RENT - Rent the Runway CEO: We're focused on building long-term business

Rent the Runway CEO Jennifer Hyman highlighted the fashion rental brand's long-term potential on Thursday, despite a 4% drop in its stock price in the wake of its first earnings report since coming public. "We can't control the stock price but we've been focused on building a long-term business and we continue to execute against that strategy," the co-founder of Rent the Runway (NASDAQ:RENT) told CNBC. Rent the Runway (RENT) reported a quarterly net loss that nearly doubled from last year, despite revenues that rose 66%. Hyman didn't give a timeline for reaching profitability but underlined the company's "significant improvement" in margins and its 78% subscriber growth. Outlining how the company will eventually reach profitability, Hyman pointed to "capital-light acquisition models" for the inventory in its high-end clothes rental business. She said this now represented about 56% of its rental product. Looking to 2022, the Rent a Runway CEO predicted

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Rent the Runway CEO: We're focused on building long-term business