Stitch Fix, Inc. (NASDAQ: SFIX) has reported financial results for the first quarter of fiscal year 2021 that ended October 31st, 2020. Net revenue amounted to USD 490.4 Million, a 10% rise year over year as net revenue per active client reached USD 467, a 4% short fall compared to the same period a year ago. Active clients reached almost 3.8 million, a 347,000 increase year over year. Net income amounted to USD 9.5 Million and diluted earning per share of USD 0.09. Adjusted EBITDA amounted to USD 6.9 Million.
Stitch Fix Founder and CEO Katrina Lake said, “In Q1, we delivered $490 million in net revenue, reflecting 10% year-over-year growth, and grew our active client count to nearly 3.8 million, reflecting 10% year-over-year growth. This quarter we are proud to have achieved several multi-year highs, including our highest sequential client addition on record and the highest level of successful first Fixes in the past five years. Our powerful personalization engine is evolving, and innovations in our Fix and direct buy offerings will expand our addressable market, deepen client engagement and grow wallet share over time. We’re excited about the momentum in our business, confident in the future ahead, and we expect to deliver between 20% and 25% growth for the full year.”
Stitch Fix also reported that Dan Jedda has joined the company as new Chief Financial Officer effective December 9th, 2020. Jedda will report to Katrina Lake. Jedda was recently Vice President and CFO for Digital Video, Digital Music, Advertising and Corporate Development from Amazon. “I’m excited to welcome Dan Jedda to our team,” said Stitch Fix founder and CEO Katrina Lake. “Dan brings extensive experience funding and scaling some of the most innovative businesses at Amazon. Dan will play a critical role in helping us expand our personalization platform to deliver the most relevant, resonant and delightful shopping experiences to consumers everywhere. His insight, energy and vision will be a great asset to our business as we move into the next stage of Stitch Fix’s growth.” Jedda said, “I am thrilled to be joining Stitch Fix at such an exciting time, when unprecedented consumer shifts to shopping online present such a significant opportunity for the business. I look forward to working with such an innovative company as it serves more consumers in highly personalized, relevant and convenient ways. I can’t wait to join Katrina and the leadership team.”