Stitch Fix shares skyrocket more than 30% on earnings beat, upbeat outlook

Earnings

Katrina Lake, founder and chief executive officer of Stitch Fix Inc.

Patrick T. Fallon | Bloomberg | Getty Images

Stitch Fix shares soared Monday, after the company reported a surprise profit and revenue growth of 10% from a year ago.

Its stock was last up more than 32% in after hours trading.

For its fiscal first quarter ended Oct. 31, Stitch Fix reported earnings of 9 cents per share on revenue of $490.4 million, topping estimates for a loss of 20 cents per share on revenue of $481.2 million, according to Refinitiv data.

The online personal styling service also said it now expects to deliver between 20% and 25% revenue growth for fiscal 2021.

In tandem with the earnings report, it announced the appointment of Dan Jedda, formerly VP and CFO of digital video at Amazon, as its CFO, effective Wednesday.

As of Monday’s market close, Stitch Fix shares are up nearly 40% year to date, bringing its market cap to $3.7 billion.

This story is developing. Please check back for updates.

Find the complete earnings release and presentation from Stitch Fix here.

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *