- Stitch Fix on Monday reported that fourth quarter net revenue rose 23% to $318.3 million, at the upper end of the company’s guidance but “a touch” below Wall Street estimates, as Wells Fargo analysts, led by Ike Boruchow, said in a Monday note. Shares plunged more than 20% after the report Monday evening, per MarketWatch.
- The company’s earnings before interest, tax, depreciation and amortization also surpassed its own expectation, reaching $11.1 million as net income in the quarter reached $18.3 million, according to a company press release and executive comments during a Monday conference call transcribed by Seeking Alpha. The online box styling service’s active client count (as of July 28) rose 25% or 548,000 to 2.7 million.
- On Monday, Stitch Fix also said that signups are now open for customers in the United Kingdom, where it will expand by the end of fiscal 2019, its first launch overseas. The U.K. was chosen because consumers there already buy a lot of clothing online, don’t expect as many discounts as consumers in the U.S. and offer opportunities for personalization, CEO Katrina Lake told analysts on Monday.
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