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Rent the Runway Shares Surge 10% Following Q1 Results

Published 06/09/2022, 01:22 PM
Updated 06/09/2022, 05:27 PM
Rent the Runway (RENT) Shares Surge 10% Following Q1 Results

By Davit Kirakosyan

Rent the Runway Inc (NASDAQ:RENT) shares rose more than 10% after-hours following the company’s reported Q1 results, with revenue growing 100% year-over-year to $67.1 million. Quarterly EPS came in at ($0.67), compared to ($3.75) in Q1/21.

Active Subscribers increased 82% year-over-year to 134,998. Total Subscribers were 177,213, up 70% year-over-year.

“I’m excited to share that we exceeded our Q1 guidance across all key metrics both on the top and bottom lines, growing revenue 100% YoY and gross margin by 9 points YoY. Our strong performance is evidence of our firm position in the broader experience economy, which has enabled us to make significant progress on our path to profitability and achieve record ending Active Subscribers in the first quarter of 2022,” said Jennifer Hyman, CEO and Co-Founder of Rent the Runway.

The company expects Q2/22 revenue in the range of $72-74 million, versus the consensus of $70.5 million.

The company sees full 2022-year revenue in the range of $295-305 million, versus the consensus of $303.9 million.

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