Stitch Fix Soars After Reporting Surprise Profit, CFO Hire

(Bloomberg) -- Stitch Fix Inc. shares surged after fiscal first-quarter profit and revenue beat analyst estimates and it hired an Amazon.com Inc. veteran as chief financial officer.

Stitch Fix’s profit was 9 cents a share in the quarter on net revenue of $490.4 million, the company said in a statement. That exceeded the average analyst estimates for a loss of 18 cents and net sales of $481 million, according to Bloomberg data. The stock rose as much as 39% in extended trading Monday.

The personal-styling company also said it hired Dan Jedda as chief financial officer, effective Dec. 9. Jedda joins Stitch Fix from Amazon, where he was vice president and CFO for digital video, digital music, advertising and corporate development.

Some Wall Street analysts had been cautious going into the earnings report after a rally of 40% so far this year, based on Monday’s closing price. Short interest as a percentage of the float was 38%, according to financial analytics firm S3 Partners.

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