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21 Senate Democrats urge Biden to put recurring stimulus checks, unemployment aid extension in recovery plan

Biden is set to unveil his infrastructure and recovery plan, and some Democrats want it to include emergency economic aid like stimulus payments.

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Senator Elizabeth Warren speaks as Senator Bernie Sanders looks on.

Andrew Harrer | Bloomberg | Getty Images

More Senate Democrats are pressuring President Joe Biden to extend rescue measures as the U.S. recovers from a coronavirus-fueled economic drubbing.

Twenty-one members of the Senate Democratic caucus wrote to the president Tuesday urging him to include recurring direct payments and enhanced jobless benefits as part of his recovery plan.

The senators, led by Finance Committee Chair Ron Wyden of Oregon, aim to tie the aid to economic conditions so relief does not lapse too early.

“This crisis is far from over, and families deserve certainty that they can put food on the table and keep a roof over their heads,” the senators wrote. “Families should not be at the mercy of constantly-shifting legislative timelines and ad hoc solutions.”

Wyden has long called for Congress to phase out assistance as the economy improves so Americans do not lose benefits at arbitrary dates chosen by lawmakers. Democrats included a $300 per week unemployment supplement through Sept. 6 and $1,400 direct payments as part of their coronavirus relief package passed earlier this month.

Wyden wants to avoid repeating what took place last summer, when a jobless benefit boost expired and contributed to millions of Americans falling into poverty. While the job market continues to climb back toward pre-pandemic levels, many lawmakers worry the existing aid measures will not go far enough while roughly 19 million people are receiving some form of unemployment benefits.

The senators who signed the letter include Wyden, No. 2 Senate Democrat Dick Durbin, D-Ill., Budget Committee Chair Bernie Sanders, a Vermont independent who caucuses with Democrats, Banking Committee Chair Sherrod Brown, D-Ohio, and Sen. Elizabeth Warren, D-Mass.

Biden plans to unveil his infrastructure and economic recovery package in Pittsburgh on Wednesday. The administration and congressional Democrats are deciding whether to split $3 trillion or more in spending into two pieces of legislation.

Democrats will have two areas of focus: one pool of proposals related to transportation, broadband and climate change; and another tied to education, paid leave and health care. As policymakers consider how much to raise taxes to fund the initiatives and mull whether any part of the plan can win Republican votes, it is unclear if senators can fit more economic aid into the package.

A White House spokeswoman did not immediately respond to a request to comment on the letter.

Congressional Democrats are expected to pass at least part of the recovery plan through budget reconciliation, which would not require Republican votes in the Senate split 50-50 by party. The White House hopes to win GOP support for infrastructure policy.

While Republicans support measures to improve transportation and broadband, they have opposed tax increases.

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Twenty-one members of the Senate Democratic caucus wrote to the president Tuesday urging him to include recurring direct payments and enhanced jobless benefits as part of his recovery plan.

Source: https://www.cnbc.com/2021/03/30/stimulus-check-update-senators-push-biden-to-send-recurring-payments.html

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Source: https://www.cnbc.com/earnings/

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Stitch Fix shares surge as online styling service reports surprise profit

Stitch Fix shares jumped after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

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The Stitch Fix application for download in the Apple App Store on a smartphone arranged in Hastings-on-Hudson, New York, U.S., on Saturday, June 5, 2021. Stitch Fix Inc. is scheduled to release earning on June 7.

Tiffany Hagler-Geard | Bloomberg | Getty Images

Stitch Fix shares jumped 14% in extended trading Tuesday after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Consumers have been splurging on new outfits in recent months, as many head back to school and return to social gatherings. Some have also citied the need for new clothes after either gaining or losing weight during the Covid pandemic.

Here’s how Stitch Fix did compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 19 cents vs. a loss of 13 cents expected
  • Revenue: $571.2 million vs. $548 million expected

Net income attributable to shareholders was $28 million, or 19 cents per share, in the latest period. A year ago, it posted a net loss of $44.5 million, or 44 cents a share. Analysts had been looking for the company to book a loss of 13 cents per share.

Revenue grew to $571.2 million from $443.4 million a year earlier. That was better than analysts’ expectations for $548 million.

Stitch Fix reported nearly 4.2 million active clients, up 18% from a year earlier. The company said net revenue per active client was $505, surpassing the $500 threshold for the first time ever. Customers have been purchasing more items to keep at home, Stitch Fix said, as they have more brands and price points to choose from.

Stitch Fix defines active clients as people who either ordered a “Fix” subscription or bought an item directly from its website in the preceding 52 weeks from the final day of the quarter.

The company also said it had its lowest ever churn rate at the end of the period, meaning its customers are sticking around.

Last month, Stitch Fix finally opened up its direct-buy option, which is now known as “Freestyle,” to the public. This allows people to shop Stitch Fix for individual items of clothing, without needing to sign up for a subscription.

CEO Elizabeth Spaulding said this should help Stitch Fix grow its addressable market in the year ahead. The company’s next initiative will be to market and raise broader awareness around the offering, she said. Stitch Fix is preparing to roll out a national advertising campaign on the debut.

Early indications are that “Freestyle” is meaningfully accretive to the company’s revenue per active client metric, Spaulding told analysts on a conference call.

“Clients have agency, flexibility and choice while also experiencing a highly personalized shopping experience,” Spaulding said.

For its fiscal first quarter, Stitch Fix said it sees sales in a range of $560 million to $575 million. That’s below analysts’ expectations for $588 million.

For the upcoming fiscal year, Stitch Fix anticipates sales rising 15% or more from the prior year. Analysts polled by Refinitiv had been looking for an 18% increase.

While the entire retail industry is working through supply chain complications, Stitch Fix said it is seeing a small impact, but nothing that will hurt the business in the fall and winter months. The company said it is less reliant on Vietnam, where manufacturing has largely come to a standstill due to ongoing pandemic lockdowns in the region.

As of Tuesday’s market close, Stitch Fix shares have fallen nearly 39% this year. The company has a market cap of $3.8 billion.

Find the full press release from Stitch Fix here.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Source: https://www.cnbc.com/2021/09/21/stitch-fix-sfix-q4-2021-earnings.html

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Earnings

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© 2021 CNBC LLC. All Rights Reserved. A Division of NBCUniversal

Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

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Data also provided by Reuters

Source: https://www.cnbc.com/earnings/

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