Rent the Runway Q1 Revenues Jump 29.2% to $87.8M, Losses Narrow
RENT•Rent the Runway drove Q1 revenues up 29.2% to $87.8 million and narrowed net losses to $18.9 million from $26.1 million, with active subscribers rising 5.8% to 155,692. Add-on revenues surged 70.4% following a large inventory infusion and product enhancements launched last year.
1. Q1 Financial Results
For the quarter ended April 30, Rent the Runway reported revenues of $87.8 million, up 29.2% year-over-year, while net losses narrowed to $18.9 million from $26.1 million. Active subscribers increased 5.8% to 155,692, driven by higher engagement and new service offerings.
2. Leadership Updates
Co-founder Jennifer Hyman stepped down after 18 years, and Nordstrom veteran Teri Bariquit was named interim CEO. Paige Thomas joined as chief commercial officer and Dave Loretta was appointed interim CFO, rounding out a refreshed leadership team.
3. Product and Engagement Enhancements
Personalized product carousels and a curated “For You” feed were rolled out to all subscribers in April, contributing to an 11% increase in hearting behavior. These enhancements, along with inventory expansions, fueled a 70.4% gain in add-on revenues.
