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Published
Dec 9, 2021
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Stitch Fix beats top and bottom-line expectations, disappoints with outlook

Published
Dec 9, 2021

San Francisco-based online styling service Stitch Fix, Inc. posted higher than expected revenue and a narrower than expected loss for the first quarter on Tuesday, but left analysts less than satisfied with its financial guidance.


Stitch Fix expanded its recently introduced Freestyle service in Q1 - Instagram: @stitchfix

 
In the first quarter ended October 30, 2021, the company’s net revenue totaled $581.2 million, an increase of 19% compared to $490.4 million in same period in the previous year. According to Refinitiv data cited by CNBC, analysts had been expecting revenues of $571 million.
 
The number of active clients on the platform in the quarter totaled 4,180,000, up 11% year over year, while net revenue per active client was $524, representing growth of 12% compared to the prior-year period.

The company’s revenue growth in the first quarter was boosted by continued momentum in its women’s and kids segments, as well as in its UK operations, which nearly doubled their revenue year over year.
 
Stitch Fix’s revenue was further driven by users shopping through the platform’s recently added Freestyle service, which expanded to new clients in Q1. Launched in the fourth quarter, Freestyle is a direct-buy option conceived to complement and offer an alternative to the platform’s core personal styling business.
 
Stitch Fix’s net loss for the first quarter came to $1.8 million, a loss of $0.02 per diluted share, compared to income of $9.5 million, or $0.09 per diluted share, in the prior-year period. Analysts had predicted a loss per share of $0.14.
 
“These quarterly results reflect a strong performance in our business from both Fix and Freestyle,” commented Stitch Fix CEO Elizabeth Spaulding in a release. “With the launch of Stitch Fix Freestyle we are expanding and broadening our offering, and we are excited to continue to enhance the experience for clients through the introduction of new product features and expanded merchandise selections, increasing the number of purchase occasions we serve.”
 
Despite Spaulding’s optimistic tone, the company’s outlook for the fourth quarter, when, faced with supply chain issues, it predicts it will achieve revenues of between $505 million and $520 million, disappointed analysts, who had been betting on guidance of $585 million.
 
For its full fiscal year 2022, which closes July 30, 2022, Stitch Fix expects year-over-year revenue growth at a high single-digit rate, a prevision that falls short of analysts’ predictions of a 15.7% rise.

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