Stitch Fix sales run of success continues in Q2
A 30% jump in active clients and a 24% rise in sales… no wonder Stitch Fix was in a buoyant mood heralding its fourth consecutive quarter of growth Monday.
The online personal styling service said Q2 saw active clients grow to 2.5m from 588,000 a year ago and sales hit an analyst-beating $295.9m.
Founder and CEO Katrina Lake noted the latest sales growth continued a run of 25%-plus gains.
Ahh, but what of the earning column? They missed expectations and its shares fell over 6% in extended trade Monday, wiping out closing gains. The company reported Q2 net income of $3.6m/2 cents a share, compared with net income of $233,000. But analysts had estimated 6 cents a share.
“In addition to strong momentum across our men’s and women’s categories, we’re excited about the potential of Extras, a new capability that allows us to serve more of our client’s wardrobe, while increasing incremental revenue,” she said.
Stitch Fix said it is expecting Q3 sales of $300m-$310m and full year revenue of $1.19bn-$1.22bn.\