Rent the Runway gains after quarterly sales rise, net loss narrows
RENT•CEO appointment
Rent the Runway named Chief Commercial Officer Paige Thomas as its CEO. Thomas was previously the chief merchant and product innovation officer at Signet Jewelers SIG.N.
Year-to-date share performance
As of the last close, shares were down 64.4% year to date.
Shares rise in premarket trading
Shares of apparel rental firm Rent the Runway RENT.O were up about 9% at $3.07 in premarket trading.
Revenue increases and loss narrows
Q2 revenue grew about 21% to $97.7 million, helped by higher subscription and rental sales as customers ramped up add-on purchases.
The company posted a quarterly net loss of $12.9 million, compared with $26.4 million a year earlier.
