Rent the Runway falls as annual revenue forecast disappoints
13/04/2023 12:45
** Shares of clothing rental firm Rent the Runway Inc
RENT.O down ~4% at $3.02 premarket
** Co forecasts annual sales below Wall Street estimates on
Wednesday after trading hours; CFO Scarlett O'Sullivan to step
down later in May
** RENT appoints Sid Thacker, currently senior vice
president of finance, as CFO
** Brokerage Jefferies cuts PT on RENT to $9 from $10, says
weak outlook is due to co's seasonal marketing investments
** Average selling price is expected to decline by 4% due to
increasing lower-tier subscriptions, brokerage adds
** Q4 revenue beat estimates and co reported
smaller-than-expected loss
** Up to Wednesday's close, stock had risen 3.3% so far in
2023
(Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))