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Stitch Fix Inc. shares fell sharply in the extended session Tuesday after the provider of clothing and accessories subscriptions reported a bigger quarterly loss than expected despite adding clients and growing sales.
Stitch Fix SFIX, +7.98% shares declined as much as 14% in after-hours trading after closing the regular session almost 8% higher at $31.38.
The San Francisco-based company reported a fourth-quarter loss of $44.5 million, or 44 cents a share, vs. a profit of $7.2 million, or 7 cents a share, in the year-ago period. Adjusted Ebitda, excluding stock-based compensation, was $11.8 million. Revenue rose to $443 million from $432 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 16 cents a share on revenue of $415.2 million.
Stitch Fix grew its active clients 9% year-over-year to 3.5 million, and CEO Katrina Lake said in a statement that she was proud of her team for “successfully navigating through the deepest impacts of COVID-19” and expressed optimism about the future of online shopping.
Stitch Fix shares have risen more than 19% so far this year, about on par with the Nasdaq Composite Index COMP, +1.71%, which is up about 20%.
