Rent The Runway backs FY24 revenue growth view 1%-6%, consensus $307.6M

Backs FY24 adjusted EBITDA margin view 15%-16%. Still sees free cash flow breakeven on full-year basis. “Our business exhibited improved momentum in Q1 2024,” said Sid Thacker, Chief Financial Officer, Rent the Runway. “Ending active subscribers grew year over year during the quarter and we added almost 20,000 subscribers since Q4 2023. Our Reserve business has shown improved year over year trends this quarter relative to the past three quarters. Resale continued to be strong in the quarter. We also made noticeable progress on profitability with record low free cash flow consumption during Q1 2024. We are reiterating our Revenue growth expectations and our commitment to achieving free cash flow breakeven for FY24.”