Rent The Runway reports Q3 EPS (45c), consensus (43c)

Reports Q3 revenue $72.5M, consensus $73.14M. “We are proud to announce significant modifications to our debt that are expected to provide meaningful flexibility for our business. We believe that the terms that we’ve agreed to with our longtime lender further enable Rent the Runway to achieve significant free cash flow before the debt’s maturity date, helping us to demonstrate the strength of our business model to the market–and, importantly, to grow,” said Jennifer Hyman, Co-Founder and CEO, Rent the Runway. “Meanwhile, we’ve made significant strides to improve our inventory in-stock position, which we believe represents a turning point for Rent the Runway. We believe nailing our assortment is a key unlock to subscriber growth in 2024 and beyond, and we have data to indicate that the adjustments we’ve made have already resulted in improved customer retention and satisfaction.”