 NFL season Casinos are back and investors are betting on a big recovery. Customers trickled back into the parking lot of L&N Train Station for opening day of the Montgomery County Farmer’s Market.

Katrina Lake, CEO of Stitch Fix

Adam Jeffery | CNBC

Stitch Fix on Monday reported a quarterly sales decline of 9%, and a wider-than-expected net loss, as its supply chain hit a snag amid the coronavirus pandemic, and orders were backlogged. 

Absent the fulfillment constraints it experienced, the company said it would have reported sales growth during the period. By the end of March, Stitch Fix said its U.S. warehouse capacity had fallen by nearly 70%, as it was forced to close some buildings due to the pandemic. 

The company — which sells boxes of clothes for people to either pay to keep, or return, on a subscription basis — said it intends to eliminate all of its remaining order backlog by the end of June.

Chief Executive Katrina Lake expects Stitch Fix to return to revenue growth by its fiscal fourth quarter, as more of its warehouses are back up and running. It has, meantime, forecast its gross margin will widen 2 to 3 percentage points from the 40.8% it reported during the latest quarter. 

The online personal styling service’s shares were recently down about 6% in after-hours trading following the report. 

Here’s how Stitch Fix did during its fiscal third quarter ended May 2: 

  • Loss per share: 33 cents 
  • Revenue: $371.7 million 

Stitch Fix reported a net loss of $33.9 million, or 33 cents per share, compared with earnings of $7 million, or 7 cents a share, a year ago. 

Revenue fell to $371.7 million from $408.9 million a year ago. 

Analysts were expecting Stitch Fix to report a loss of 16 cents per share during the fiscal third quarter, on revenue of $406.7 million, according to Refinitiv data. However, disruptions related to coronavirus have made some comparisons difficult to make. 

Lake added she was pleased with the third-quarter results, given its 9% sales decline was much narrower than the overall apparel and accessories market, which saw sales fall 80% during the same period. 

It also gained new customers, with its active client base growing 9% year over year, to 3.4 million users. Net revenue per active user rose 6% to $498. The company defines active clients as those people who have checked out a “Fix,” or bought an item directly from its website, in the preceding 52 weeks from the last day of the quarter. 

“Even as stores begin to open up, balancing health and safety measures will challenge consumers receptiveness to the exgiveact features that people love about stores,” she said during a conference call with analysts. “Our model … is a solution that will sustain and enable consumer style preferences in a world with far less ability and appetite for physical retail shopping.” 

During a Monday evening call with analysts, Lake called Stitch Fix’s customers “resilient” amid broader turmoil in the apparel space. 

More customers are also turning to Stitch Fix’s direct-buy option, she said, which the company plans to roll out to more users beyond its existing client base. This allows people to buy a shirt, or pair of shorts, singularly, instead of ordering an entire box. 

“As consumers rapidly shift their purchase behavior online at a step change in historic rates, we believe our model will outperform and continue to take share,” Lake said. 

The company said it ended the third quarter with cash, cash equivalents and highly rated securities on hand of $329 million. 

Earlier this month, the company said it would be laying off 1,400 stylists in California between now and the end of September, or about 18% of its workforce. Stitch Fix has said, in turn, that it plans to eventually hire 2,000 stylists in U.S. locations which have a lower cost of living than cities in California — places like Austin, Texas, or Minneapolis. 

As of Monday’s market close, Stitch Fix shares are down about 2.5% this year. It has a market cap of $2.6 billion. 

Find the full earnings press release here. 


Author: Lauren Thomas

Curved Display Devices Market Evolving Technology in Machines Sector and Growth Outlook 2029

Curved Display Devices Market Evolving Technology in Machines Sector and Growth Outlook 2029

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The key profiles of various organizations and players have likewise been highlighted here: TCL, HP, Acer, Sony, Samsung, Hisense, Haier, TP Vision, Panasonic, BenQ, Changhong, LG and Dell.

Global Curved Display Devices Market Scope:

Based on the segments the market is bifurcated into application, type and region. Based on the type the market is further divided into Other, LCD and OLED. LCD are also expected to drive the curved display devices market over the forecast period 2020-2029.

Based on region, the global Curved Display Devices market is segmented into Asia Pacific, North America, Western Europe, Eastern Europe, the Middle East, and the Rest of the World. North America is leading the market owing to the heavy investment in research and development and the US government supporting this positively is an ideal environment for the growth of the Curved Display Devices market.

Their strategies to consolidate their shares or positions and their insight into brand positioning strategies for key traction players are studied here. The analysis in the report looks at the investment patterns of leading players more closely.

Market Segmentation:

Major Classifications of Curved Display Devices Market as follows:


Major Applications are as follows:


Years Covered in the Study:

Historic Year: 2012 to 2017

Estimated Year: 2018

Base Year: 2019

Forecast Year: 2020 to 2029

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Objectives of this report:

Key Questions Answered in Curved Display Devices Market Report:

1. How considerable is the Curved Display Devices Market?

2. What is the major and essential factors driving the global curved display devices market?

3. What trends, challenges and barriers are influencing curved display devices growth?

4. How is the ecosystem evolving by segment and region?

5. Which vertical markets will see the highest percentage of growth?

6. How do standardization and regulation impact the adoption of curved display devices in other sectors?

7. Who are the key players in the curved display devices market and what are their strategies?

8. What strategies should curved display devices suppliers and vertical domain specialists adopt to remain competitive?

9. How to build business strategies by identifying the key market segments poised for strong growth in the future?

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Some of the Major Highlights of TOC covers:

