Katrina Lake, CEO of Stitch Fix
Adam Jeffery | CNBC
Stitch Fix reported a less-than-expected loss in its most recent quarter on Monday, but fell short of analysts' revenue expectations.
The company's shares fell 15% in expanded trading.
The company reported for the quarter ended January 30, versus Wall Street expectations, based on an analyst survey conducted by Refinitiv:
Loss per share: 20 cents versus 22 cents expected Revenue: $ 504.1 million versus $ 512.2 million expected
The subscription service reported a net loss of $ 21 million, or 20 cents per share, for the second quarter, compared to earnings of $ 11.4 million, or 11 cents per share, a year earlier. Analysts surveyed by Refinitiv expected a loss per share of 22 cents.
Net sales rose 12% to $ 504.1 million, below expectations of $ 512.2 million. Active customers spent an average of $ 467, down 7% from the same period last year.
The company added 110,000 new active customers in the quarter, bringing the total to nearly 3.9 million. More active customers were added in the first half of the 2021 financial year than in the entire previous financial year. Stitch Fix defines active customers as those who have purchased an item directly from their website in the past 52 weeks from the last day of the quarter.
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