Retail

Stitch Fix To Expand Into UK

Stitch Fix has officially announced its plan to expand its personal shopping service into the United Kingdom.

While shoppers across the pond will have to wait until the end of fiscal year 2019 to take advantage of the site, customers can now sign up online to be on the company’s wait list.

“We believe our ability to create a uniquely personalized shopping experience is something that will resonate with consumers and brands outside of the United States,” said Stitch Fix Founder and CEO Katrina Lake, according to Chain Store Age. “We can’t wait to show our first U.K. clients how effortless, convenient and fun Stitch Fix is.”

The company continues to find new ways to grow. This past year, it launched Stitch Fix Kids, a way for parents to shop for their children without the required subscription or membership. And in March, it introduced an undergarments business, which the company believes will help its overall growth.

“In addition to strong momentum across our men’s and women’s categories, we’re excited about the potential of Extras, a new capability that allows us to serve more of our client’s wardrobe, while increasing incremental revenue,” said Lake at the time.

However, there was some bad news earlier this week, when Stitch Fix revealed that its fiscal fourth-quarter results produced revenue that was shy of Wall Street expectations.

Its fourth-quarter earnings hit $0.18 a share, which was $0.06 a share higher than what was expected — although revenue was short of what Wall Street was looking for at $318.3 million. A more important gauge of Stitch Fix’s growth is how many customers stayed with the service, and the company missed those estimates for the fourth quarter as well. Wall Street was expecting the company to have 2.8 million active clients by the end of its fiscal fourth quarter, but the number stayed flat at 2.7 million.

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