• Like
  • Comment
  • Favorite

Press Release: Torrid Reports Fourth Quarter and Fiscal 2025 Results and Initiates Fiscal 2026 Guidance

Dow Jones03-20 04:05

   --  Delivered Fourth Quarter Net Sales in line with guidance 
 
   --  Fourth Quarter Net Loss of $8.1 million 
 
   --  Exceeded Fourth Quarter Adjusted EBITDA(1) guidance 
 
   --  Initiates Fiscal 2026 Guidance 
CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--March 19, 2026-- 

Torrid Holdings Inc. ("Torrid" or the "Company") (NYSE: CURV), a direct-to-consumer apparel, intimates, and accessories brand in North America for women sizes 10 to 30, today announced its financial results for the quarter and fiscal year ended January 31, 2026.

Lisa Harper, Chief Executive Officer, stated, "2025 was a transformational year. We delivered $1 billion in net sales, in line with our guidance, and $63.6 million in Adjusted EBITDA(1) , exceeding the high end of our outlook, while making deliberate strategic decisions required to put this business on a stronger footing. We closed 151 structurally unproductive locations, launched five sub-brands that generated approximately $70 million in sales, and fundamentally restructured our product assortment around core franchises and fabrications our customers value most. Trends in Q4 and early Q1 give us confidence that the foundation we've built is beginning to take hold."

"We enter 2026 with a strong operational foundation -- optimized channels, product and pricing. This positions us to accelerate customer file growth through renewed marketing efforts, helping us re-engage past shoppers, attract new customers and deepen loyalty across our existing base. I am confident we are on the right path and encouraged by early signs of progress we are seeing in the business," concluded Lisa Harper.

Financial Highlights for the Fourth Quarter of Fiscal 2025

   --  Net sales decreased 14.3% to $236.2 million compared to $275.6 million 
      for the fourth quarter of last year. Comparable sales(2) decreased 10% in 
      the fourth quarter. 
 
   --  Gross profit margin was 30.0% compared to 33.6% in the fourth quarter 
      of last year. 
 
   --  Net loss of $8.1 million, or ($0.08) per share, compared to a net loss 
      of $3.0 million, or ($0.03) per share in the fourth quarter of last 
      year. 
 
   --  Adjusted EBITDA(1) was $5.1 million, or 2.2%, of net sales, compared to 
      $16.7 million, or 6.1% of net sales, in the fourth quarter of last year. 
 
 
   --  In the fourth quarter, we closed 77 Torrid stores as part of the Store 
      Footprint Optimization Project. The total store count at quarter end was 
      483 stores. 

Financial Highlights for the Full Year of Fiscal 2025

   --  Net sales decreased 9.4% to $1,000.1 million compared to $1,103.7 
      million last year. Comparable sales(2) decreased 7% compared to last 
      year. 
 
   --  Gross profit margin was 34.8% compared to 37.5% last year. 
 
   --  Net Loss of $7.0 million, or ($0.07) per share, compared to net income 
      of $16.3 million, or $0.16 per share last year. 
 
   --  Adjusted EBITDA(1) was $63.6 million, or 6.4% of net sales, compared to 
      $109.1 million, or 9.9% of net sales, last year. 
 
   --  Closed 151 Torrid stores as part of the Retail Store Optimization 
      Project. The total store count at year end was 483 stores. 

Full Year Fiscal 2025 Financial and Operating Metrics

 
                                              Fiscal Year Ended 
                                  ------------------------------------------ 
                                    January 31, 2026      February 1, 2025 
                                  --------------------  -------------------- 
Net sales (in thousands)           $     1,000,092       $     1,103,737 
Comparable sales$(A)$                             (7)%                  (5)% 
Number of stores (as of end of 
 period)                                       483                   634 
Net (loss) income (in thousands)   $        (7,034)      $        16,318 
Adjusted EBITDA$(B)$ (in 
 thousands)                        $        63,577       $       109,120 
 
 
____________________ 
(A)   The computation of fiscal year 2024 comparable sales(2) compares sales 
      in fiscal year 2024 to sales in the 52-week period ended February 3, 
      2024. 
(B)   Refer to "Non-GAAP Reconciliation" below for a reconciliation of net 
      (loss) income to Adjusted EBITDA(1) . 
 

