Torrid Holdings Inc (CURV)

Torrid Reports First Quarter 2026 Results and Fiscal 2026 GuidanceJune 4, 2026 4:05 PM
Business Wire Exceeded First Quarter Net Sales guidance First Quarter Net Income of $0.4 million Delivered First Quarter Adjusted EBITDA(1) at the high end of guidance 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 first quarter ended May 2, 2026. Lisa Harper, Chief Executive Officer, stated, “We are pleased to report first quarter net sales of $245.8 million, slightly above our guidance, and adjusted EBITDA(1) of $17.6 million at the high end of our guidance range. These results reflect disciplined execution across our strategic initiatives and signal progress in positioning us for comparable sales growth in the back half of the year and beyond. Our portfolio of five Sub-Brands is off to a strong start, and our Opening Price Point strategy has proven to be both a meaningful conversion driver and a basket-building lever.” Harper continued, “With our product and pricing foundation in place and the completion of our store optimization program, our primary focus for 2026 is customer file growth through acquisition, reactivation, and retention. We have strengthened our marketing capabilities with AI-powered personalization and improved paid media ROAS. We are also relaunching our Casting Call platform in July as a year-round customer engagement initiative. This is a powerful community ambassadorship program, and we are scaling it significantly this year with a Times Square activation and store events throughout the country. Together, these initiatives are positioned to deliver improved performance - with meaningful benefits expected in the second half of the year — and to create lasting shareholder value.” Financial Highlights for the First Quarter of Fiscal 2026 Net sales decreased 7.6% to $245.8 million compared to $266.0 million for the first quarter of last year. Comparable sales(2) decreased 1.7% in the first quarter. Gross profit margin was 35.3% compared to 38.1% in the first quarter of last year. Net income of $0.4 million, or $0.00 per share, compared to net income of $5.9 million, or $0.06 per share in the first quarter of last year. Adjusted EBITDA(1) was $17.6 million, or 7.2% of net sales, compared to $27.1 million, or 10.2% of net sales, in the first quarter of last year. In the first quarter, we closed 20 Torrid stores as part of the Store Footprint Optimization Project. The total store count at quarter end was 463 stores. First Quarter Fiscal 2026 Financial and Operating Metrics   Three Months Ended   May 2, 2026   May 3, 2025 Net sales (in thousands) $ 245,800     $ 265,965   Comparable sales(2)   (1.7 )%     (3.5 )% Number of stores (as of end of period)   463       632   Net income (in thousands) $ 414     $ 5,940   Adjusted EBITDA(A) (in thousands) $ 17,639     $ 27,128   ____________________   (A) Refer to “Non-GAAP Reconciliation” below for a reconciliation of net income to Adjusted EBITDA(1). Balance Sheet and Cash Flow Cash and cash equivalents in the first quarter of fiscal 2026 totaled $22.8 million. Total liquidity at the end of the first quarter, including available borrowing capacity under our revolving credit agreement, was $100.0 million. Net cash provided by operations for the first quarter ended May 2, 2026 was $11.2 million, compared to net cash used in operations of $18.0 million for the first quarter ended May 3, 2025. Outlook: For the second quarter of fiscal 2026 the Company expects: Net sales between $232 million and $240 million. Adjusted EBITDA(1) between $12 million and $16 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, tariff rebates/refunds, 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 first quarter fiscal 2026 results is scheduled for June 4, 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 June 18, 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. 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 second 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; our ability to identify and respond to new and changing product trends, consumer shopping preferences and other related factors, including the increasing use of glucagon-like peptide-1 (“GLP-1”) medications; 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 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; the adverse impact of rulemaking changes implemented by the Consumer Financial Protection Bureau on our income streams, profitability and results of operations; 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 March 31, 2026 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 (https://investors.torrid.com), 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 INCOME (UNAUDITED) (In thousands, except per share data)     Three Months Ended   May 2, 2026   May 3, 2025 Net sales $ 245,800     $ 265,965   Cost of goods sold   158,982       164,563   Gross profit   86,818       101,402   Selling, general and administrative expenses   63,713       70,016   Marketing expenses   14,542       15,359   Income from operations   8,563       16,027   Interest expense   7,719       8,161   Interest income, net of other (income) expense   (27 )     (706 ) Income before income taxes   871       8,572   Provision for income taxes   457       2,632   Net income $ 414     $ 5,940           Net earnings per share:       Basic $ —     $ 0.06   Diluted $ —     $ 0.06   Weighted average number of shares:       Basic   99,387       104,915   Diluted   99,546       106,041           Other comprehensive income:       Foreign currency translation adjustment   15       375   Total other comprehensive income   15       375   Comprehensive income $ 429     $ 6,315   TORRID HOLDINGS INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands, except share and per share data)     May 2, 2026   January 31,
