Business

Stitch Fix (NASDAQ:SFIX) releases its financial results for the first quarter of fiscal year 2020

On Friday, Stitch Fix (NASDAQ:SFIX) stock dipped -4.64% and closed at 25.87. The stock opened the session at $27.15 and touched its highest price point at $27.38. Its recent trading capacity is 2844137 shares versus to its average trading volume of 2200483 shares. The company’s stock’s lowest price point for the session stood at $25.79.SFIX traded as low as $ 16.05 in the past 52 weeks, and shares hit its peak level to $37.72.

On Dec. 09, 2019, Stitch Fix (NASDAQ:SFIX) the leading online personal styling service, has declared its financial results for the first quarter of fiscal year 2020 ended November 2, 2019, and posted a letter to its shareholders on its investor relations website.

First quarter highlights

  • Active clients of 3.4 million, an increase of 17% year over year
  • Net revenue of $444.8 million, an increase of 21% year over year
  • Net loss of $(0.2) million
  • Adjusted EBITDA of $5.1 million and adjusted EBITDA excluding stock-based compensation expense of $17.3 million
  • Diluted loss per share of $(0.00)

We had another quarter of great momentum in Q1, delivering net revenue of $445 million, exceeding guidance and representing 21% year-over-year growth, said Stitch Fix founder and CEO Katrina Lake. We grew our active clients to 3.4 million, an increase of 17% year over year. Demonstrating the power of our data science, we continued to delight our clients, growing revenue per active client by 10% year over year, our sixth consecutive quarter of growth. We are excited by early results from our direct-buy initiatives, and believe these initiatives have the potential to expand our addressable market over time. We look forward to offering clients new ways to engage with our service.

Lake added, We also made some strategic leadership changes this quarter. Elizabeth Spaulding joins us as President starting in January, reporting to me. Elizabeth will help lead us into our next chapter of growth, including the expansion of our customer experience beyond our core Fix offering. I am excited to welcome Elizabeth to Stitch Fix. Lake continued, Our CFO, Paul Yee, has decided to leave the company to pursue other career opportunities. I want to thank Paul for his dedication to Stitch Fix and for his many contributions to our business. Mike Smith will step in to lead our finance team as we look for Paul’s replacement.

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