Rent the Runway rises on Q1 results beat

ThredUp

09/06/2022 22:25

** Shares of clothing rental firm Rent the Runway  RENT.O 
up 10.8% at $3.91 as people return to travel, work and events 
    ** Co reports a smaller-than-expected Q1 loss on a revenue
that doubled to beat estimates 
    ** Co says it saw an 82% increase in active subscribers to
its services as consumers turn to affordable fashion when they
step out
    ** RENT reaffirms its full-year outlook, and expects Q2
revenue largely above street estimates, as per Refinitiv IBES
data
    ** Competitors Thredup  TDUP.O  cut its fiscal 2022 revenue
outlook in May, and Stitch Fix  SFIX.O  forecasts Q4 net revenue
below estimates
    ** Up to last close, RENT fell 56.7%, TDUP slumped 69.8% and
SFIX declined 58.9% this year

 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((nandhini.srinivasan@thomsonreuters.com))