Stock Alert: Stitch Fix Falls 29%

(RTTNews) - Shares of Stitch Fix Inc. (SFIX) are currently falling almost 29 percent in the morning trade on Tuesday at $15.09 after the online clothing styling service reported a slight decline in profit for the second quarter and provided revenue outlook below analysts' estimates.

The stock has traded in a range of $14.30 to $37.72 in the past 52 weeks.

Monday, San Francisco-based Stitch Fix reported net income for the second quarter of $11.4 million or $0.11 per share, down from $11.97 million or $0.12 per share in the prior-year quarter. Net revenue for the quarter, however rose 22 percent to $451.78 million from $370.28 million in the year-ago period, driven by growth in both active clients and net revenue per active client.

For the third quarter, the company projects net revenue of $465 million to $475 million, representing 14 percent to 16 percent of year-over-year growth. On average, analysts polled by Thomson Reuters expect revenue of $504.03 million. For fiscal 2020, Stitch Fix expects net revenue of $1.81 billion to $1.84 billion, while analysts expect $1.91 billion.