Earnings

Urban Outfitters’ clothing rental service Nuuly reaches profitability

0


Nuuly warehouse

Natalie Rice

Urban Outfitters’ clothing rental service Nuuly has eked out its first profit thanks to a steady stream of new subscribers and a whopping 86% jump in revenue, hitting the benchmark before competitor Rent the Runway, which has yet to turn a profit nearly 15 years into its history. 

The brand, which offers a $98 monthly subscription service for six items of clothing, saw $65.5 million in revenue and an operating profit of $300,000 during its fiscal third quarter ended Oct. 31. In the year-ago period, Nuuly posted $35.3 million in revenue and an operating loss of $3 million. 

The milestone marks the first time Nuuly has earned money since its launch in 2019, a…



Source cnbc.com

0 0 votes
Article Rating

Dick’s Sporting Goods (DKS) earnings Q3 2023

Previous article

Chinese tech giant reports revenue beat

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Earnings