Stitch Fix Soars on Surprise Q1 Profit

The online apparel retailer also announced it had hired a new CFO who used to be a VP at Amazon.
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Shares of online apparel retailer Stitch Fix  (SFIX) - Get Report spiked after hours Monday following the release its fiscal first quarter 2021 results which topped analyst estimates.

The San Francisco-based company reported a 10% jump in revenue to $490.4 million with net income of 9 cents per share for the quarter ending Oct. 31. Analysts polled by FactSet were expecting revenue of $481.17 million on a net loss of 20 cents per share.

"This quarter we are proud to have achieved several multi-year highs, including our highest sequential client addition on record and the highest level of successful first Fixes in the past five years," said founder and CEO Katrina Lake in a statement. 

Stiftch Fix shares jumped 37% to $49.23 per share after hours Monday. They were up 0.8% during the day. 

Lake added that the company expects to deliver between 20% and 25% growth for the full year. 

The company reported having 3.76 million active clients, with net revenue per active client of $467. That was down slightly from the $486 per active client the company reported in the previous quarter. 

"Our powerful personalization engine is evolving, and innovations in our Fix and direct buy offerings will expand our addressable market, deepen client engagement and grow wallet share over time," Lake said. 

Separately, the company announced that Dan Jedda would be joining the company as CFO effective Dec. 9. Jedda was previously Vice President and CFO for Digital Video, Digital Music and Advertising at Amazon  (AMZN) - Get Report

“I am thrilled to be joining Stitch Fix at such an exciting time, when unprecedented consumer shifts to shopping online present such a significant opportunity for the business," Jedda said in a statement. 

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