Clothing-Rentals  (AP Photo/Seth Wenig)Copyright 2019 The Associated Press. All rights reserved.Rent the Runway announced that it is eliminating 37 corporate positions and COO Anushka Salinas will leave the company on January 31. Her resignation comes on the heels of a company restructuring. These actions are on top of earlier staff cuts made last September.Jennifer Hyman, CEO, and chair of the board, explained that these steps were taken to help the company restore the growth and achieve profitability.Rent ...

With subscriber growth slowing, fashion rental firm Rent the Runway has begun cutting staff.The company plans to let go of about 10% of its corporate employees, it said in a Tuesday (Jan. 9) regulatory filing.That filing also reveals that Chief Operating Officer Anushka Salinas will step down Jan. 31, with Co-founder and CEO Jennifer Hyman set to fill Salinas’ duties.“The Company expects to incur charges of approximately $3 million to $4 million for the Restructuring Plan, substantially all of which is expe ...

Rent the Runway (NASDAQ:RENT) layoffs are on the way as the shared designer closet company announced plans to cut jobs as part of a restructuring plan.A filing with the Securities and Exchange Commission (SEC) reveals that Rent the Runway is going to cut 10% of its workforce as part of that restructuring. The company intends to complete the major of its restructuring by the end of its fiscal fourth quarter of 2023.Rent the Runway says that the layoffs will result in one-time charges between $3 million and $ ...

Rent the Runway Inc (NASDAQ: RENT) is in focus this morning after announcing a major restructuring that includes lowering its headcount.How many employees will be laid off?Copy link to sectionThe eCommerce platform says it will lay off 10% (roughly) of its corporate employees to focus its spending on growth initiatives that support its profitability goals. Anushka Salinas also stepped down as the chief operating officer and president of Rent the Runway on Tuesday.  CEO Jennifer Hyman will assume both roles ...

Rent the Runway, Inc. (NASDAQ:RENT) Q3 2023 Earnings Conference Call December 5, 2023 4:30 PM ET Company Participants Cara Schembri - General Counsel Jennifer Hyman - Co-Founder and CEO Sid Thacker - Chief Financial Officer Conference Call Participants Dana Telsey - Telsey Advisory Group Eric Sheridan - Goldman Sachs Juliana Duque - Wells Fargo Nathan Feather - Morgan Stanley Andrew Boone - JMP Security Ross Sandler - Barclays Operator Welcome to Rent the Runway’s Third Quarter 2023 Earnings Results Confere ...

RENT THE RUNWAY Forward-Looking Statements Disclaimer 2RENT THE RUNWAY This presentation contains forward-looking statements within the meaning of the the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward looking statements. These statements include, but are not limited to, statements regarding our future results of operations, financial position, and revenue, impacts of the Company's ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 10-Q ____________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ________ Commission file number 001-40958 RENT THE RUNWAY, INC. _______________________ ...

Rent the Runway, Inc. (NASDAQ:RENT) Q2 2023 Earnings Conference Call September 8, 2023 8:30 AM ET Company Participants Cara Schembri - General Counsel Jennifer Hyman - CEO and Co-Founder Sid Thacker - CFO Conference Call Participants Rick Patel - Raymond James Ike Burochow - Wells Fargo Andrew Boone - JMP Securities Ross Sandler - Barclays Nathan Feather - Morgan Stanley Edward Yruma - Piper Sandler Dana Telsey - Telsey Advisory Group Eric Sheridan - Goldman Sachs Operator Hello, and welcome to Rent the Run ...

Q2 2023 Earnings Presentation September 8, 2023 This presentation contains forward-looking statements within the meaning of the the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward looking statements. These statements include, but are not limited to, statements regarding our future results of operations, financial position, and revenue, future product launches, business objectives, an ...

