Rent the Runway beats revenue expectations and raises guidance
2022.12.07 17:36
© Reuters.
By Liz Moyer
Investing.com — Rent the Runway Inc (NASDAQ:) beat revenue expectations and raised its guidance for the full year.
The stock rose 8% in after hours trading but is down 83% so far this year.
Rent the Runway said 31% from last year, to $77.4 million. Active subscribers rose 15%, to 134,240, and total subscribers rose 17%. A loss per share of 56 cents met expectations.
The subscription-based fashion platform has been restructuring to drive growth initiatives. It had forecast third-quarter revenue of $72M to $74M.
It said fourth-quarter revenue should be in that range and raised its guidance for fiscal 2022 revenue to a range of $293M to $295M.
Its restructuring, which cut 24% of the workforce, is aimed at generating annual savings of $25M to $27M.
