Stitch Correction (SFIX): Shares fell in extended trading after the company missed fourth-quarter revenue expectations, issued weaker-than-expected sales guidance and reported a drop in active customers. Stitch Fix’s fourth-quarter revenue came in at $481.9 million, below the Street estimate of $489.4 million. First-quarter revenue guidance was cut to $455 million to $465 million, and full-year sales guidance was revised to $1.76 billion to $1.86 billion. Wall Street expected $2.1 billion. CEO Elizabeth Spaulding wrote in the earnings release: “The current macroeconomic environment and its impact on retail spending has been challenging to navigate, but we remain committed to working through our transformation and return to profitability.” Shares of Stitch Fix are down 75% year-to-date.
Beyond the Flesh (BYND): The company suspended its chief operating officer Doug Ramsey, effective immediately, following allegations that he punched a man and bit his nose. Beyond Meat released a statement noting that Jonathan Nelson, senior vice president of manufacturing operations, will oversee operations activities on an interim basis. Ramsey was arrested Saturday evening and charged with felony assault and making a terroristic threat, court records show. Shares of Beyond Meat fell 6% on Tuesday.
Ford (F): The automaker’s shares fell 12.3%, their biggest one-day drop since January 2011, after it warned that inflation-related supply costs are about $1 billion more than which was initially expected in the current quarter. Ford also said it expects third-quarter adjusted EBIT of $1.4 billion to $1.7 billion, well below the $3 billion reported a year ago. Shares of General Motors ( GM ) fell 5.6% on Tuesday after Ford’s warning.
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