Rent the Runway 3Q Revenue Higher, Trims 2024 Growth Range

Dow Jones12-09

By Denny Jacob

Rent the Runway recorded revenue growth in its latest quarter but trimmed its top-line outlook range for the year.

The subscription fashion rental company narrowed its loss to $18.9 million, or $4.94 a share, for the quarter, from $31.5 million, or $9.09 a share, a year earlier. Revenue edged up to $75.9 million from $72.5 million.

The company ended the quarter with 132,518 active subscribers, down from 131,725 in the third quarter of fiscal 2023.

"We believe our business is set up for acceleration across all revenue lines in 2025," said Chief Executive Jennifer Hyman.

Rent the Runway forecast revenue between $74.4 million and $80.3 million in the fiscal fourth quarter.

For 2024, the company now sees revenue growth between 2% and 4% from a year earlier. It previously forecast growth between 2% and 6%.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

December 09, 2024 08:48 ET (13:48 GMT)

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