Rent the Runway soars on raising 2022 revenue forecast

Rent the Runway

07/12/2022 22:10

** Shares of clothing rental firm Rent the Runway  RENT.O 
up ~26% at $1.71 after the bell 
    ** Company raises full-year 2022 revenue forecast, signaling
strong demand for affordable fashion amid decades-high inflation
    ** RENT expects 2022 revenue between $293 mln and $295 mln,
compared to prior forecast of $285 mln to $290 mln
    ** Company also beat Q3 revenue estimates and forecast Q4
revenue above analysts' expectations 
    ** RENT expects Q4 revenue between $72 mln and $74 mln,
compared to analysts' estimates of $71.7 mln, per Refinitiv IBES
data
    ** Up to Wednesday's close, stock had fallen ~83% this year
 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))