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Rent the Runway beats revenue expectations and raises guidance

By Liz Moyer

Investing.com -- Rent the Runway Inc (NASDAQ:RENT) 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 revenue rose 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.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.