Rent the runway shares out of fashion after quarterly report
09/12/2024 15:53
Dec 9 (Reuters) - ** Shares in Rent the runway RENT.O
down ~20%, on track for biggest daily pct drop since Sept. 6 on
Monday, after quarterly results, current quarter rev forecast
range with low-end below year-ago quarter
** RENT, which rents out designer clothes, forecast Q4 adj
EBITDA of between $16.1 mln and $20.1 mln up from $11.2 mln a
year-ago on rev between $74.4 mln and $80.3 mln, which would
compare with $75.80 in year-ago qtr
** RENT, for which LSEG lists just two analyst ratings,
reported fiscal a Q3 adj loss/shr of $4.94, narrower than mean
analyst est. for loss/shr of $4.99, its rev of $75.90 mln missed
mean est. of $76.05 mln
** RENT set a fiscal 2024 target for rev growth of 2%-4% and
EBITDA margin of 15%-16%
** RENT last traded at $10.25 vs median PT of $33, according
to LSEG
** According to LSEG data, 7.2% of RENT's float were sold
short as of Nov. 15
** YTD shares in RENT down 3%
(Reporting By Sinéad Carew)
((sinead.carew@thomsonreuters.com; +13322191897;))