Balance Sheet and Cash Flow

Cash and cash equivalents at the end of fiscal 2025 totaled $20.0 million. Total liquidity at the end of the year, including available borrowing capacity under our revolving credit agreement, was $84.9 million.

Net cash used in operations for the fiscal year ended January 31, 2026 was $13.0 million, compared to net cash provided by operations of $77.4 million for the fiscal year ended February 1, 2025.

Outlook

For the first quarter of fiscal 2026 the Company expects:

   --  Net sales between $236 million and $244 million. 
 
   --  Adjusted EBITDA(1) between $14 million and $18 million. 

For the full year fiscal 2026 the Company expects:

   --  Net sales between $940 million and $960 million. 
 
   --  Adjusted EBITDA(1) between $65 million and $75 million. 
 
   --  Capital expenditures between $8 million and $10 million. 

The above outlook is based on several assumptions, including, but not limited to, the macroeconomic challenges in the industry in fiscal 2026. The above outlook does not take into consideration the volatility of tariff changes or its impact on inflation or consumer demand. See "Forward-Looking Statements" for additional information.

Conference Call Details

A conference call to discuss the Company's fourth quarter and fiscal 2025 results is scheduled for March 19, 2026, at 4:30 p.m. ET. Those who wish to participate in the call may do so by dialing (877) 407-9208 or (201) 493-6784 for international callers. The conference call will also be webcast live at https://investors.torrid.com. For those unable to participate, a replay of the conference call will be available approximately three hours after the conclusion of the call until March 26, 2026.

Notes

 
  (1)    Adjusted EBITDA is a non-GAAP financial measure. See "Non-GAAP 
         Financial Measures" and "Non-GAAP Reconciliation" for additional 
         information on non-GAAP financial measures and the accompanying table 
         for a reconciliation to the most comparable GAAP measure. The Company 
         does not provide reconciliations of the forward-looking non-GAAP 
         measures of Adjusted EBITDA to the most directly comparable 
         forward-looking GAAP measure because the timing and amount of 
         excluded items are unreasonably difficult to fully and accurately 
         estimate. For the same reasons, the Company is unable to address the 
         probable significance of the unavailable information, which could be 
         material to future results. 
  (2)    Comparable sales for any given period are defined as the sales of 
         Torrid's e-Commerce operations and stores that it has included in its 
         comparable sales base during that period. The Company includes a 
         store in its comparable sales base after it has been open for 15 full 
         fiscal months. If a store is closed during a fiscal year, it is only 
         included in the computation of comparable sales for the full fiscal 
         months in which it was open. The Company also determines when certain 
         store remodels and relocations are reintegrated into our comparable 
         sales base. Partial fiscal months are excluded from the computation 
         of comparable sales. Fiscal 2024 comparable sales compares sales in 
         fiscal 2024 to sales in the 52-week period ended February 3, 2024. 
         Comparable sales allow the Company to evaluate how its unified 
         commerce business is performing exclusive of the effects of 
         non-comparable sales and new store openings. The Company applies 
         current year foreign currency exchange rates to both current year and 
         prior year comparable sales to remove the impact of foreign currency 
         fluctuation and achieve a consistent basis for comparison. 
 

