Clothing rental service Nuuly reaches profitability, beating rival Rent the Runway to the benchmark
Publishing timestamp: 2023-11-21 16:36:05
Summary
Urban Outfitters' clothing rental service, Nuuly, has achieved its first profit, outperforming competitor Rent Runway, which has yet to reach profitability after 15 years. Nuuly reported operating income of $300,000 on $65.5 million in revenue in the three months ended October 31. This milestone marks the first time Nuuly has earned money since its launch in 2019. The success of Nuuly is attributed to a steady stream of new subscribers and an 86% increase in revenue. Urban Outfitters' wider business also performed better than expected during the quarter.
Sentiment: POSITIVE
Keywords: breaking news: business, urban outfitters inc, business, earnings, retail industry, rent the runway inc, business news,