Rent the Runway, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended October 31, 2023
December 05, 2023 at 04:23 pm EST
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Rent the Runway, Inc. reported earnings results for the third quarter and nine months ended October 31, 2023. For the third quarter, the company reported revenue was USD 72.5 million compared to USD 77.4 million a year ago. Net loss was USD 31.5 million compared to USD 36.1 million a year ago. Basic loss per share from continuing operations was USD 9 compared to USD 11.2 a year ago.
For the nine months, revenue was USD 222.4 million compared to USD 221 million a year ago. Net loss was USD 88.4 million compared to USD 112.5 million a year ago. Basic loss per share from continuing operations was USD 26.2 compared to USD 35.2 a year ago.
Rent the Runway, Inc. is engaged in providing shared designer closet platform. Through the Company, customers can subscribe, rent items a-la-carte and shop resale from hundreds of designer brands. It gives customers access to its unlimited closet through its subscription offering (Subscription) or the ability to rent a-la-carte through its reserve offering (Reserve). It also gives its subscribers and customers the ability to buy its products through its Resale offering. Its Closet in the Cloud offers a wide assortment of items for every occasion, from evening wear and accessories to ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear and ski wear. It has built a two-sided discovery engine, which connects engaged customers and differentiated brand partners on a platform built around its brand, data, logistics and technology. Through its platform, the Company has helped approximately three million lifetime customers.