Rent the Runway leaps post upbeat revenue forecast

Rent the Runway

11/04/2024 15:24

** Shares of Rent the Runway  RENT.O  surges 148% to $18.38
    ** Co on Wednesday after market, forecast revenue growth
between 1%-6% for fiscal year 2024 vs FY23; earns Q4 adj. core
profit of $11.2 mln vs $7.1 mln last year
    ** Shares traded well below its April 13 high of $69.2
    ** Co implemented a 1-for-20 reverse stock split to avoid
potential delisting
    ** Co is experiencing a surge driven by a promising blend of
AI prospects and tangible results... there was a notable 10%
rise in loyalty observed, significant at an early stage of
implementation, Michael Ashley Schulman, chief investment
officer at Running Point Capital Advisors notes
    ** 2023 marked a year of substantial enhancements to
customer experience, laying groundwork for what is expected will
be a landmark fiscal year 2024, CEO Jennifer Hyman says
    ** Stock down 30% YTD

 (Reporting by Annett Mary Manoj in Bengaluru)
 ((AnnettMary.Manoj@thomsonreuters.com))