Stitch Fix stock climbs more than 14% after earnings beat
Stitch Fix Inc. shares surged more than 14% in the extended session Monday after the subscription clothing service beat Wall Street earnings and sales expectations. The company reported fiscal second-quarter net income of $12 million, or 12 cents a share, compared with $1.7 million, or 2 cents a share, in the year-ago period. Revenue rose to $370.3 million from $295.9 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 5 cents a share on revenue of $365 million. For the fiscal third quarter, analysts expect earnings of 1 cent a share and sales of $384 million. The company said it will discuss its guidance in the conference call at 5 p.m. Eastern time. Stitch Fix stock has gained 19.5% in the past year, with the S&P 500 index falling 1.6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.