Rent The Runway raises FY22 revenue view to $293M-$295M from $285M-$290M

Consensus $287.55M. Sees FY22 adjusted EBITDA margin 1%. CFO Scarlett O’Sullivan stated, "We believe that our strong gross margins over 40% in the past two quarters and our continued expectation of $25-$27 million in annualized fixed cost savings from our restructuring sets us up for strong Adjusted EBITDA in fiscal 2023, in spite of the challenging macro environment. We continue to believe that our gross margin and fixed cost leverage improvements help to ensure RTR can navigate potentially rougher macro conditions, while improving our profitability and accelerating our path to free cash flow breakeven. As a result, we are raising our annual Adjusted EBITDA margin outlook. Over the medium-term, we continue to believe we can generate 15% profitability on Adjusted EBITDA after product depreciation."