Stitch Fix (SFIX): Shares fell in extended trading after the company missed fourth-quarter revenue expectations, issued weaker-than-expected sales guidance and posted a drop in active clients. Stitch Fix’s fourth quarter revenue totaled $481.9 million, short of the Street’s estimate of $489.4 million. First-quarter revenue guidance was lowered 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, “Today’s macroeconomic environment and its impact on retail spending has been a challenge to navigate, but we remain committed to working through our transformation and returning to profitability.” Stitch Fix shares have declined -75% year-to-date.
Beyond Meat (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 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 battery and making a terroristic threat, court records show. Beyond Meat shares fell 6% on Tuesday.
Ford (F): Shares of the automaker declined 12.3%, its biggest one-day drop since January 2011, after warning inflation-related supply costs are about $1 billion higher than 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. General Motors (GM) shares fell 5.6% on Tuesday following the updated guidance from Ford.