Stitch Fix Sales Jump 25.1 Percent

Stitch Fix Inc. continued to gain serious ground in what was a shaky quarter for retail — and chief operating officer Mike Brown told WWD its styling service is ready to keep thriving should the consumer cool off. “The business is really successful and is doing really well in a retail backdrop that I think is very challenging,” said Brown in an interview. The executive took a swipe at the brick-and-mortar competition, noting that what he saw from the most-recent round of quarterly retail reports was mostly store closures and “profitless growth.” In turn, he pointed to Stitch Fix with its AI-heavy approach, broad appeal and close, personalized connections with its users and said, “This is the future of retail.” In its fiscal second quarter ended Jan. 26, Stitch Fix’s net income shot up to $12 million, or 12 cents a diluted share, from $1.7 million, or 2 cents, a year ago. That easily topped the projections of analysts, with earnings per share came in 7 cents better than the 5 cents projected. Revenues for the three months increased 25.1 percent to $370.3 million — coming in ahead of the $364.9 million Wall Street projected. Last quarter, the company’s active client count was a sore spot,

Follow WWD on Twitter or become a fan on Facebook.

Read More...

from WWDWWD https://ift.tt/2SWMlJG