San Francisco-based online styling service Stitch correction, Inc. reported third-quarter revenue of $ 535.6 million on Monday, an increase of 44% from $ 371.7 million in the year-ago quarter.
Revenue growth was boosted by a 20% year-over-year increase in platform active clients, bringing the total to 4.1 million quarterly, offsetting a 3% decline in revenue per active client ($ 481). It was useful.
The company’s quarterly net loss was $ 18.8 million, or $ 0.18 per diluted share, compared to $ 34.7 million in the year-ago quarter, a loss of $ 0.33 per diluted share. Refinitiv estimates that a loss of $ 0.27 per share was expected.
In the first nine months of the year, Stitch Fix revenue was $ 1.53 billion, an increase of 21% from $ 1.27 in the year-ago quarter. Net loss for the period was $ 30.3 million, $ 0.29 per diluted share, compared to $ 22.7 million last year, a loss of $ 0.22 per diluted share.
With better-than-expected quarterly results, Stitch Fix has raised its full-year earnings outlook from $ 2.07 billion to $ 2.08 billion. This is an increase of 20.9% to 21.5% year-on-year.
In the fourth quarter, the company expects to report net revenues of $ 540 million to $ 550 million. This reflects an increase of 21.8% to 24.0% compared to the same period last year.
After Stitch Fix announced a strong third quarter and improved outlook, its share price rose 15% on Monday’s long-term trading.
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Stitch Fix exceeded earnings forecasts and exceeded year-round guidance
Source link Stitch Fix exceeded earnings forecasts and exceeded year-round guidance