Stitch Fix Inc. (SFIX - Free Report) just released its second quarter fiscal 2018 financial results, posting earnings of 2 cents per share and revenues of $295.9 million. The stock is currently down 3.6% to $23.25 per share after the report was released.
Currently, SFIX is a #3 (Hold) on the Zacks Rank, and estimates have decreased for the current year for the newly-public company.
Missed earnings estimates. The personal shopping subscription platform reported diluted earnings of 2 cents per share, lagging behind the Zacks Consensus Estimate of 6 cents per share.
Beat revenue estimates. The company saw sales of $295.9 million, topping our consensus estimate of $291.54 million and growing 24% year-over-year.
Stitch Fix said it now has 2.5 million clients, which represents 31% growth from the prior year period.
It also said that its adding former CMO of Vail Resorts, Kirsten Lynch, to its Board of Directors.
“In addition to strong momentum across our men’s and women’s categories, we’re excited about the potential of Extras, a new capability that allows us to serve more of our client’s wardrobe, while increasing incremental revenue,” the company said in its press release.
Stitch Fix launched its IPO just last November. It recently added an undergarments segment to its business, and believes the underwear category is a big growth opportunity.
Stitch Fix provides an online subscription and personal shopping platform. The Company offers shirts, jackets, sweaters, blazers, leggings, vests, scarfs, jeans, loafers and boots for men and women. Stitch Fix, Inc. is based in San Francisco, United States.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>