About Torrid

TORRID is a direct-to-consumer brand in North America dedicated to offering a diverse assortment of stylish apparel, intimates, and accessories skillfully designed for the curvy woman. Specializing in sizes 10 to 30, our primary focus is on providing fashionable, comfortable, and affordable options that meet the unique needs of our customers. Our extensive collection features high quality merchandise, including tops, bottoms, denim, dresses, intimates, activewear, footwear, and accessories. Our products are exclusive to us, and each product is meticulously crafted to cater to the needs of the curvy woman, empowering her to love the way she looks and feels. Our collections are artfully curated to suit all aspects of our customers' lives, including casual weekends, work, dressy and special occasions. Understanding the importance of affordability, we aim to keep our prices reasonable without compromising on quality. This allows us to build a meaningful connection with our customers, distinguishing us from other brands that often overlook plus- and mid-size consumers. Our brand experience and product offerings establish us as a differentiated and reliable choice for plus- and mid-size customers, which we believe sets us apart in the market. We strive to be everything our customer needs in her closet, consistently delivering products that make her feel confident and stylish.

Non-GAAP Financial Measures

In addition to results determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"), management utilizes certain non-GAAP performance measures, such as Adjusted EBITDA, for purposes of evaluating ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance.

Adjusted EBITDA is a supplemental measure of our operating performance that is neither required by, nor presented in accordance with, GAAP and our calculations thereof may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA represents GAAP net income (loss) plus interest expense less interest income, net of other expense (income), plus provision for income taxes, depreciation and amortization ("EBITDA"), and share-based compensation, non-cash deductions and charges, and other expenses.

We believe Adjusted EBITDA facilitates operating performance comparisons from period to period by isolating the effects of certain items that vary from period to period without any correlation to ongoing operating performance. We also use Adjusted EBITDA as one of the primary methods for planning and forecasting the overall expected performance of our business and for evaluating on a quarterly and annual basis, actual results against such expectations.

Further, we recognize Adjusted EBITDA as a commonly used measure in determining business value and, as such, use it internally to report and analyze our results and as a benchmark to determine certain non-equity incentive payments made to executives.

Adjusted EBITDA has limitations as an analytical tool. This measure is not a measurement of our financial performance under GAAP and should not be considered in isolation or as an alternative to or substitute for net income (loss), income (loss) from operations, earnings (loss) per share or any other performance measures determined in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Forward-Looking Statements

Certain statements made in this earnings release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this earnings release are forward-looking statements. Forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely" and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). For example, all statements we make relating to our expected first quarter of fiscal 2026, our full year fiscal 2026 performance, our estimated and projected costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives, strategies or the expected outcome or impact of pending or threatened litigation are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including:

   --  changes in consumer spending and general economic conditions; 
 
   --  the negative impact on our revenue and profitability as a result of the 
      imposition of new or increased duties or tariffs on goods from the 
      countries where we manufacture our merchandise which, among other things, 
      could limit our ability to manufacture products in cost-effective 
      countries and require us to absorb costs or pass costs onto customers; 
 
   --  ongoing or threats of war, terrorism and other catastrophes, including 
      natural disasters, that could negatively impact our business; 
 
   --  the interruption of the flow of merchandise from international 
      manufacturers; 
 
   --  the negative impact on interest expense as a result of high interest 
      rates; 
 
   --  inflationary pressures with respect to labor and raw materials and 
      global supply chain constraints that could increase our expenses; 
 
   --  the adverse impact of rulemaking changes implemented by the Consumer 
      Financial Protection Bureau on our income streams, profitability and 
      results of operations; 
 
   --  our ability to identify and respond to new and changing product trends, 
      customer preferences and other related factors; 
 
   --  our dependence on a strong brand image; 
 
   --  increased competition from other brands and retailers; 
 
   --  our reliance on third parties to drive traffic to our website; 
 
   --  the success of the shopping centers in which our stores are located; 
 
   --  our ability to adapt to consumer shopping preferences, including the 
      increasing use of glucagon-like peptide-1 ("GLP-1") medications; and to 
      develop and maintain a relevant and reliable omni-channel experience for 
      our customers; 
 
   --  our dependence upon independent third parties for the manufacture of 
      all of our merchandise; 
 
