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Via Stitch Fix

Apparel subscription service Stitch Fix saw its stock price plunge 12% in aftermarket trading on Tuesday, even though its first post-IPO earnings included a $296 million revenue mark that was in line with analyst expectations.

Bottom line: Traders seem turned off by increased ad spend, which climbed 84% year-over-year and represented 9.5% of net revenue (compared to 6.5% during the year-earlier period).

Highlights from its call with analysts on Tuesday:

  • Seasons: Because of an unusually warm year, Stitch Fix continued selling summer clothes into the fall.
  • Lower and premium price points: Stitch Fix is adding items at both ends of the price spectrum, but expects to invest more into expanding its lower-price inventory.
  • Men: One year into debuting its service for men's apparel, the company says it's doing much better than it did one year into its women's business. Still, Stitch Fix acknowledges that the men's market is estimated to be about two-thirds the size of the women's, and that male customers purchase less often.
  • Customer acquisition: Although Stitch Fix touts its use of data science to match customers with items that best suit their bodies and wants, it hasn't yet applied such methods to customer acquisition.

Go deeper

Scoop: Garland defends DOJ's handling of Jan. 6 probe

Attorney General Merrick Garland. Photo: Kevin Dietsch/Getty Images

Attorney General Merrick Garland will tell the House Judiciary Committee on Thursday that federal prosecutors "are doing exactly what they are expected to do" in seeking accountability for the "intolerable assault" on the Capitol on Jan. 6, Axios has learned.

Why it matters: Allies of former President Trump, including Republican congressmen, have criticized the department's treatment rioters charged with crimes, and sought to recast the insurrection as a righteous protest. Garland's testimony with be his first appearance before the panel.

Updated 46 mins ago - World

Police charge man with murder of British MP David Amess

Police outside Belfairs Methodist Church in Leigh-on-Sea, England, on Oct. 15. Photo: John Keeble/Getty Images

Police said Thursday that Ali Harbi Ali, a 25-year-old British man, has been charged with the murder of David Amess, a Conservative Party lawmaker in the U.K.

The big picture: Last week, the Metropolitan Police declared the fatal stabbing a terrorist incident, saying that they had found "a potential motivation linked to Islamist extremism."

51 mins ago - Health

Pfizer booster has 95.6% efficacy against COVID, large study shows

Photo: Scott Olson/Getty Images

A booster shot of the Pfizer-BioNTech vaccine is 95.6% effective against the coronavirus, compared with those who only had the first two initial doses, according to a large study released Thursday.

Why it matters: The study, which had more than 10,000 participants aged 16 and older, is the first controlled, randomized trial looking at boosters and their effectiveness, the companies said.