Friday, January 27, 2023

Rent the Runway reports stronger quarterly sales as shoppers look to save money

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  • 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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Disclaimer: This story is generated from RSS Feed and has not been created or edited by Waba News. Publisher: CNBC

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