Stitch Fix Inc. stock tanked more than 20% in the extended session Monday after the retailer reported fiscal second-quarter sales that missed Wall Street expectations.
Stitch Fix
SFIX,
-6.14%
said it lost $21 million, or 20 cents a share, in the quarter, contrasting with earnings of $11.4 million, or 11 cents a share, in the year-ago period.
Revenue rose 12% to $504.1 million, the company said.
Analysts polled by FactSet had expected the company to report a GAAP loss of 22 cents a share on sales of $512 million.
Stitch Fix, which gathers customer information such as size, pricing and styles and then uses it to hand-pick clothing and accessories through its stylists and ship the items, said its active users reached 3.87 million, slightly above FactSet consensus for active users around 3.85 million.
“In our first two quarters we had more net active client additions than in our entire past fiscal year, and we delivered one of our strongest Januarys on record,” founder and Chief Executive Katrina Lake said.
“This level of demand for our model of personalized discovery and radical convenience positions us well to continue to capture share amidst the ongoing shift in the retail landscape, and gives us confidence in our long-term opportunity,” she said.
Shares of Stitch Fix have tripled in the past 12 months, compared with an advance around 39% for the S&P 500 index
SPX,
-0.54%.
