Figs Shares Rise 9.3% After Boost to Sales Guidance

By Paul Ziobro

Shares of Figs rose in late trading after the medical scrubs company boosted its sales growth outlook for the year.

The stock was up 9.3% to $6.14 in after-hours trading on Thursday, following a gain of 6.2% in the regular trading session. Through Thursday's close the stock was down 17% this year.

Figs now expects sales to rise 8.5% this year, compared to a prior forecast for sales to grow between 5.5% to 7.5%.

The raised view comes after the company reported a profit of $6.1 million, or 3 cents a share, for the quarter-ended Sept. 30, compared with $4 million, or 2 cents, in the year-ago period. Analysts polled by FactSet expected 2 cents a share.

Sales rose 10.7% to $142.4 million, on more orders from new and existing customers. Analysts' expected $131.4 million.

Chief Executive Trina Spear said the company's revenue and adjusted earnings before interest, tax, depreciation and amortization exceeded internal expectations.

Figs also said it added former Chewy Chief Financial Officer Mario Marte to its board, effective Nov. 3.

Write to Paul Ziobro at [e-mail]

(END) Dow Jones Newswires

November 02, 2023 17:35 ET (21:35 GMT)

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