US online styling service Stitch Fix has reported a 32 percent increase in net revenue for the first half of the year and has announced the appointment of Elizabeth Spaulding as the company’s new president, effective January.
For the first three months of the fiscal year ended 2 November, the San Fransisco-based company increased its revenue to 444.8 dollars, while its active clients grew by 17 percent to 3.4 million.
The company reported a 0.2 million dollar loss - or 0.1 dollars per diluted share.
Adjusted EBITDA was 5.1 million dollars and adjusted EBITDA excluding stock-based compensation expense was 17.3 million dollars.
“We had another quarter of great momentum in Q1,” Stitch Fix founder and CEO Katrina Lake said in the report. “Demonstrating the power of our data science, we continued to delight our clients, growing revenue per active client by 10 percent year over year, our sixth consecutive quarter of growth. We are excited by early results from our direct-buy initiatives, and believe these initiatives have the potential to expand our addressable market over time. We look forward to offering clients new ways to engage with our service.”
The company also announced the appointment of Elizabeth Spaulding as its new president, effective 27 January. She will be tasked with leading Stitch Fix into its “next chapter of growth” which includes the expansion of its customer experience.
Additionally, Stich Fix chief financial officer Paul Yee has exited the company to pursue “other career opportunities.” Chief operating officer Mike Smith will step in to lead the company’s finance team while it searches for a replacement for Yee.
Photo credit: Stitch Fix