When Stitch Fix Inc. (NYSE: SFIX) released its fiscal fourth-quarter financial results after the markets closed on Monday, the firm said that it had a net loss of $0.44 per share on $443.4 million in revenue. The consensus estimates had called for a net loss of $0.16 per share and $411.31 million in revenue, and the same period of last year reportedly had EPS of $0.07 on revenue of $432.1 million.

During the most recent quarter, active clients increased 9% year over year to 3.5 million, and net revenue per active client increased 2% to $486. Deferred revenue came in at $13.06 million, an increase from $12.00 million at the end of last year’s fiscal fourth quarter.

On the books, the company had $286.5 million in cash, cash equivalents and short-term investments at the end of the quarter, down from $314.2 million at the end of the previous fiscal year.

The company offered no guidance in the earnings report. However, analysts expect a net loss of $0.06 per share and $488.22 million in revenue for the fiscal first quarter.

Management noted that it was excited by the momentum of its direct buy offering. It’s still early days, but the ability to shop personalized items and outfits in this feed-based experience is clearly resonating with clients. Again, management was encouraged by the early success of direct buy, and it plans to expand the offering to give existing clients more reasons to engage.

Stitch Fix stock closed Tuesday at $31.38, in a 52-week range of $10.90 to $31.60. The consensus price target is $28.38. Following the announcement, the stock was down about 15% at $26.60 in early trading indications Wednesday.

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