The online styling service has reported a profit of $9.5 million in the first quarter, thanks to accelerated customer growth during the Covid-19 pandemic. On Monday, the company also named Dan Jedda as its new CFO.
Following a rough Q3 caused by coronavirus-related disruptions, the online styling service announced an uptick in revenues in the fourth quarter but failed to impress Wall Street with a net loss of $44.5 million.
Despite its digital focus, fulfillment delays meant that the company still felt the negative impact of the Covid-19 pandemic, reporting a 9% decline in Q3 revenue. The company is nonetheless optimistic for the future.
The San Francisco-based online styling service reported a 22% jump in its second-quarter revenues on Monday, growth that came in under analysts’ expectations and sent shares in the company plummeting 39%.
The online personal styling service reported a 21% increase in net revenue for the first quarter on Monday and announced the appointment of Elizabeth Spaulding as its new president, effective January 27, 2020.
With 12,000 stores projected to close in the US by the end of this year, and the apparel and accessories sector expected to suffer particularly heavy casualties, Amazon looks likely to turn the situation in its favor.