Stitch Fix Shares Jump 11% On Strong Q1 Results

(RTTNews) - Shares of Stitch Fix Inc. (SFIX) jumped 11% in after-hours trading session Monday after the company's first-quarter earnings and revenues trumped Wall Street estimates.

For the first-quarter, the San, Francisco-based Stitch Fix reported profit of $1.41 million or break even per share, compared to last year's $10.62 million or $0.10 per share last year.

Net revenues for the quarter rose 21% to $444.82 million from $366.24 million last year.

Analysts polled by Thomson Reuters expected Stitch Fix to report a loss of of $0.06 per share and revenues of $441 million for the quarter.

The company reported active clients of 3.4 million, an increase of 17% year over year.

"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."

Lake also announced that Elizabeth Spaulding is joining the company as President starting in January.

Meanwhile, CFO Paul Yee has decided to leave the company to pursue other career opportunities. Mike Smith will step in to lead the finance team as the company searches for replacement.

SFIX closed Monday's trading at $25.02, up $0.93 or 3.86%, on the Nasdaq. The stock further gained $2.83 or 11.31% in the after-hours trading.