   --  availability constraints and price volatility in the raw materials used 
      to manufacture our products; 
 
   --  exposure to risks inherent in doing business globally as a result of 
      sourcing a significant amount of our products from various countries; 
 
   --  shortages of inventory, delayed shipments to our e-Commerce customers 
      and harm to our reputation due to difficulties or shut-down of our 
      distribution facility; 
 
   --  our reliance upon independent third-party transportation providers for 
      substantially all of our product shipments; 
 
   --  our growth strategy, including our retail store optimization strategy; 
 
 
   --  our failure to attract and retain employees that reflect our brand 
      image, embody our culture and possess the appropriate skill set; 
 
   --  damage to our reputation arising from our use of social media, email 
      and text messages; 
 
   --  our reliance on third parties for the provision of certain services, 
      including real estate management; 
 
   --  our dependence upon key members of our executive management team; 
 
   --  our reliance on information systems, including artificial intelligence 
      and machine learning technologies; 
 
   --  system security risk issues that could disrupt our internal operations 
      or information technology services; 
 
   --  unauthorized disclosure of sensitive or confidential information, 
      whether through a breach of our computer system, third-party computer 
      systems we rely on, or otherwise; 
 
   --  our failure to comply with federal and state laws and regulations and 
      industry standards relating to privacy, data protection, advertising and 
      consumer protection; 
 
   --  payment-related risks that could increase our operating costs or 
      subject us to potential liability; 
 
   --  claims made against us resulting in litigation; 
 
   --  changes in laws and regulations applicable to our business; 
 
   --  regulatory actions or recalls arising from issues with product safety; 
 
 
   --  our inability to protect our trademarks or other intellectual property 
      rights; 
 
   --  our substantial indebtedness and lease obligations; 
 
   --  restrictions imposed by our indebtedness on our current and future 
      operations; 
 
   --  changes in tax laws or regulations or in our operations that may impact 
      our effective tax rate; 
 
   --  the possibility that we may recognize impairments of definite-lived 
      assets; and 
 
   --  our failure to maintain adequate internal control over financial 
      reporting. 

The outcome of the events described in any of our forward-looking statements are also subject to risks, uncertainties and other factors described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on April 1, 2025 and in our other filings with the SEC and public communications. You should evaluate all forward-looking statements made in this earnings release in the context of these risks and uncertainties.

We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the effect of known factors, and, it is impossible for us to anticipate all factors that could affect our actual results. We caution you that the important factors referenced above may not include all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the outcomes or affect us or our operations in the way we expect. The forward-looking statements included in this earnings release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except to the extent required by law. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.

Investors and others should note that we may announce material information to our investors using our investor relations website , SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media, to communicate with our investors and the public about our company, our business and other issues. It is possible that the information that we post on social media could be deemed to be material information. We therefore encourage investors to visit these websites from time to time. The information contained on such websites and social media posts is not incorporated by reference into this filing. Further, our references to website URLs in this filing are intended to be inactive textual references only.

 
 
                       TORRID HOLDINGS INC. 
      CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME 
                            (UNAUDITED) 
               (In thousands, except per share data) 
 
                    Three Months Ended       Fiscal Year Ended 
                   --------------------  -------------------------- 
                    January   February   January 31,  February 1, 
                   31, 2026    1, 2025      2026           2025 
                   ---------  ---------  -----------  ------------- 
Net sales          $236,168   $275,562   $1,000,092   $1,103,737 
Cost of goods 
 sold               165,272    182,927      652,130      690,266 
                    -------    -------    ---------    --------- 
Gross profit         70,896     92,635      347,962      413,471 
Selling, general 
 and 
 administrative 
 expenses            62,399     73,829      269,182      302,032 
Marketing 
 expenses            13,487     15,356       57,378       54,231 
                    -------    -------    ---------    --------- 
(Loss) income 
 from operations     (4,990)     3,450       21,402       57,208 
Interest expense      7,658      8,330       31,844       35,633 
Interest income, 
 net of other 
 (income) 
 expense               (422)       348         (882)         (28) 
                    -------    -------    ---------    --------- 
(Loss) income 
 before income 
 taxes              (12,226)    (5,228)      (9,560)      21,603 
(Benefit from) 
 provision for 
 income taxes        (4,111)    (2,240)      (2,526)       5,285 
                    -------    -------    ---------    --------- 
Net (loss) income  $ (8,115)  $ (2,988)  $   (7,034)  $   16,318 
                    =======    =======    =========    ========= 
 
