June 7, 2018 / 8:48 PM / 16 days ago

Stitch Fix quarterly results top estimates, shares surge

(Reuters) - Stitch Fix Inc (SFIX.O) on Thursday reported quarterly revenue and profit that blew past Wall Street estimates, as it added more subscribers to its personalized online clothing service, triggering a 12 percent rise in its shares.

Stitch Fix, which uses a mix of algorithms and suggestions from expert stylists to select and ship bespoke outfits for customers, said subscriptions surged 30 percent in the third quarter and that it now had 2.7 million active clients.

The company also said it would launch Stitch Fix Kids, a personalized platform to shop for children’s apparel, and announced the appointment of a chief marketing officer.

Stitch Fix posted a profit of $9.5 million, or 9 cents per share, in the three months ended April 28 from a loss of $9.6 million, or 38 cents per share, a year earlier.

Net sales rose 29 percent to $316.7 million.

Analysts were expecting a profit of 3 cents per share and revenue of $306.4 million, according to Thomson Reuters I/B/E/S.

Reporting by Karina Dsouza and Nivedita Balu in Bengaluru; Editing by Anil D'Silva

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