×
103
Fashion Jobs
SHISEIDO
Asia Pacific - Regional Talent & Organisation Development Manager
Permanent · Singapore
SHISEIDO
Asia Pacific - Regional Technical Information Innovation Manager
Permanent · Singapore
SHISEIDO
Singapore - Sales Administrative & Operations Executive
Permanent · Singapore
SHISEIDO
Travel Retail - Strategic Key Accounts Manager
Permanent · Singapore
SHISEIDO
Asia Pacific - Regional Digital & Ecommerce Marketing Executive
Permanent · Singapore
SHISEIDO
Travel Retail - Strategic Key Accounts Senior Manager
Permanent · Singapore
COTY
Apac Logistics Finance Director
Permanent · Singapore
SHISEIDO
Asia Pacific - Regional fp&a Manager
Permanent · Singapore
FOREO
Key Account Manager SEA
Permanent · Jurong
SHISEIDO
Singapore - Training Manager, Clé de Peau Beauté
Permanent · Singapore
SHISEIDO
Travel Retail - Regional Sales Director, SEA & Ocn
Permanent · Singapore
SHISEIDO
Travel Retail - Corporate Communications Director
Permanent · Singapore
COTY
Assistant Training Manager
Permanent · Singapore
COTY
Brand Manager
Permanent · Singapore
COTY
Brand Manager, Distributor Markets
Permanent · Singapore
COTY
Demand Planner
Permanent · Singapore
COTY
Demand Planner, Travel Retail Asia Pacific
Permanent · Singapore
COTY
Regional Training Manager - Skincare
Permanent · Singapore
COTY
Finance Director, SEA
Permanent · Singapore
COTY
Visual Merchandising Manager
Permanent · Singapore
VF CORPORATION
Manager, E-Commerce Site Merchandising & Experience (Vans)
Permanent · Singapore
SHISEIDO
Asia Pacific - Regional Technical Information Development Manager
Permanent · Singapore
Published
Dec 8, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Rent the Runway posts record sales quarter, continues to narrow losses

Published
Dec 8, 2022

Rent the Runway (RTR) announced on Wednesday record quarterly revenues for the three months ending October 31, on the back of double-digit growth in subscriber numbers, helping the rental platform narrow earnings losses during the third quarter.


The New York-based company said total revenue reached $77.4 million, a 31% increase year-over-year - Rent the Runway


The New York-based company said total revenue reached $77.4 million, a 31% increase year-over-year. Active subscribers numbers lifted 15% to 134,240, while total subscribers grew 17% to 176,167.

The company narrowed its losses to a net loss of $36.1 million, as compared to a loss of $87.8 million in the third quarter of fiscal year 2021. 

​"I'm pleased to share that we exceeded our Q3 '22 revenue and adjusted EBITDA guidance. revenue for the quarter was $77.4 million, up 31% compared to Q3 '21. We’re proud of our strong Adjusted EBITDA margin this quarter, which was up significantly versus the same period last year. We are also raising guidance for the year despite a tough environment," said Jennifer Hyman, CEO and co-founder of Rent the Runway.

"Our restructuring plan, now substantially complete, allows us to invest in our customer proposition while significantly improving cash burn. We made considerable progress in 2022 in key foundational technology and customer initiatives. Over the coming year, we look forward to providing even more value to our customers and brand partners."

Looking ahead, Rent the Runway expects full-year revenue in the range of $293 million to $295 million, with adjusted EBITDA margin of 1%.

"We continue to believe that our gross margin and fixed cost leverage improvements help to ensure RTR can navigate potentially rougher macro conditions, while improving our profitability and accelerating our path to free cash flow breakeven," said CFO Scarlett O’Sullivan.

"As a result, we are raising our annual Adjusted EBITDA margin outlook. Over the medium-term, we continue to believe we can generate 15% profitability on Adjusted EBITDA after product depreciation."

Copyright © 2023 FashionNetwork.com All rights reserved.