Net (loss) 
earnings per 
share: 
Basic              $  (0.08)  $  (0.03)  $    (0.07)  $     0.16 
Diluted            $  (0.08)  $  (0.03)  $    (0.07)  $     0.15 
Weighted average 
number of 
shares: 
Basic                99,236    107,137      101,442      104,564 
Diluted              99,236    104,137      101,442      105,684 
 
Other 
comprehensive 
income (loss): 
     Foreign 
      currency 
      translation 
      adjustment         62       (311)         292         (585) 
                    -------    -------    ---------    --------- 
Total other 
 comprehensive 
 income (loss)           62       (311)         292         (585) 
                    -------    -------    ---------    --------- 
Comprehensive 
 (loss) income     $ (8,053)  $ (3,299)  $   (6,742)  $   15,733 
                    =======    =======    =========    ========= 
 
 
 
                           TORRID HOLDINGS INC. 
                       CONSOLIDATED BALANCE SHEETS 
                               (UNAUDITED) 
              (In thousands, except share and per share data) 
 
                                   January 31, 2026     February 1, 2025 
                                  ------------------  -------------------- 
Assets 
Current assets: 
     Cash and cash equivalents     $         20,023    $         48,523 
     Restricted cash                            421                 399 
     Inventory                              136,483             148,493 
     Prepaid expenses and other 
      current assets                         24,564              24,507 
     Prepaid income taxes                    11,991               4,244 
                                      -------------       ------------- 
Total current assets                        193,482             226,166 
Property and equipment, net                  51,632              77,669 
Operating lease right-of-use 
 assets                                     108,191             140,651 
Deposits and other noncurrent 
 assets                                      19,570              18,935 
Deferred tax assets                          19,065              16,620 
Intangible asset                              8,400               8,400 
                                      -------------       ------------- 
Total assets                       $        400,340    $        488,441 
                                      =============       ============= 
Liabilities and Stockholders' 
Deficit 
Current liabilities: 
     Accounts payable              $         56,764    $         72,378 
     Accrued and other current 
      liabilities                           106,446             125,743 
     Operating lease liabilities             32,171              40,505 
     Borrowings under credit 
     facility                                31,020                  -- 
     Current portion of term 
      loan                                   16,144              16,144 
     Due to related parties                   6,271               8,362 
     Income taxes payable                       122                  -- 
                                      -------------       ------------- 
Total current liabilities                   248,938             263,132 
Noncurrent operating lease 
 liabilities                                100,884             134,481 
Noncurrent debt, net                        256,264             272,409 
Deferred compensation                         4,039               3,913 
Other noncurrent liabilities                  3,622               5,595 
                                      -------------       ------------- 
Total liabilities                           613,747             679,530 
                                      -------------       ------------- 
Commitments and contingencies 
Stockholders' Deficit: 
Preferred shares: $0.01 par 
value; 5,000,000 shares 
authorized; no shares issued and 
outstanding at January 31, 2026 
and February 1, 2025                             --                  -- 
Common shares: $0.01 par value; 
 1,000,000,000 shares 
 authorized; 105,344,216 and 
 99,313,308 shares issued and 
 outstanding, respectively, at 
 January 31, 2026; 104,859,266 
 shares issued and outstanding 
 at February 1, 2025                          1,053               1,049 
Additional paid-in capital                  144,720             140,029 
Accumulated deficit                        (338,303)           (331,269) 
Accumulated other comprehensive 
 loss                                          (606)               (898) 
Common shares in treasury, at 
 cost: 6,030,908 shares at 
 January 31, 2026; no shares at 
 February 1, 2025                           (20,271)                 -- 
                                      -------------       ------------- 
Total stockholders' deficit                (213,407)           (191,089) 
                                      -------------       ------------- 
Total liabilities and 
 stockholders' deficit             $        400,340    $        488,441 
                                      =============       ============= 
 
