SAN FRANCISCO, April 08, 2020 (GLOBE NEWSWIRE) Stitch Fix, Inc. (NASDAQ:SFIX), the leading online personal styling service, today announced that it is withdrawing its business outlook for the third quarter and fiscal year 2020 previously provided in its shareholder letter on March 9, 2020, due to the increasing uncertainty resulting from the COVID-19 pandemic.

Stitch Fix previously announced on March 20, 2020 that it had temporarily closed two of its distribution centers in South San Francisco, California and Bethlehem, Pennsylvania, to comply with local public health orders. The company has continued to ship products through distribution centers across the United States, with significantly increased health and safety precautions as outlined by government and public health guidelines such as those recommended by the CDC and at substantially limited capacity.

Katrina Lake, founder and CEO, Stitch Fix, said, “The rapid proliferation of COVID-19 worldwide has had an unprecedented effect on our daily lives. While we anticipated our business would be impacted, we did not have visibility into the extent to which it would disrupt our distribution centers. At this time, with significant constraints on our operations, we feel it is prudent to withdraw our previously issued third quarter and fiscal year 2020 guidance. Even with this challenging macroeconomic climate, we believe our business remains well positioned to succeed long term. Stitch Fix has been cash flow positive since 2014 with a long history of strong unit economics. We believe this foundation, and our unique personalization capabilities, coupled with a convenient at-home model that offers an obvious advantage in the new reality and positive momentum on Direct Buy effectively positions us for the future.”

About Stitch Fix, Inc.

Stitch Fix is an online personal styling service that is reinventing the shopping experience by delivering one-to-one personalization to our clients through the combination of data science and human judgment. Stitch Fix was founded in 2011 by CEO Katrina Lake. Since then, we've helped millions of women, men, and kids discover and buy what they love through personalized selections of apparel, shoes, and accessories, curated by Stitch Fix stylists and algorithms.