Rent The Runway, an e-commerce platform that allows users to rent, subscribe or buy designer apparel and accessories, reported financial results for the fiscal quarter ended 30 April 2022.
Though its net loss remained almost unchanged, the fashion rental platform has reported doubling revenue in the first quarter of year. The company has reported a 100 per cent increase in revenue to US $ 67.1 million from US $ 33.5 million in the first quarter of fiscal year 2021.
The one-of-a-kind apparel and accessories renting firm also reported an 82 per cent year-over-year increase in ending active subscribers, as well as a 17 per cent increase quarter-over-quarter, representing the highest end-of-quarter active subscriber count since the subscription’s inception.
Rent the Runway anticipates revenue in the range of US $72.0 million to US $74.0 million for the second quarter of fiscal year 2022.
“Our strong performance is evidence of our firm position in the broader experience economy, which has enabled us to make significant progress on our path to profitability and achieve record ending active subscribers in the first quarter of 2022,” said Jennifer Hyman, CEO, Co-founder, Rent the Runway.
