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Stich Fix Loss Narrows as Active Users Rise

Company offers upbeat guidance after second-best quarterly gain in regular customers.
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Stitch Fix, Inc.  (SFIX) - Get Stitch Fix, Inc. Class A Report posted a narrower-than-expected fiscal third-quarter loss after the bell Monday as its active users topped 4 million during the quarter.

The company reported revenue rose 44% to $535.6 million from the same period a year ago. It said it generated a net loss of 18 cents a share.

Stitch Fix had been expected to report a loss of $28.4 million, or 27 cents a share, on sales of $510.6 million, based on a FactSet survey of 14 analysts.

In the same period a year ago the company posted a loss of 33 cents a share on sales of $371.7 million.

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Stitch Fix added 234,000 active clients during the quarter. Over the past year active users have risen 20% to 4.1 million, the company said.

The numbers represent “our second highest quarter-over-quarter active client additions ever,” said Stitch Fix President and incoming CEO Elizabeth Spaulding in a statement. “We’re pleased with our performance this quarter and are excited to meet the needs and enthusiasm of more and more clients as the world continues to reopen and the apparel retail backdrop improves.”

Stitch Fix forecast fiscal fourth-quarter revenue of $540 million to $550 million. For the full year, it forecast revenue of $2.07 billion to $2.08 billion.

For the year, analysts surveyed by FactSet project revenue of $2 billion.

Shares of Stich Fix jumped $8.91, or 15%, to $66.85 in after-hours trading. The stock rose 4.4% in the regular session on Monday. Shares had fallen about 19% since the company last reported financial results on March 8.

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