2026   May 3, 2025 Assets           Current assets:           Cash and cash equivalents $ 22,841     $ 20,023     $ 23,693   Restricted cash   421       421       399   Inventory   142,642       136,483       149,570   Prepaid expenses and other current assets   26,666       24,564       26,905   Prepaid income taxes   11,866       11,991       1,824   Total current assets   204,436       193,482       202,391   Property and equipment, net   50,759       51,632       71,521   Operating lease right-of-use assets   101,244       108,191       132,672   Deposits and other noncurrent assets   18,619       19,570       19,774   Deferred tax assets   19,065       19,065       16,620   Intangible asset   8,400       8,400       8,400   Total assets $ 402,523     $ 400,340     $ 451,378   Liabilities and Stockholders’ Deficit           Current liabilities:           Accounts payable $ 78,160     $ 56,764     $ 62,146   Accrued and other current liabilities   97,797       106,446       107,083   Operating lease liabilities   29,597       32,171       38,661   Borrowings under credit facility   32,840       31,020       —   Current portion of term loan   16,144       16,144       16,144   Due to related parties   5,832       6,271       7,858   Income taxes payable   —       122       116   Total current liabilities   260,370       248,938       232,008   Noncurrent operating lease liabilities   94,349       100,884       125,407   Noncurrent debt, net   252,228       256,264       268,373   Deferred compensation   4,065       4,039       3,630   Other noncurrent liabilities   3,431       3,622       5,781   Total liabilities   614,443       613,747       635,199   Commitments and contingencies           Stockholders’ Deficit:           Preferred shares: $0.01 par value; 5,000,000 shares authorized; no shares issued and outstanding at May 2, 2026, January 31, 2026 and May 3, 2025   —       —       —   Common shares: $0.01 par value; 1,000,000,000 shares authorized; 105,529,383 and 99,498,475 shares issued and outstanding, respectively, at May 2, 2026; 105,344,216 and 99,313,308 shares issued and outstanding, respectively at January 31, 2026; and 105,000,414, shares issued and outstanding at May 3, 2025   1,055       1,053       1,050   Additional paid-in capital   145,776       144,720       140,981   Accumulated deficit   (337,889 )     (338,303 )     (325,329 ) Accumulated other comprehensive loss   (591 )     (606 )     (523 ) Common shares in treasury, at cost: 6,030,908 shares at May 2, 2026 and January 31, 2026; no shares at May 3, 2025   (20,271 )     (20,271 )     —   Total stockholders’ deficit   (211,920 )     (213,407 )     (183,821 ) Total liabilities and stockholders’ deficit $ 402,523     $ 400,340     $ 451,378   TORRID HOLDINGS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands)     Three Months Ended   May 2, 2026   May 3, 2025 OPERATING ACTIVITIES       Net income $ 414     $ 5,940   Adjustments to reconcile net income to net cash provided by (used in) operating activities:       Write down of inventory   695       588   Operating right-of-use assets amortization   6,988       8,945   Depreciation and other amortization   6,708       9,774   Share-based compensation   2,019       1,469   Other, net   (673 )     (2,806 ) Changes in operating assets and liabilities:       Inventory   (6,848 )     (1,410 ) Prepaid expenses and other current assets   (2,102 )     (2,398 ) Prepaid income taxes   125       2,420   Deposits and other noncurrent assets   925       (877 ) Accounts payable   20,503       (10,721 ) Accrued and other current liabilities   (8,504 )     (18,354 ) Operating lease liabilities   (9,250 )     (10,035 ) Other noncurrent liabilities   714       121   Deferred compensation   26       (283 ) Due to related parties   (439 )     (504 ) Income taxes payable   (122 )     116   Net cash provided by (used in) operating activities   11,179       (18,015 ) INVESTING ACTIVITIES       Purchases of property and equipment   (5,484 )     (2,547 ) Net cash used in investing activities   (5,484 )     (2,547 ) FINANCING ACTIVITIES       Proceeds from revolving credit facility   154,610       50,490   Principal payments on revolving credit facility   (152,790 )     (50,490 ) Principal payments on term loan   (4,375 )     (4,375 ) Proceeds from issuances under share-based compensation plans   —       27   Withholding tax payments related to vesting of restricted stock units and awards and exercise of non qualified stock options   (158 )     (326 ) Share repurchase, including excise tax paid   (186 )     —   Net cash used in financing activities   (2,899 )     (4,674 ) Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash   22       406   Increase (decrease) in cash, cash equivalents and restricted cash   2,818       (24,830 ) Cash, cash equivalents and restricted cash at beginning of period   20,444       48,922   Cash, cash equivalents and restricted cash at end of period $ 23,262     $ 24,092   SUPPLEMENTAL INFORMATION       Cash paid during the period for interest related to the revolving credit facility and term loan $ 5,212     $ 7,763   Cash paid during the period for income taxes $ 453     $ 69   SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES       Property and equipment purchases included in accounts payable and accrued liabilities $ 1,547     $ 1,521   Non-GAAP Reconciliation The following table provides a reconciliation of net income to Adjusted EBITDA for the periods presented (in thousands):   Three Months Ended   May 2, 2026   May 3, 2025 Net income $ 414     $ 5,940   Interest expense   7,719       8,161   Interest income, net of other (income) expense   (27 )     (706 ) Provision for income taxes   457       2,632   Depreciation and amortization(A)   6,343       9,394   Share-based compensation(B)   2,019       1,469   Noncash deductions and charges(C)   44       52   Other expenses(D)   670       186   Adjusted EBITDA $ 17,639     $ 27,128   ______________________________ (A) Depreciation and amortization excludes amortization of debt issuance costs and original issue discount that are reflected in interest expense. (B) During the three months ended May 2, 2026 and May 3, 2025, share-based compensation includes $0.8 million and $0.2 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/20260604037402/en/ Investors
Tom Filandro
Lyn Walther
IR@torrid.com Media
Joele Frank, Wilkinson Brimmer Katcher
Michael Freitag / Arielle Rothstein / Lyle Weston
Media@torrid.com Original: Torrid Reports First Quarter 2026 Results and Fiscal 2026 Guidance

