Stitch Fix Inc. (NASDAQ: SFIX) said on Monday that its sales in the fiscal second quarter came in lower than what analysts had anticipated, despite the ongoing COVID-19 crisis that has so far infected more than 29 million people in the United States and caused over half a million deaths.
Stitch Fix shares, that you can trade online via user-friendly apps, closed the regular session roughly 8% down on Monday. In after-hours trading, the stock tanked another 20% to trade at a per-share price of £39.79. In comparison, it had started the year 2021 at only a slightly higher £40.55 per share.
Stitch Fix Q2 financial results versus analysts’ estimates
Stitch Fix said that it concluded the second quarter with a loss of £15.20 million that translates to 14.47 pence per share. In the same quarter last year, it had reported £8.25 million of earnings or 7.96 pence per share.
Stitch Fix reported £364.80 million of revenue in Q2 that represents a 12% annualised growth. According to FactSet, experts had forecast the company to post £370.52 million of sales in the recent quarter. Their estimate for per-share loss (GAAP) stood at a slightly higher 15.92 pence.
The online personal styling service said that it had 3.87 million active users by the end of the second quarter. In comparison, FactSet consensus was for a marginally lower 3.85 million. In the prior quarter (Q1), the San Francisco-based company had recorded £367.52 million of sales, as per the report published in early December.
Chief Executive Katrina Lake’s comments on Monday
Chief Executive Katrina Lake commented on the financial update on Monday and said:
“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. This level of demand for our model of personalised 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.”
In separate news from the U.S., investment manager Apollo Global said on Monday that it will buy Athene Holding (annuities provider) for £7.96 billion.
Stitch Fix performed massively upbeat in the stock market last year with an annual gain of more than 125%. At the time of writing, the U.S. firm has a market cap of £5.20 billion.
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