Rent the Runway, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended July 31, 2023
September 08, 2023 at 08:00 am EDT
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Rent the Runway, Inc. reported earnings results for the second quarter and six months ended July 31, 2023. For the second quarter, the company reported revenue was USD 75.7 million compared to USD 76.5 million a year ago. Net loss was USD 26.8 million compared to USD 33.9 million a year ago. Basic loss per share from continuing operations was USD 8 compared to USD 10.6 a year ago.
For the six months, revenue was USD 149.9 million compared to USD 143.6 million a year ago. Net loss was USD 56.9 million compared to USD 76.4 million a year ago. Basic loss per share from continuing operations was USD 17 compared to USD 24 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.