Rent the Runway Q3 revenues up by 4.7 percent

Rent the Runway reported third quarter revenue of 75.9 million dollars, a 4.7 percent increase year-over-year.

For fiscal year 2024, the company expects revenue growth of between 2 percent to 4 percent and adjusted EBITDA margin of 15 percent to 16 percent.

“Rent the Runway has realigned our company talent and ways of working this year to be laser focused on achieving free cash flow breakeven, significantly increase agility of experimentation and launch cadence, and reaccelerate growth,” said Jennifer Hyman, co-founder, president, and CEO of Rent the Runway in a statement.

Gross profit for the quarter was 26.3 million dollars, representing a change of 4.4 percent from the third quarter of fiscal year 2023. Gross Margin was 34.7 percent compared to 34.8 percent in the third quarter of last year.

Net loss contracted to 18.9 million dollars, while adjusted EBITDA rose to 9.3 million dollars and adjusted EBITDA margin was 12.3 percent.

For the fiscal fourth quarter, Rent the Runway expects revenue of between 74.4 million dollars and 80.3 million dollars. Adjusted EBITDA is anticipated to be between 16.1 million dollars and 20.1 million dollars.