Business
Rent the Runway, Inc. Announces Fiscal Third Quarter Results
Active Subscribers up 78% year-over-year, at 87% of pre-COVID active subscriber count Revenue grew 66% year-over-year and 26% quarter-over-quarter Gross
About this update from Rent The Runway, Inc.
[{"type":"text","content":"Active Subscribers up 78% year-over-year, at 87% of pre-COVID active subscriber count Revenue grew 66% year-over-year and 26% quarter-over-quarter Gross Profit margin of 34%, up significantly from 7% in Q3 2020 Majority of rental product acquisition continues through capital-light strategies Paid down approximately one-third of pre-IPO debt balance NEW YORK, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Rent the Runway, Inc. (“Rent the Runway”) (NASDAQ: RENT), the world’s first and largest shared designer closet platform, today reported financial results for the fiscal third quarter ended October 31, 2021. \"We are excited to share our strong third quarter 2021 results and report for the first time as a public company,” said Jennifer Hyman, CEO and Co-Founder of Rent the Runway. “We delivered significant growth across subscribers and revenue and improved our gross margins. As a leader in clothing subscription and rental with a differentiated operating platform and deep competitive advantages, we believe these metrics are clear indicators of our ongoing business re-acceleration. We are incredibly energized about the opportunity for our Closet in the Cloud and are focused on execution, growing our subscriber base and capitalizing on the major secular trends in our favor including access over ownership, the sustainability of the secondhand economy and financial value.” Fiscal Third Quarter 2021 Key Metrics and Financial Highlights 116,833 ending Active Subscribers (excluding paused subscribers), representing an increase of 78% year-over-year from 65,545 at the end of the third quarter of 2020, and representing 87% of Active Subscribers at the end of fiscal year 2019.150,075 ending total subscribers, representing an increase of 45% year-over-year from 103,708 at the end of the third quarter of 2020.Revenue was $59.0 million, a 66% increase year-over-year from $35.5 million in the third quarter of 2020.Gross Profit was $19.9 million which increased from $2.4 million in the third quarter of 2020. Gross margin was 33.7% in the third quarter of 2021, as compared to 6.8% in the third quarter of 2020.Net Loss was $(87.8) million, as compared to $(44.3) million in the third quarter of 2020. Net Loss as a percentage of revenue was (148.8)%, as compared to (124.8)% in the third quarter of 2020. Net Loss included a non-recurring $(17.4) million non-cash ...