Stitch Fix Soars After Quarterly Sales Forecast Tops Estimates
(Bloomberg) -- Stitch Fix Inc. shares jumped in postmarket trading after the company that recommends and sells clothes online projected fiscal fourth-quarter revenue that topped average analyst expectations.
Stitch Fix expects net revenue of $540 millon to $550 million, it said in a statement. That compares with analyst estimates of $534.8 million, according to data compiled by Bloomberg. The San Francisco-based company’s fiscal third quarter net revenue of $535.6 million and loss per share of 18 cents were also better than Wall Street was anticipating.
The stock jumped more than 15% in postmarket trading. Stitch Fix shares had fallen about 1% since the start of the year based on Thursday’s closing price.
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