Stitch Fix soared in after-hours trading Monday, on strong fiscal second quarter performance.
The online subscription fashion & styling service company reported earnings of 12 cents per share for the quarter, surpassing Wall Street estimates of 5 cents a share.
The company's quarterly revenue came in at $370 million, beating Street expectation of $365 million. (Analysts estimates are based on Refinitiv data). Net revenue was +25% higher from the year-ago quarter. Stitch Fix founder and CEO Katrina Lake emphasized that the firm delivered growth of over +20% for the six consecutive quarters since the company went public.
The number of active clients of Stitch Fix grew +18% year-over-year to 2.96 million, edging past estimates of 2.95 million.
Looking ahead, Stitch Fix expects its third-quarter revenue to range between $388 million and $398 million, higher than the $384 million forecast by Refinitiv. For 2019, the company projects revenues between $1.53 billion and $1.56 billion, exceeding analysts’ estimates of $1.51 billion.
Stitch Fix shares jumped as much as +20% during extended trading on Monday.