Chapter 1: Curved Display Devices Market: Methodology and Scope

1.1 Definition and forecast parameters

1.2 Methodology and forecast parameters

1.3 Data Sources

Chapter 2: Executive Summary

2.1 Business upcoming trends and opportunities

2.2 Regional outlook

2.3 Launching new and innovative products trends

2.4 End-use trends

Chapter 3: Curved Display Devices Industry: Valuable Growth Prospects and Insights on Future Scenario

3.1 Industry segmentation and development trends

3.2 Competitive landscape

3.3 Vendor matrix

3.4 Technological and innovation landscape

Chapter 4: Curved Display Devices Market, By Region

Chapter 5: Company Profile

5.1 Business standards overview

5.2 Financial Data

5.3 Product Landscape

5.4 Strategic Outlook

5.5 SWOT Analysis


Browse Full Summary of Curved Display Devices Market Enabled with Respective Tables and Figures at: Team of Industry Researchers have been tracking the impact of COVID-19 on Curved Display Devices market Growth and wherever necessary, we will be considering Covid-19 Footmark for Better Analysis of Market and Industries. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report, please check for with the sales team.

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3 superstars the Raiders should consider trading for before the 2020 NFL season

3 superstars the Raiders should consider trading for before the 2020 NFL season

Trades are becoming more common in today’s NFL. Just this year, we saw big-name players such as DeForest Buckner, Stefon Diggs and DeAndre Hopkins all dealt by their respective teams. But big trades typically don’t happen during the middle of the summer.

However, there are a few players that could be on the move as their current teams have already explored potential trades. Today, we are looking at three superstars who the Raiders should consider trading for – all of whom could help make the Raiders a legit playoff contender.

The first player that would make sense for Las Vegas via trade is someone they’ve already called about: Pro Bowl defensive end Yannick Ngakoue.

Since entering the NFL in 2016, Ngakoue has the 12th-most sacks in the NFL (37.5). Ngakoue is currently on the franchise tag with the Jaguars and would like to be traded sooner rather than later. It doesn’t appear Jacksonville has any interest in giving him a long-term deal, and after selecting Josh Allen and K’Lavon Chaisson in back-to-back drafts, it looks like they are prepared to move on.

What will it take for the Raiders to acquire Ngakoue? Undoubtedly, the Jaguars will be searching for a first-round pick. But would they be willing to move him for a second-round choice and some other picks next year? Maybe.

Adding a player of Ngakoue’s caliber to the defense would only help out players like Maxx Crosby and Clelin Ferrell. He would instantly improve the Raiders pass rush and give them one of the better pass rushes in the NFL.


Author: Levi Damien

Why Boyd Gaming Shares Jumped 28.1% in May

Why Boyd Gaming Shares Jumped 28.1% in May

Shares of Boyd Gaming (NYSE:BYD) jumped a whopping 28.1% in May, according to data provided by S&P Global Market Intelligence, as casinos across the U.S. moved closer to reopening. In June, shares are already up another 15.2%, although they are still down 17.7% so far in 2020. 

Boyd Gaming benefited from a rising market in May and the fact that gambling stocks are generally more volatile, therefore magnifying the market’s moves. But it had some positive developments on its own. 

Slot machines on a casino floor.

Image source: Getty Images.

A total of $600 million of senior notes due in 2025 were sold to investors at 8.625% interest, a high rate but cash that may be necessary to survive the current crisis. Management also started announcing mid-month that it was going to reopen resorts. 

Investors in gambling stocks have been wondering how companies are going to survive the COVID-19 shutdowns and what their businesses will look like when reopened. Boyd raised enough money to survive for the foreseeable future, and with most casinos now open, we’ll see what that recovery looks like.

Investors shouldn’t expect gamblers to rush back to slot machines and table games, but a slow and steady pickup in business would be welcome news for a consumer discretionary stock like Boyd Gaming. 


Author: Travis Hoium

Farmer's market reopens at L&N Train Station, with squash, green beans, wings and more

Farmer’s market reopens at L&N Train Station, with squash, green beans, wings and more



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Vendors were set up and ready as customers trickled back into the parking lot of Clarksville’s L&N Train Station on Saturday for opening day of 2020’s Montgomery County Farmer’s Market.

Naomi Williams, a Clarksville-Montgomery County School System retiree and long-time vendor, was there once again with her daughter.

“I bring squash, cucumbers, green beans, cabbage, etc., whatever is in season,” Williams said. “This is Clarksville’s original farmer’s market, and I’ve been selling here for 30 years. I raised a lot of my own produce when my husband was alive, but for many years now I’ve been dealing with some local Mennonite farmers.”

Shopper Filiz Griffin said she was happy to be able to get all that fresh produce without having to battle the crowds at the grocery store. 

Jo-Ann Trotter brings a different assortment of products that goes over well with the employees of Montgomery County Highway Department, located just behind the train station.

“I bring fried wings, sausage and country ham, pork chop or chicken biscuits,” Trotter said. “I also bring desserts, caramel cake, homemade cinnamon rolls — you name it, I make it. I’ve been coming out here, getting close to 40 years.”

The Montgomery County Farmer’s Market, at L&N Train Station on 10th Street, is now open on Tuesdays, Thursdays and Saturdays, 7 a.m. to 1 p.m.

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Author: Tony Centonze, For The Leaf-Chronicle
Published 10:55 a.m. CT June 8, 2020

Stitch Fix sales fell 9% as coronavirus delayed orders, sees sales growth ahead as backlog clears

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