Press Release: Torrid Reports Second Quarter 2025 Results

Dow Jones
Sep 05
   --  Delivered Second Quarter Net Sales in line with guidance 
 
   --  Second Quarter Net Income of $1.6 million 
 
   --  Reported Second Quarter Adjusted EBITDA(1) in line with guidance 
 
   --  Updates Fiscal 2025 Guidance 
CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--September 04, 2025-- 

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 ended August 2, 2025.

"Our second quarter results were in line with our expectations for both sales and Adjusted EBITDA(1) . Our strategic focus on sub-brands continues to drive positive market response, bringing innovation and diversity to our product assortments. We are proactively increasing our marketing investment to drive awareness and consideration in the back half of the year. For the full year, we are updating our guidance to reflect these incremental marketing investments and the new tariff rates. The final tariff announcements in July are expected to result in up to $10 million of additional expense exposure. In total, this represents an estimated $15 million headwind to Adjusted EBITDA(1) . It is worth highlighting that through disciplined sourcing strategies and comprehensive expense optimization, we have already mitigated $40 million of tariff costs this year--demonstrating proactive management of external pressures while protecting profitability and reinforcing our commitment to delivering long-term shareholder value," said Lisa Harper, Chief Executive Officer.

She continued, "Looking ahead, our priorities are clear: elevating our assortment with innovative, high-margin sub-brands, expanding digital and influencer marketing to attract new customers, and optimizing our store fleet to both improve efficiency, customer experience and accelerate the growth of our leading digital channel. Together, these initiatives are expected to drive an increase of 150 to 250 basis points of Adjusted EBITDA(1) as a percentage of net sales, beginning in fiscal 2026, net of incremental marketing investments. At the same time, our disciplined capital allocation strategy--reducing debt and repurchasing shares--positions us to deliver stronger performance and long-term shareholder value."

Financial Highlights for the Second Quarter of Fiscal 2025

   --  Net sales decreased 7.7% to $262.8 million compared to $284.6 million 
      for the second quarter of last year. Comparable sales(2) decreased 6.9% 
      in the second quarter. 
 
   --  Gross profit margin was 35.6% compared to 38.7% in the second quarter 
      of last year. 
 
   --  Net income of $1.6 million, or $0.02 per share, compared to a net 
      income of $8.3 million, or $0.08 per share, in the second quarter of last 
      year. 
 
   --  Adjusted EBITDA(1) was $21.5 million, or 8.2% of net sales, compared to 
      $34.6 million, or 12.2% of net sales, in the second quarter of last 
      year. 
 
   --  As of Q2 YTD, we closed 59 Torrid stores. The total store count at the 
      quarter end was 575 stores. 

Second Quarter Fiscal 2025 Financial and Operating Metrics

 
                                                 Three Months Ended 
                                         ---------------------------------- 
                                          August 2, 2025    August 3, 2024 
                                         ----------------  ---------------- 
Net sales (in thousands)                  $       262,806   $       284,638 
Comparable sales$(A)$                                  (7)%              (1)% 
Number of stores (as of end of period)                575               657 
Net income (in thousands)                 $         1,567   $         8,328 
Adjusted EBITDA$(B)$ (in thousands)         $        21,525   $        34,592 
 

(A) Comparable sales(2) for the three-month period ended August 3, 2024 compares sales for the 13-week period ended August 3, 2024 with sales for the 13-week period ended August 5, 2023.

(B) 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 at the end of the second quarter of fiscal 2025 totaled $21.5 million. Total liquidity at the end of the quarter, including available borrowing capacity under our revolving credit agreement, was $111.7 million.

Net cash used in operating activities for the six-month period ended August 2, 2025 was $2.3 million, compared to net cash provided by operating activities of $68.4 million for the six-month period ended August 3, 2024.

Outlook

For the third quarter of fiscal 2025 the Company expects:

   --  Net sales between $235 million and $245 million. 
 
   --  Adjusted EBITDA(1) between $16 million and $21 million. 

For the full year fiscal 2025 the Company expects:

   --  Net sales between $1.015 billion and $1.030 billion. 
 
