Earnings

Rent the Runway (RENT) Q3 2021 earnings

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Jennifer Hyman, Rent the Runway

Scott Mlyn | CNBC

Rent the Runway booked a wider fiscal third-quarter loss compared with 2020, as its sales shot up 66% year over year, in its first financial report since its IPO in late October.

Shares were down about 2% on the news. The fashion rental platform’s market capitalization has been nearly cut in half since its public debut, when it fetched a more than $1.7 billion valuation. Shares are down roughly 50% since they started trading at $23 apiece on Oct. 27. On Wednesday, the stock closed down 10% at $11.50.

Among investors’ concerns, Rent the Runway has yet to turn a profit. It didn’t do so in the latest quarter, either, as costs associated with…



Source cnbc.com

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