SAN FRANCISCO — Stitch Fix (NASDAQ: SFIX) has reported a net revenue of $490.4 million, an increase of 10 percent year-over-year, for the first quarter of fiscal year 2021, which ended Oct. 31.
The online personal styling service reports that new clients have grown dramatically during the pandemic. The company has nearly 3.8 million active clients, an increase of 347,000, or 10 percent year-over-year, and 241,000 new clients quarter-over-quarter. The company reported a slight decrease of 4 percent year-over-year of net revenue per active client, which totals $467.
“This quarter we are proud to have achieved several multi-year highs, including our highest sequential client addition on record,” says Katrina Lake, founder and CEO.
According to the company’s shareholder letter, it aims to deliver between 20 percent and 25 percent growth for the full fiscal year.
The company delivers clothing personalization services to clients through a combination of data science and human judgement. Since its founding in 2011, the company has helped millions of people discover and purchase apparel, shoes and accessories curated by Stitch Fix stylists and algorithms.