Shares of Stitch Fix rose nearly 15% Thursday after the online personal styling company reported Wednesday that it beat earnings and sales expectations in the fiscal third quarter of 2019.
The personal styling company uses predictive algorithms to look at a number of attributes to determine who will make a successful client. This approach proved very successful in the latest quarter, with the company beating third-quarter estimates on the top and bottom lines, sending its stock up nearly 15% Thursday.
Stitch Fix's active clients — people who received a box of clothing in the preceding 12-month period — came in at 3.1 million, an increase of 17% year over year. For the third quarter ended April 27, Stitch Fix said net income dropped to $7 million, or 7 cents a share, from $9.5 million, or 9 cents a share, a year ago. Analysts predicted results at a loss of 3 cents per share, based on a poll by Refinitiv.
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