$Stitch Fix Inc.(SFIX)$
The problem is that SFIX has so far not come to grips with the saturation of its 'core' market, which is the over-zealous millennial women's fashion market. The way forward seems to be: meet the growth spike - dial down operating costs for the revenue plateau - and then start focusing on return of capital to shareholders once there is no more reduction to be made. It is no longer a growth story, and it is not clear that it will have solid profits that reflect a moat. The company is forecasting lower revenues in 2023. By the logic just outlined, this just means that Fix is shrinking faster and faster.
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