Rent The Runway, Inc. (NASDAQ:RENT) shares are skyrocketing in the premarket session on Thursday.
Yesterday, after the closing bell, the firm reported its fourth-quarter financial results, where the company registered quarterly losses of $(7.02) per share, which missed the analyst consensus estimate of a loss of $(6.53) by 7.5%.
Read More: Rent The Runway Stock Soars On Mixed Q4 Results
Gross Profit was $29.9 million, representing a decrease of 10.2% year over year. Gross margin contracted to 39.4% from 44.2% in the year-ago period.
Quarterly sales clocked in at $75.8 million, which beat the analyst consensus estimate of $74.1 million.
The quarterly adjusted EBITDA jumped to $11.2 million from $7.1 million. Adjusted EBITDA margin expanded to 14.8% from 9.4% a year ago.
As of January 31, 2024, cash and cash equivalents was $84.0 million.
Rent the Runway sees first-quarter revenue between $73 million and $75 million (consensus $74.95 million).
The company expects fiscal year 2024 revenue growth of between 1% and 6% compared to fiscal year 2023.
According to Benzinga Pro, RENT stock has lost over 88% in the past year.
Price Action: RENT shares are trading higher by 33.8% to $9.90 premarket on the last check Thursday.
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