Rent the Runway sees ‘milestone' 2024 and breakeven cash flow, as stock soars [MarketWatch]
Rent the Runway, Inc. - Class A (RENT)
Company Research
Source: MarketWatch
The company still forecast sales growth that was below Wall Street's expectations. But either way, shares of Rent the Runway RENT, continued the massive run-up they had earlier in the day. The stock rocketed 59% higher after hours, after finishing up 36.3% during regular trading. The company, which allows its subscribers to rent or buy clothing online, said it expected sales gains of between 1% and 6% this year. That compared to FactSet forecasts calling for about 5% growth. Advertisement For its first quarter, the company said it expected sales of between $73 million and $75 million. Wall Street expected $76 million. Still, executives were optimistic. “2023 was a year of significant improvements to the customer experience that we believe have set the foundation for a milestone fiscal year 2024,” co-founder and Chief Executive Jennifer Hyman said in a statement. She added that “customers have been buying more inventory from us, and customer retention has markedly improved”
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News
- What Rent the Runway's 360% stock surge reveals about the future of AI in fashion [Yahoo! Finance]Yahoo! Finance
- What Rent the Runway's 360% stock surge reveals about the future of AI in fashion [Fortune]Fortune
- From rags to riches, Rent the Runway goes from penny stock to quadrupling share prices in days after doubling down on AI [Yahoo! Finance]Yahoo! Finance
- From rags to riches, Rent the Runway goes from penny stock to quadrupling share prices in days after doubling down on AI [Fortune]Fortune
- Rent the Runway Stock Surge Shows Investors' Penchant for AI [Yahoo! Finance]Yahoo! Finance
RENT
Earnings
- 4/10/24 - Miss
RENT
Sec Filings
- 4/18/24 - Form 144/A
- 4/12/24 - Form 144
- 4/12/24 - Form 144
- RENT's page on the SEC website