Fashion rental platform Rent the Runway has reported doubling revenue in the first quarter of the year, though its net loss remained almost unchanged.
In the three months to April 30, the US company reported a 100 percent increase in revenue to 67.1 million dollars as its ending active subscribers increased by 82 percent.
Its net loss came in at 42.5 million dollars compared to a loss of 42.3 million dollars a year earlier.
Jennifer Hyman, CEO and co-founder of Rent the Runway, said she was “excited to share that we exceeded our Q1 guidance across all key metrics both on the top and bottom lines”.
She continued: “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.”
Looking ahead, the company expects FY22 revenue in the range of between 295 million dollars and 305 million dollars. It expects an adjusted EBITDA margin of between -6 percent and -5 percent.