Stitch Fix is surging after crushing earnings

Facebook/Stitch Fix

Stitch Fix, an online subscription and personal styling service, surged 13.7% to $US30.40 a share Monday evening after posting strong profits that more than doubled the Wall Street consensus.

The company posted adjusted earnings of $US0.12 a share, beating the $US0.05 that analysts surveyed by Bloomberg were expecting. It netted $US370 million of revenue, topping the $US364.9 million that was expected.

“Since becoming a public company, we have posted six consecutive quarters of over 20% growth, which demonstrates our ability to drive consistent business performance,” said Stitch Fix Founder and CEO Katrina Lake in a press release.

“I’m proud that we’re now serving 3 million people across the U.S. and remain focused on delighting our existing clients and expanding our reach.”

Shares were up 94% since going public in November 2017.

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