 
 
                        TORRID HOLDINGS INC. 
               CONSOLIDATED STATEMENTS OF CASH FLOWS 
                            (UNAUDITED) 
                           (In thousands) 
 
                                       Fiscal Year Ended 
                           ----------------------------------------- 
                            January    February 1,     February 3, 
                            31, 2026       2025           2024 
                           ----------  ------------  --------------- 
OPERATING ACTIVITIES 
Net (loss) income          $  (7,034)   $   16,318    $    11,619 
Adjustments to reconcile 
net (loss) income to net 
cash (used in) provided 
by operating activities: 
     Write down of 
      inventory                3,042         1,779          4,577 
     Operating 
      right-of-use assets 
      amortization            33,359        40,574         41,366 
     Depreciation and 
      other amortization      36,106        37,239         38,002 
     Share-based 
      compensation             5,208         7,634          8,042 
     Deferred taxes           (2,445)       (7,939)        (5,670) 
     Write off of excess 
      operating lease 
      liabilities against 
      operating 
      right-of-use-assets     (4,739)       (1,959)        (1,828) 
     Other, net                 (638)          867           (608) 
     Changes in operating 
     assets and 
     liabilities: 
          Inventory            9,028        (7,615)        33,182 
          Prepaid 
           expenses and 
           other current 
           assets                (57)       (2,278)        (2,179) 
          Prepaid income 
           taxes              (7,747)       (1,683)          (480) 
          Deposits and 
           other 
           noncurrent 
           assets               (334)       (4,314)        (6,296) 
          Accounts 
           payable           (15,411)       26,999        (30,293) 
          Accrued and 
           other current 
           liabilities       (19,173)       18,148         (1,721) 
          Operating lease 
           liabilities       (38,508)      (40,352)       (43,532) 
          Other 
           noncurrent 
           liabilities        (1,827)         (829)        (1,897) 
          Deferred 
           compensation          126        (1,561)         1,228 
          Due to related 
           parties            (2,091)         (967)        (3,412) 
          Income taxes 
           payable               122        (2,671)         2,671 
                            --------       -------       -------- 
Net cash (used in) 
 provided by operating 
 activities                  (13,013)       77,390         42,771 
                            --------       -------       -------- 
INVESTING ACTIVITIES 
Purchases of property and 
 equipment                    (8,852)      (14,392)       (26,002) 
                            --------       -------       -------- 
Net cash used in 
 investing activities         (8,852)      (14,392)       (26,002) 
                            --------       -------       -------- 
FINANCING ACTIVITIES 
Proceeds from revolving 
 credit facility             471,560        62,780        592,775 
Principal payments on 
 revolving credit 
 facility                   (440,540)      (70,050)      (593,885) 
Deferred financing costs 
 paid for revolving 
 credit facility                (375)           --             -- 
Principal payments on 
 term loan                   (17,500)      (17,500)       (17,500) 
Proceeds from issuances 
 under share-based 
 compensation plans              281         1,044            399 
Withholding tax payments 
 related to vesting of 
 restricted stock units 
 and awards and exercise 
 of non qualified stock 
 options                        (517)         (774)          (306) 
Share repurchase, 
 including excise tax 
 paid                        (20,085)           --             -- 
                            --------       -------       -------- 
Net cash used in 
 financing activities         (7,176)      (24,500)       (18,517) 
                            --------       -------       -------- 
Effect of foreign 
 currency exchange rate 
 changes on cash, cash 
 equivalents and 
 restricted cash                 563        (1,710)           (53) 
                            --------       -------       -------- 
(Decrease) increase in 
 cash, cash equivalents 
 and restricted cash         (28,478)       36,788         (1,801) 
Cash, cash equivalents 
 and restricted cash at 
 beginning of period          48,922        12,134         13,935 
                            --------       -------       -------- 
Cash, cash equivalents 
 and restricted cash at 
 end of period             $  20,444    $   48,922    $    12,134 
                            ========       =======       ======== 
SUPPLEMENTAL INFORMATION 
Cash paid during the 
 period for interest 
 related to the revolving 
 credit facility and term 
 loan                      $  32,434    $   35,077    $    34,195 
                            ========       =======       ======== 
SUPPLEMENTAL DISCLOSURE 
OF NON-CASH INVESTING AND 
FINANCING ACTIVITIES 
Property and equipment 
 purchases included in 
 accounts payable and 
 accrued liabilities       $   1,258    $    1,367    $     4,524 
                            ========       =======       ======== 
Excise tax from share 
 repurchase included in 
 accounts payable and 
 accrued liabilities       $     186    $       --    $        -- 
                            ========       =======       ======== 
 