Torrid Announces Reporting Date for First Quarter 2026 Financial ResultsMay 21, 2026 4:05 PM
Business Wire 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 that it will release first quarter 2026 financial results after market close on Thursday, June 4, 2026. Management will host a conference call that afternoon at 4:30 p.m. Eastern Time to discuss its financial results. 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 June 11, 2026. To access the telephone replay please dial (844) 512-2921 or (412) 317-6671 for international callers, conference ID 13760148. A replay of the webcast will also be available approximately three hours after the conclusion of the call on the Company's website at https://investors.torrid.com. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260521273827/en/ Investors
Tom Filandro
Lyn Walther
IR@torrid.com Media
Joele Frank, Wilkinson Brimmer Katcher
Michael Freitag / Arielle Rothstein / Lyle Weston
Media@torrid.com Original: Torrid Announces Reporting Date for First Quarter 2026 Financial Results

CURV...............................https://stockcharts.com/sc3/ui/?s=CURV&p=w&b=5&g=0&id=p86431144783

Torrid Reports Fourth Quarter and Fiscal 2025 Results and Initiates Fiscal 2026 GuidanceMarch 19, 2026 4:05 PM
Business Wire

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 



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 (https://investors.torrid.com), 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 31,

2026






 






February 1,

2025






 






January 31,

2026






 






February 1,

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 31, 2026






 






February 1, 2025






 






February 3, 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, 2026






 






February 1, 2025






 






January 31, 2026






 






February 1, 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(C)






 






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/
Investors

Tom Filandro

Lyn Walther

IR@torrid.com
Media

Joele Frank, Wilkinson Brimmer Katcher

Michael Freitag / Arielle Rothstein / Lyle Weston

Media@torrid.com


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