Investing.com — Stitch Fix (NASDAQ:) reported better-than-expected third-quarter results, bumping its shares 2.4% higher after Tuesday’s close.
Net revenue in the quarter was $394.9 million, down 20% from the same time last year but above expectations. The a loss per share of 19 cents.
Analysts expected Stitch Fix to report a loss of 31 cents a share on revenue of $389M.
Interim CEO Katrina Lake said the online personal styling company continues to focus on delivering profitability and preserving cash flow, pointing to adjusted earnings before interest, taxes, depreciation and amortization of $10.1M, which exceeded its guidance.
“We continue to focus on ways to drive efficiencies across our business, while at the same time invest in the core capabilities that have set Stitch Fix apart from the beginning – personalization powered by our industry-leading data science and AI,” Lake said.
Active clients were 3,476,000, down or 11% from last year.
The company sees fourth-quarter net revenue of $365M to $375M.
Shares of Stitch Fix are up 18% so far this year.
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