   --  Adjusted EBITDA(1) between $80 million and $90 million. 
 
   --  Capital expenditures between $10 million and $15 million reflecting 
      infrastructure and technology investment. 
 
   --  Up to 180 store closures to better align our current demand and sales 
      channels. 
 
   --  We anticipate up to $50 million tariff impact, with $40 million 
      mitigated through sourcing actions, expense reductions, and price 
      optimization, leaving up to $10 million of expected exposure from the 
      higher tariffs announced in July. 

The above outlook is based on several assumptions, including, but not limited to, the macroeconomic challenges in the industry in fiscal 2025. 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.

Call Details

A conference call to discuss the Company's fiscal 2025 second quarter results is scheduled for September 4, 2025, 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 September 11, 2025.

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. Partial fiscal months are excluded from the computation of 
      comparable sales. We also determine when certain store remodels and 
      relocations are reintegrated into our comparable sales base. Comparable 
      sales for the three-month period ended August 3, 2024 compares sales for 
      the 13-week period ended August 3, 2024 with sales for the 13-week period 
      ended August 5, 2023. We apply 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. Comparable sales allow us to evaluate how our unified 
      commerce business is performing exclusive of the effects of 
      non-comparable sales and new store openings. 

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 (benefit from) 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"), and 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 third quarter of fiscal 2025 and our full year fiscal 2025 performance (including, without limitation, all information under the heading "Outlook") and our plans and objectives for future operations, growth or initiatives (including, without limitation, expected impacts of initiatives on Adjusted EBITDA beginning in fiscal 2026) are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could 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; 
 
   --  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 and 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; 
 
   --  our sourcing a significant amount of our products from China; 
 
   --  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; 
 
   --  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; 
 
   --  our failure to maintain adequate internal control over financial 
      reporting; and 
 
   --  the threat of war, terrorism or other catastrophes, including natural 
      disasters, that could negatively impact our business. 

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 communication 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.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(In thousands, except per share data)

 
                                                   Three Months Ended 
                                              ---------------------------- 
                                               August 2,      August 3, 
                                                  2025           2024 
                                              ------------  -------------- 
Net sales                                      $  262,806    $  284,638 
Cost of goods sold                                169,318       174,380 
                                                  -------       ------- 
Gross profit                                       93,488       110,258 
Selling, general and administrative expenses       70,511        76,838 
Marketing expenses                                 12,817        13,007 
                                                  -------       ------- 
Income from operations                             10,160        20,413 
Interest expense                                    8,119         9,142 
Interest income, net of other (income) 
 expense                                              (13)         (124) 
                                                  -------       ------- 
Income before provision for income taxes            2,054        11,395 
Provision for income taxes                            487         3,067 
                                                  -------       ------- 
Net income                                     $    1,567    $    8,328 
                                                  =======       ======= 
 
Net earnings per share: 
Basic                                          $     0.02    $     0.08 
Diluted                                        $     0.02    $     0.08 
Weighted average number of shares: 
Basic                                             102,470       104,500 
Diluted                                           102,746       106,074 
 
Other comprehensive income (loss): 
    Foreign currency translation adjustment            16           (98) 
                                                  -------       ------- 
Total other comprehensive income (loss)                16           (98) 
                                                  -------       ------- 
Comprehensive income                           $    1,583    $    8,230 
                                                  =======       ======= 
 

TORRID HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except share and per share data)

