- Rent the Runway beat quarterly revenue expectations, as customers opted to borrow designer clothes instead of buying them.
- The fashion rental and subscription service raised its financial outlook for the year.
- For example, during the quarter, 28% of its subscribers paid more to add at least one additional rental item each month. Subscribers are charged a fee based on how many items they borrow each month.
Rent the Runway now anticipates $72 million to $74 million in the fourth quarter. That range is higher than the $72 million anticipated by analysts, according to Refinitiv.
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