 
 
 Non-GAAP Reconciliation   The following table provides a reconciliation 
  of net (loss) income to Adjusted EBITDA for the periods presented (in 
                               thousands): 
 
                          Three Months Ended        Fiscal Year Ended 
                       ------------------------  ------------------------ 
                       January 31,  February 1,  January 31,  February 1, 
                          2026         2025         2026         2025 
                       -----------  -----------  -----------  ----------- 
Net (loss) income      $(8,115)     $(2,988)     $(7,034)     $ 16,318 
     Interest expense    7,658        8,330       31,844        35,633 
     Interest income, 
      net of other 
      (income) 
      expense             (422)         348         (882)          (28) 
     (Benefit from) 
      provision for 
      income taxes      (4,111)      (2,240)      (2,526)        5,285 
     Depreciation and 
      amortization(A)    7,925        9,017       34,618        35,721 
     Share-based 
      compensation(B)    1,236        3,103        5,208         7,634 
     Noncash 
      deductions and 
      charges$(CUL3)$            72          168          347           347 
     Other 
      expenses$(D)$          905          979        2,002         8,210 
                        ------       ------       ------       ------- 
Adjusted EBITDA        $ 5,148      $16,717      $63,577      $109,120 
                        ======       ======       ======       ======= 
 
 
____________________ 
(A)   Depreciation and amortization excludes amortization of debt issuance 
      costs and original issue discount that are reflected in interest 
      expense. 
(B)   Share-based compensation for the quarter and year ended January 31, 2026 
      includes $0.2 million and $0.3 million, respectively, for awards that 
      will be settled in cash as they are accounted for similar to awards 
      settled in shares in accordance with ASC 718, Compensation--Stock 
      Compensation. 
(C)   Noncash deductions and charges includes noncash losses on property and 
      equipment disposals and the net impact of noncash rent expense. 
(D)   Other expenses include severance costs for certain key management 
      positions, certain transaction and litigation fees, and the 
      reimbursement of certain management expenses, primarily for travel, 
      incurred by Sycamore on our behalf, which are not considered to be part 
      of our core business. 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260319302490/en/

 
    CONTACT:    Investors 

Tom Filandro

Lyn Walther

IR@torrid.com

Media

Joele Frank, Wilkinson Brimmer Katcher

Michael Freitag / Arielle Rothstein / Lyle Weston

Media@torrid.com

 
 

(END) Dow Jones Newswires

March 19, 2026 16:05 ET (20:05 GMT)

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

empty
No comments yet
 
 
 
 

Most Discussed

 
 
 
 
 

7x24