Apparel seller Stitch Fix Inc plans to cut jobs in California and invest in other U.S. states where the company would offer new roles to all those affected, Chief Executive Officer Katrina Lake said on Monday.
The San Francisco distribution center is expected to be closed until April 7, while the Bethlehem center will remain closed until further notice, following a state-wide order to close all non-life-sustaining businesses.
The San Francisco-based online styling service reported a 22% jump in its second-quarter revenues on Monday, growth that came in under analysts’ expectations and sent shares in the company plummeting 39%.
The online personal styling service reported a 21% increase in net revenue for the first quarter on Monday and announced the appointment of Elizabeth Spaulding as its new president, effective January 27, 2020.
Stitch Fix Inc forecast current-quarter revenue below analysts’ estimates on Tuesday after reporting better-than-expected quarterly earnings, as it cut marketing spending and increased technology investment.
With 12,000 stores projected to close in the US by the end of this year, and the apparel and accessories sector expected to suffer particularly heavy casualties, Amazon looks likely to turn the situation in its favor.
The cosmetics retailer and the communications company have celebrated the culmination of their mentoring program for young African-American women with the release of the Essence x Ulta Beauty Girls United collection.