Stitch Fix, an online personal styling service, has witnessed revenue return to growth for the fourth quarter. However it has still swung to a loss.
The net revenue of the company has reached to about US $ 443.4 million, which is up by 11 per cent compared to the previous year on an adjusted basis. Also, the active base increased 9 per cent year-on-year (Y-o-Y) reaching to 3.5 million during that period.
However, the company has recorded a net loss of US $ 44.5 million in fourth-quarter compared to the profit of US 7.2 million it reported in the same period last year.
The company’s net revenue is up by 11 per cent to US $ 1.7 billion for full fiscal year. The net loss reached US $ 67.1 million compared to a profit of US $ 36.9 million the prior year.
“I’m very pleased with our strong Q4 results and our return to topline growth; I’m proud of our team for successfully navigating through the deepest impacts of COVID-19 and am excited to bring our model of an individual and deeply personalised shopping experience to even more consumers as they transition to a future of online shopping,” said Katrina Lake, Founder and CEO, Stitch Fix.