Stitch Fix reports Q1 EPS (50c), consensus (47c)

Reports Q1 revenue $455.59M, consensus $459.44M. Reports active clients of 3,709,000, a decrease of 471,000 or 11% year over year. Reports net revenue per active client of $525, approximately flat year over year. Stitch Fix CEO Elizabeth Spaulding said, "This quarter we made meaningful progress on our transformation journey despite a difficult macro environment. Through diligent cost savings and efficiencies we beat our adjusted EBITDA expectations for Q1 and have improved our adjusted EBITDA guidance for FY23. By enhancing our client experience, rightsizing our cost structure, evolving our marketing and deepening our differentiators of fit, discovery, and human relationships, we are positioning ourselves well to achieve profitability in the near term and a return to growth in the future."