Stitch Fix logs another quarter of growth, narrows losses.
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Stitch Fix logs another quarter of growth, narrows losses. Stitch Fix announced on Wednesday a 4.7% increase in third-quarter sales to $340.3 million, marking the American subscription fashion service's fifth consecutive quarter of year-over-year revenue growth. The San Francisco-based company reported an increase of 0.9% quarter-over-quarter in active clients to 2.309 million, or a decrease of 1.9% year-over-year. Moreover, net revenue per active client rose 6.6% to $578 for the three months ending May 2. The company also improved profits, logging a net loss of $1.5 million, or a diluted loss per share of $0.01, compared to a net loss of $7.38 million, or a diluted loss per share of $0.06 in the prior-year quarter. "In Q3, we delivered another strong quarter, reporting our fifth consecutive quarter of year-over-year revenue growth on an adjusted basis, with both revenue and adjusted EBITDA exceeding our expectations," said Matt Baer, CEO, Stitch Fix. "We also hit a significant milestone with sequential growth in active clients. These results reflect our team's consistent execution of our strategy and underscore that the improvements we've made to our client experience and assortment are resonating. We remain confident that our disciplined approach will enable us to continue to strengthen our position as our clients' retailer of choice for apparel, footwear and...
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