• Rent the Runway revenue doubles in Q1 as women dress up again
    Dresses

    Rent the Runway revenue doubles in Q1 as women dress up again

    Dive Brief: Surprising some analysts, Rent the Runway doubled its revenue in Q1, from $33.5 million last year to $67.1 million, according to a company press release. Its active subscriber base rose 82% to 134,998 by quarter’s end, a 17% increase from the previous quarter and its highest end-of-quarter count. Gross profit rose 178% to $22.5 million, as gross margin expanded to 33.5% from 24.2% a year ago. The company’s net loss widened from $42.3 million last year to $42.5 million. Dive Insight: Before the pandemic, Rent the Runway had begun to expand its market by offering more office-appropriate options, but its momentum right now is being driven by special…