Rent the Runway slumps as 2023 outlook disappoints, CFO steps down

Rent the Runway

12/04/2023 21:32

** Shares of Rent the Runway  RENT.O  down ~9% at $2.87 in
extended trading 
    ** Clothing rental firm forecasts annual sales below Wall
Street estimates; CFO Scarlett O'Sullivan to step down 
    ** RENT sees fiscal 2023 revenue in the range of $320 mln to
$330 mln, below analysts' estimate of $346.4 mln, according to
Refinitiv data 
    ** Projects Q1 rev also below estimates
    ** RENT appoints Sid Thacker, currently senior vice
president of finance, as CFO
    ** Says O'Sullivan, who will step down from role effective
May 25, will serve as advisor to RENT until Aug. 25
    ** YTD, stock up ~3% as of last close

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))