By Connor Hart
Stitch Fix reported lower revenue for its fiscal fourth quarter amid a deep drop in its active client base. The online personal styling services company posted revenue for the three months ended Aug. 3 of $319.6 million, down from $364.7 million for the same period a year earlier. The company ended the quarter with 2.5 million active clients, down 4.7% sequentially and about 20% from a year ago. Shares tumble 24% to $2.86 in after-hours trading.
KB Home posted lower-than-expected profits in its fiscal third quarter and lowered its housing gross profit margin outlook. The homebuilder reported per-share earnings of $2.04, missing the $2.06 that analysts polled by FactSet had forecast. The company also lowered the high end of its housing gross profit margin outlook to 21.2% from 21.5% after an increase in West Coast home sales squeezed margins during the recent quarter. Shares fall 6.4%, to $81.85, in postmarket trading.
Commvault Systems is buying Clumio for about $47 million, adding a data protection company that specializes in working with Amazon Web Services infrastructure. Chief Executive Sanjay Mirchandani said Tuesday that the acquisition will help Commvault, which also operates in the data protection space, serve customers with large and scalable sets of data, which are critical in an era of artificial intelligence. Shares rise 1.9%, to $155.21, in after-hours trading.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
September 24, 2024 19:25 ET (23:25 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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