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Rent the Runway beats revenue expectations and raises guidance

Published 12/07/2022, 04:26 PM
Updated 12/07/2022, 04:32 PM
© Reuters.

© Reuters.

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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