 
                                     February 1, 
                  August 2, 2025        2025          August 3, 2024 
                  ---------------  ---------------  ------------------ 
Assets 
Current assets: 
    Cash and 
     cash 
     equivalents   $      21,543    $      48,523    $       53,940 
    Restricted 
     cash                    399              399               399 
    Inventory            130,235          148,493           128,431 
    Prepaid 
     expenses 
     and other 
     current 
     assets               25,765           24,507            30,295 
    Prepaid 
     income 
     taxes                11,144            4,244             4,134 
                      ----------       ----------       ----------- 
Total current 
 assets                  189,086          226,166           217,199 
Property and 
 equipment, net           63,672           77,669            91,608 
Operating lease 
 right-of-use 
 assets                  119,097          140,651           144,682 
Deposits and 
 other 
 noncurrent 
 assets                   20,333           18,935            16,919 
Deferred tax 
 assets                   13,877           16,620             8,681 
Intangible asset           8,400            8,400             8,400 
                      ----------       ----------       ----------- 
Total assets       $     414,465    $     488,441    $      487,489 
                      ==========       ==========       =========== 
Liabilities and 
Stockholders' 
Deficit 
Current 
liabilities: 
    Accounts 
     payable       $      53,198    $      72,378    $       68,371 
    Accrued and 
     other 
     current 
     liabilities         108,898          125,743           116,777 
    Operating 
     lease 
     liabilities          33,497           40,505            38,638 
    Borrowings 
    under credit 
    facility               7,900               --                -- 
    Current 
     portion of 
     term loan            16,144           16,144            16,144 
    Due to 
     related 
     parties               8,436            8,362             4,975 
    Income taxes 
     payable                 118               --               722 
                      ----------       ----------       ----------- 
Total current 
 liabilities             228,191          263,132           245,627 
Noncurrent 
 operating lease 
 liabilities             113,675          134,481           139,001 
Noncurrent debt, 
 net                     264,337          272,409           280,481 
Deferred 
 compensation              3,801            3,913             5,018 
Other noncurrent 
 liabilities               5,577            5,595             6,308 
                      ----------       ----------       ----------- 
Total 
 liabilities             615,581          679,530           676,435 
                      ----------       ----------       ----------- 
Commitments and 
contingencies 
Stockholders' 
Deficit: 
Preferred 
shares: $0.01 
par value; 
5,000,000 shares 
authorized; no 
shares issued 
and outstanding 
at August 2, 
2025, February 
1, 2025, and 
August 3, 2024                --               --                -- 
Common shares: 
 $0.01 par 
 value; 
 1,000,000,000 
 shares 
 authorized; 
 105,157,295 and 
 99,126,387 
 shares issued 
 and 
 outstanding, 
 respectively, 
 at August 2, 
 2025; 
 104,859,266 
 shares issued 
 and outstanding 
 at February 1, 
 2025; and 
 104,637,273 
 shares issued 
 and outstanding 
 at August 3, 
 2024                      1,052            1,049             1,048 
Additional 
 paid-in 
 capital                 142,386          140,029           137,593 
Accumulated 
 deficit                (323,762)        (331,269)         (327,087) 
Accumulated 
 other 
 comprehensive 
 loss                       (507)            (898)             (500) 
Common shares in 
 treasury, at 
 cost: 6,030,908 
 shares at 
 August 2, 2025; 
 no shares at 
 February 1, 
 2025 and August 
 3, 2024                 (20,285)              --                -- 
                      ----------       ----------       ----------- 
Total 
 stockholders' 
 deficit                (201,116)        (191,089)         (188,946) 
                      ----------       ----------       ----------- 
Total 
 liabilities and 
 stockholders' 
 deficit           $     414,465    $     488,441    $      487,489 
                      ==========       ==========       =========== 
 

TORRID HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)

