Stitch Fix may exit U.K. market

 

Stitch Fix is considering ending its U.K. operations.  The apparel box retailer seeks to cut costs after its active customer numbers declined for six straight quarters Stitch Fix's Q3 net revenue fell 20% YoY to $394.9M. The company expects to see a negative $15M EBITDA from its U.K. operations this year. Leaving the U.K. and closing more distribution centers would save Stitch Fix $50M per year, said CFO David Aufderhaar on Tuesday. Stitch Fix continues to search for a CEO after founder Katrina Lake returned to the role on an interim basis in January.