Stitch Fix Inc. posted a surprise profit and hired a new chief financial officer from Amazon.com Inc., sending shares soaring more than 30% higher late Monday.
After the bell Monday, Stitch Fix
reported fiscal first-quarter earnings of $9.5 million, or 9 cents a share, after a break-even quarter a year ago. Sales rose to $490.4 million from $445 million in the same quarter last year. Analysts on average expected Stitch Fix to report a loss of 16 cents a share on sales of $481 million, according to FactSet.
“This quarter we are proud to have achieved several multiyear highs, including our highest sequential client addition on record and the highest level of successful first Fixes in the past five years,” Chief Executive Katrina Lake said in Monday’s announcement, adding that she expects “between 20% and 25% growth for the full year.”
The company also announced that Dan Jedda would join as its new CFO, after its previous finance chief left at the end of last year. Jedda has spent 15 years at Amazon
and was serving as vice president and CFO for the company’s digital video and music division.
“Dan brings extensive experience funding and scaling some of the most innovative businesses at Amazon,” Lake said in a separate announcement on the hire. “Dan will play a critical role in helping us expand our personalization platform to deliver the most relevant, resonant and delightful shopping experiences to consumers everywhere.”
Stitch Fix shares were topping $48 in after-hours trading, after closing with a 0.8% gain at $35.83, reaching levels the stock has not seen in more than two years. The online clothier’s stock has gained nearly 40% so far this year, as the S&P 500 index
has increased 14.5%.