Rent the Runway has announced that revenues for the third quarter were US $ 72.5 million, a 6.3 per cent decrease year-over-year.
The New York-based company reported that average active subscribers increased by 4 per cent in the fiscal quarter ending 31st October, with total members remaining virtually unchanged year on year at 175,901.
The net loss for the period was US $ 31.5 million, down from US $ 36.1 million in the third quarter of fiscal year 2022.
“We are proud to announce significant modifications to our debt that are expected to provide meaningful flexibility for our business. We believe that the terms that we’ve agreed to with our longtime lender further enable Rent the Runway to achieve significant free cash flow before the debt’s maturity date, helping us to demonstrate the strength of our business model to the market–and, importantly, to grow,” said Jennifer Hyman, co-founder and CEO, Rent the Runway.
Rent the Runway also highlighted major business milestones, such as improvements in customer inventory experience, the launch of Luxury Evening Wear through ‘The Vault,’ improvements in operating efficiencies, resale business growth, and record adoption of the RTR Concierge service.
Rent the Runway anticipates revenue of at least US $ 74 million in the fourth quarter of fiscal year 2023. The company anticipates revenue of at least US $ 296.4 million in fiscal year 2023, matching revenue in fiscal year 2022.
