Stitch Fix grows Q3 revenue by 29 percent as it prepares to launch Stitch Fix Kids

Online personal styling service, Stitch Fix, Inc., for its third quarter of fiscal year 2018 ended April 28, 2018 reported 30 percent increase in active clients to 2.7 million, while net revenue of 316.7 million dollars, increased 29 percent year over year. The company also recorded net income of 9.5 million dollars, adjusted EBITDA of 12.4 million dollars and diluted earnings per share of 0.09 dollar. The company also announced the upcoming launch of Stitch Fix Kids and appointment of Deirdre Findlay as the company’s new Chief Marketing Officer.

“In addition to driving strong net revenue, net income, and adjusted EBITDA, we grew our active client count to 2.7 million, an increase of 30 percent year-over-year. We continue to balance growth and profitability, demonstrated by our ability to consistently deliver top-line growth of over 20 percent even as we invest in category expansions, technology talent, and marketing,” said Stitch Fix founder and CEO Katrina Lake in a media statement.

The company announces upcoming launch of Stitch Fix Kids

“Our new Stitch Fix Kids offering is a testament to the scalability of our platform. We’re excited for Stitch Fix to style everyone in the family and to create an effortless way for parents to shop for themselves and their children,” added Lake.

The company also said that Deirdre Findlay has joined the company as its Chief Marketing Officer . In this role, Stitch Fix added, Findlay will lead all marketing, creative, and communications initiatives for the company. Findlay most recently served as senior director of global hardware Marketing at Google, where she oversaw marketing for Google's home hardware products, including Google Home, Chromecast, and Google Wifi.

Commenting on Findlay’s appointment, Lake said: "Deirdre is a strategic leader with a deep understanding of what drives consumer behavior and how to connect with clients in an authentic way. Her blend of vision, creativity, insight, and practical experience building personal and relatable brand experiences will be a major asset to the company as we focus on defining our brand and growing the business.”

Findlay has nearly 20 years of experience leading cross-departmental teams, delivering strategic integrated marketing campaigns, and building brand strategy at organizations like Google and eBay, as well as for Whirlpool Brands, Allstate Insurance, MillerCoors, and Kaiser Permanente while serving as SVP at leading digital marketing agency Digitas. Findlay, the company added, joins a seasoned leadership team with diverse experience from companies such as Netflix, Lululemon, Salesforce, and Walmart.com.

"I'm excited to join the talented team at Stitch Fix and take the helm of a brand that sits at the intersection of fashion and technology. Stitch Fix's unique mix of data science and human intelligence provides an amazing opportunity to drive discovery in a way nobody else can," added Findlay.

Picture:Stitch Fix website

 

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