Rent the Runway CEO sees inflation as a competitive advantage for the company
Rent the Runway on Wednesday reported fiscal fourth-quarter revenue ahead of analysts' estimates along with a narrower-than-expected loss.
sees the more than 2 million weddings planned for this year, and all the parties that come with them, as being a massive boon to its business. "We're entering into one of the strongest environments for rental we've ever seen," Hyman said in a Zoom interview. "The inflationary environment is basically a competitive advantage for Rent the Runway."
The retailer reported a net loss for the three-month period ended Jan. 31 of $39.3 million, or 62 cents a share, compared with a loss of $38.8 million, or 70 cents per share, a year earlier. That came in narrower than analysts' estimates for a per-share loss of 70 cents, according to a Refinitiv poll.
Rent the Runway ended the fourth quarter with 115,240 active subscribers, up 110% from year-ago levels. It counted 159,544 total subscribers, including those who have their accounts on pause.