Revenue Performance - Revenue for the three months ended July 31, 2023, was $75.7 million, representing a 1.0% decline year-over-year, while revenue for the six months was $149.9 million, reflecting a 4.4% growth year-over-year [125]. - Total revenue for the three months ended July 31, 2023, was $75.7 million, a decrease of $0.8 million, or 1.0%, compared to $76.5 million for the same period in 2022 [167]. - Total revenue for the six months ended July 31, 2023, was $149.9 million, an increase of $6.3 million or 4.4% compared to $143.6 million for the same period in 2022 [179]. - Subscription and Reserve rental revenue was $68.0 million for the three months ended July 31, 2023, a decrease of $2.0 million, or 2.9%, compared to $70.0 million for the same period in 2022 [168]. - Subscription and Reserve rental revenue was $134.8 million for the six months ended July 31, 2023, an increase of $3.4 million or 2.6% compared to $131.4 million for the same period in 2022 [180]. - Other revenue increased to $7.7 million for the three months ended July 31, 2023, an increase of $1.2 million, or 18.5%, compared to $6.5 million for the same period in 2022 [169]. - Other revenue increased by $2.9 million or 23.8% to $15.1 million for the six months ended July 31, 2023, representing 10.1% of total revenue, up from 8.5% in the same period last year [181]. Subscriber Growth - Ending total subscribers as of July 31, 2023, was 184,389, representing a 6% growth year-over-year, with active subscribers increasing to 137,566, an 11% growth year-over-year [125]. - Active Subscribers reached 137,566 as of July 31, 2023, representing an 11% year-over-year increase, primarily due to improvements in customer experience [147]. - Average Active Subscribers increased to 141,393 as of July 31, 2023, up 9% from 129,565 as of July 31, 2022 [148]. Profitability Metrics - Gross profit for the three months ended July 31, 2023, was $33.2 million, with a gross margin of 43.9%, compared to $32.4 million and 42.4% in the same period last year [125]. - Adjusted EBITDA for the three months ended July 31, 2023, was $7.7 million, representing an Adjusted EBITDA margin of 10.2%, compared to $1.8 million and 2.4% in the same period last year [125]. - Adjusted EBITDA margin improved from (4.9)% in the six months ended July 31, 2022, to 8.1% in the same period of 2023 [193]. Expenses and Cost Management - Total costs and expenses were $93.2 million for the three months ended July 31, 2023, a decrease of $8.9 million, or 8.7%, compared to $102.1 million for the same period in 2022 [170]. - Fulfillment expenses were $22.5 million for the three months ended July 31, 2023, a decrease of $0.9 million, or 3.8%, representing 29.7% of revenue [171]. - Technology expenses were $12.9 million for the three months ended July 31, 2023, a decrease of $2.0 million, or 13.4%, compared to $14.9 million for the same period in 2022 [172]. - General and administrative expenses were $25.9 million for the three months ended July 31, 2023, a decrease of $3.7 million, or 12.5%, compared to $29.6 million for the same period in 2022 [174]. - Total costs and expenses decreased by $13.7 million or 6.8% to $188.7 million for the six months ended July 31, 2023, primarily due to cost savings from a restructuring plan [182]. - Fulfillment expenses decreased by $1.9 million or 4.1% to $44.4 million, representing 29.6% of revenue, down from 32.2% in the same period last year [183]. - General and administrative expenses decreased by $6.4 million or 10.9% to $52.4 million for the six months ended July 31, 2023, representing 35.0% of revenue compared to 40.9% last year [186]. Financial Position and Cash Flow - Cash and cash equivalents as of July 31, 2023, were $123.7 million, down from $192.3 million year-over-year [125]. - As of July 31, 2023, the company had cash and cash equivalents of $123.7 million and total indebtedness of $290.6 million [196][198]. - For the six months ended July 31, 2023, net cash used in operating activities was $(4.1) million, compared to $(33.0) million for the same period in 2022, indicating improved cash flow management [201][204]. - Total cash consumption, combining net cash used in operating and investing activities, was $(29.6) million for the six months ended July 31, 2023, down from $(53.8) million in the prior year, primarily due to lower operating costs [202]. - The company had approximately $290.6 million of total debt outstanding as of July 31, 2023, with none maturing within the next 12 months [209]. - The sum of net cash used in operating and investing activities as a percentage of revenue was (19.7)% for the six months ended July 31, 2023, compared to (37.5)% for the same period in 2022 [202]. Strategic Initiatives - The company implemented a rental product depth strategy, increasing new rental product depth at approximately 1.7 times the depths of buys in the first half of 2023, expected to enhance customer experience [123]. - The company introduced new site features and AI search beta to 20% of the customer base, aimed at improving customer engagement and reducing selection time [125]. - The company plans to continue to invest in customer experience and optimize shipping methods to mitigate rising costs and drive growth [142]. - The company anticipates total revenue growth rate to decelerate in fiscal year 2023 due to a lower growth rate of Average Active Subscribers and a decrease in Reserve revenue [153]. - The restructuring plan announced in September 2022 is expected to significantly improve operating expense leverage in fiscal year 2023 compared to fiscal year 2022 [152]. - The company expects annual operating expense savings of approximately $25 million in fiscal year 2023 due to a restructuring plan announced in September 2022 [199]. - The company opportunistically purchased additional rental products to support higher subscriber demand, reflecting a strategic response to market conditions [205]. Macroeconomic Factors - The impact of macroeconomic factors, including inflation and supply chain issues, continues to create uncertainty in consumer spending and purchasing behavior [140]. - The company may need to seek additional capital if current liquidity sources are insufficient, which could negatively impact its financial condition and operations [200].