Stitch Fix Inc (NASDAQ:SFIX) reported stronger-than-expected earnings or its third quarter on Wednesday.
The San Francisco-based company, the leading online personal styling service, announced Active clients of 3.1 million, an increase of 17% year over year. Net revenue of $408.9 million, an increase of 29% year over year
For the third quarter ended April 27, Stitch Fix said net income dropped to $7 million, or seven cents a share, from $9.5 million, or nine cents a share, a year ago. Analysts predicted results at a loss of three cents per share.
Stitch Fix has posted seven consecutive quarters of more than 20% growth in revenue since it became a public company in 2017. Sales in the third quarter of 2019 grew 29% to $408.9 million, widely beating the $394.9 million analysts expected.
"These results demonstrate our ability to attract new clients and to serve our existing clients well," Stitch Fix founder and CEO Katrina Lake said in a statement.
"The continued strength of our Women’s category and the growth of our Men’s category give us even more confidence in our ability to scale new categories and geographies. As I look forward, I’m excited about the opportunities ahead to delight even more clients around the world."
"Since our founding," says Thursday’s news release, "we’ve helped millions of men, women, and kids discover and buy what they love through personalized shipments of apparel, shoes, and accessories, hand-selected by Stitch Fix stylists and delivered to our clients’ homes."
Shares gained $4.14, or 18.6%, to $27.70
