Sew Repair, Inc. (NASDAQ: SFIX) has reported a wider loss for the primary quarter of 2023. Revenues declined sharply as inflationary pressures continued to squeeze individuals’s spending energy. The outcomes additionally missed estimates.
The non-public styling companies firm reported a complete lack of $57.7 million or $0.50 per share for the primary quarter, in comparison with a lack of $2.75 million or $0.02 per share in the identical interval of 2022.
The underside line was negatively impacted by a 22% fall in revenues to $455.6 million. The corporate had round 3,709,000 lively customers on the finish of the quarter, which is down 11% from the year-ago interval.
Learn administration/analysts’ feedback on quarterly studies
“By enhancing our shopper expertise, rightsizing our price construction, evolving our advertising and marketing and deepening our differentiators of match, discovery, and human relationships, we’re positioning ourselves properly to attain profitability within the close to time period and a return to development sooner or later,” mentioned Sew Repair’s CEO Elizabeth Spaulding.