Record Low Quarterly Cash Consumption in Q1 2024. Reiterates Expectation for Revenue Growth and Free Cash Flow Breakeven in FY 2024. NEW YORK, June 06, 2024 (GLOBE NEWSWIRE) -- Rent the Runway, Inc.
(“Rent the Runway” or "RTR") (NASDAQ: RENT), the world's first and largest shared designer closet platform, today reported financial results for the fiscal quarter ended April 30, 2024. Fiscal First Quarter and Recent Business Highlights "Rent the Runway had a strong start to fiscal 2024,” said Jennifer Hyman, Co-Founder, President, and CEO, Rent the Runway.“I am excited about our progress in reigniting our growth engine.
Our renewed focus on marketing and digital product innovation puts our customer at the center of everything we do. We are committed to delivering her a luxury rental experience that is magical. Our initiatives across expanding selection and styling are only the beginning as we expect to roll out significant improvements in merchandising and life cycle marketing in the quarters to come.
Equally exciting is our renewed emphasis on the Rent the Runway brand, powerful and engaging content, and in-person customer interactions through our stores and events. I'm confident that the combination of our improved financial position and customer focused orientation will lead Rent the Runway to realize the significant opportunities ahead.” “Our business exhibited improved momentum in Q1 2024,” said Sid Thacker, Chief Financial Officer, Rent the Runway.
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