Business Overview and Market Trends - Rent the Runway (RTR) operates in the U S apparel market, which is valued at $359 billion[7], focusing on the online segment, a $165 billion market growing at a 9% compound annual growth rate (CAGR)[7, 22] - The secondhand apparel market is a key area of focus, representing a $43 billion market with a 24% CAGR[7, 22] - RTR's subscribers receive approximately $4,000 worth of designer clothing per month, which is about 25 times the value of their spending[7] - Over 80% of RTR's revenue is generated from subscribers[12] Customer Base and Engagement - RTR has 2.5 million lifetime customers and 126,000 current subscribers[15] - 74% of women spend more on clothing annually compared to their male counterparts[19] - 77% of RTR subscribers consider sustainability important when purchasing clothing[19] - 83% of subscribers say RTR makes them the most confident version of themselves[43] - Over 40% of RTR subscribers have embellishments[41] - Approximately 20% of RTR subscribers are the color black[41] - Over 50% of RTR subscribers have printed styles[41] Financial and Operational Highlights - The company anticipates achieving free cash flow breakeven in 2024[7] - Fulfillment costs as a percentage of revenue have decreased by 17 percentage points since 2019[89] - In FY23, 61% of items were acquired through non-wholesale channels, compared to 26% in FY19[58] - Since its founding, less than 10% of total revenue has been spent on marketing[43]

NEW YORK, March 20, 2024 (GLOBE NEWSWIRE) -- Rent the Runway, Inc. (“Rent the Runway”) (Nasdaq: RENT) announced today that it expects to release its fourth quarter and fiscal year 2023 financial results for the quarter and year ended January 31, 2024, on Wednesday, April 10, 2024, after market close. Rent the Runway will host a conference call and live webcast with the investment community at 4:30 p.m. Eastern Time that same day to discuss its results and to provide a business update. The financial results ...

NEW YORK, March 20, 2024 (GLOBE NEWSWIRE) -- Rent the Runway, Inc. (“Rent the Runway”) (Nasdaq: RENT) announced today that it expects to release its fourth quarter and fiscal year 2023 financial results for the quarter and year ended January 31, 2024, on Wednesday, April 10, 2024, after market close. Rent the Runway will host a conference call and live webcast with the investment community at 4:30 p.m. Eastern Time that same day to discuss its results and to provide a business update. The financial results ...

NEW YORK, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Rent the Runway (RTR) today announced the appointment of Natalie McGrath as Chief Marketing Officer, effective March 4, 2024. McGrath will oversee all aspects of the Rent the Runway customer journey, including brand and growth marketing, creative services, public relations, and customer service. She will report to Co-Founder, CEO and President Jennifer Hyman. McGrath's appointment comes at a pivotal time for Rent the Runway, which has spent the past several years ...

Rent the Runway, Inc. (RENT) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power of a chang ...

Rent the Runway, a fashion rental company, has undergone adjustments, including a 10% reduction in its corporate workforce. However, the question arises: Is this indicative of a struggling company, or is it merely a recalibration? Apparel subscriptions, known for their high loyalty, have been reported to be the most steadfast. The company has said it does indeed have loyal customers, translating to higher profitability. The company’s chief operating officer and president, Anushka Salinas, is also set to lea ...

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 ...