 
                                                Six Months Ended 
                                      ------------------------------------ 
                                       August 2, 2025     August 3, 2024 
                                      ----------------  ------------------ 
OPERATING ACTIVITIES 
Net income                             $        7,507    $       20,500 
Adjustments to reconcile net income 
to net cash (used in) provided by 
operating activities: 
    Write down of inventory                     1,427               992 
    Operating right-of-use assets 
     amortization                              17,583            20,242 
    Depreciation and other 
     amortization                              19,584            18,940 
    Share-based compensation                    2,840             3,846 
    Deferred taxes                              2,743                -- 
    Write off of excess operating 
     lease liabilities against 
     operating right-of-use-assets             (4,164)             (913) 
    Other                                        (799)              133 
    Changes in operating assets and 
    liabilities: 
        Inventory                              17,060            12,527 
        Prepaid expenses and other 
         current assets                        (1,258)           (8,066) 
        Prepaid income taxes                   (6,900)           (1,573) 
        Deposits and other 
         noncurrent assets                     (1,045)           (2,225) 
        Accounts payable                      (19,980)           23,081 
        Accrued and other current 
         liabilities                          (17,026)           10,509 
        Operating lease liabilities           (19,840)          (22,457) 
        Other noncurrent liabilities              (82)             (330) 
        Deferred compensation                    (112)             (456) 
        Due to related parties                     74            (4,354) 
        Income taxes payable                      118            (1,949) 
                                          -----------       ----------- 
Net cash (used in) provided by 
 operating activities                          (2,270)           68,447 
INVESTING ACTIVITIES 
Purchases of property and equipment            (3,671)          (10,180) 
                                          -----------       ----------- 
Net cash used in investing 
 activities                                    (3,671)          (10,180) 
                                          -----------       ----------- 
FINANCING ACTIVITIES 
Proceeds from revolving credit 
 facility                                     171,650            62,780 
Principal payments on revolving 
 credit facility                             (163,750)          (70,050) 
Deferred financing costs paid for 
 revolving credit facility                       (375)               -- 
Principal payments on term loan                (8,750)           (8,750) 
Proceeds from issuances under 
 share-based compensation plans                   199               523 
Withholding tax payments related to 
 vesting of restricted stock units 
 and awards and exercise of non 
 qualified stock options                         (444)             (484) 
Share repurchase, including excise 
 tax paid                                     (20,000)               -- 
                                          -----------       ----------- 
Net cash used in financing 
 activities                                   (21,470)          (15,981) 
                                          -----------       ----------- 
Effect of foreign currency exchange 
 rate changes on cash, cash 
 equivalents and restricted cash                  431               (81) 
                                          -----------       ----------- 
(Decrease) increase in cash, cash 
 equivalents and restricted cash              (26,980)           42,205 
Cash, cash equivalents and 
 restricted cash at beginning of 
 period                                        48,922            12,134 
                                          -----------       ----------- 
Cash, cash equivalents and 
 restricted cash at end of period      $       21,942    $       54,339 
                                          ===========       =========== 
SUPPLEMENTAL INFORMATION 
Cash paid during the period for 
 interest related to the revolving 
 credit facility and term loan         $       17,680    $       18,529 
                                          ===========       =========== 
Cash paid during the period for 
 income taxes                          $        7,135    $       11,093 
                                          ===========       =========== 
SUPPLEMENTAL DISCLOSURE OF NON-CASH 
INVESTING AND FINANCING ACTIVITIES 
Property and equipment purchases 
 included in accounts payable and 
 accrued liabilities                   $        2,138    $        1,115 
                                          ===========       =========== 
Excise tax from share repurchase 
 included in accounts payable and 
 accrued liabilities                   $          200    $           -- 
                                          ===========       =========== 
Cost of treasury shares included in 
 accounts payable and accrued 
 liabilities                           $           85    $           -- 
                                          ===========       =========== 
 

Non-GAAP Reconciliation

The following table provides a reconciliation of net income to Adjusted EBITDA for the periods presented (dollars in thousands):

 
                                               Three Months Ended 
                                      ------------------------------------ 
                                       August 2, 2025     August 3, 2024 
                                      ----------------  ------------------ 
Net income                             $        1,567    $        8,328 
    Interest expense                            8,119             9,142 
    Interest income, net of other 
     (income) expense                             (13)             (124) 
    Provision for income taxes                    487             3,067 
    Depreciation and amortization(A)            9,430             8,922 
    Share-based compensation(B)                 1,371             2,188 
    Noncash deductions and 
     charges(C)                                    23               125 
    Other expenses$(D)$                             541             2,944 
                                          -----------       ----------- 
Adjusted EBITDA                        $       21,525    $       34,592 
                                          ===========       =========== 
 

(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 awards that will be settled in cash was not material during the three months ended August 2, 2025 and $1.1 million during the three months ended August 3, 2024. These awards 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/20250904734938/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

September 04, 2025 16:05 ET (20:05 GMT)

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