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Torrid (CURV) investor relations material
Torrid Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales for Q2 FY25 were $262.8 million, down 7.7% year-over-year, with adjusted EBITDA of $21.5 million and net income of $1.6 million, both in line with guidance.
Comparable sales declined 6.9%–7% year-over-year, impacted by footwear restructuring, event timing, and lower transaction values.
Strategic initiatives include launching five sub-brands, closing up to 180 underperforming stores, and reallocating resources to digital channels and marketing.
Sub-brands are expected to reach 25–30% of assortment next year, supporting higher margins and customer growth.
Retail optimization strategy aims to improve cost structure, working capital, and long-term growth.
Financial highlights
Gross profit was $93.5 million, with gross margin at 35.6%, down from 38.7% year-over-year.
SG&A expenses improved to $70.5 million, representing 26.8% of sales; marketing expenses were $12.8 million.
Net income was $1.6 million ($0.02 per share), down from $8.3 million ($0.08 per share) last year.
Adjusted EBITDA margin was 8.2%, down from 12.2% year-over-year.
Cash and equivalents ended at $21.5 million; total liquidity at $111.7 million.
Outlook and guidance
FY25 net sales expected between $1.015 billion and $1.030 billion; Q3 guidance is $235–$245 million.
Adjusted EBITDA for FY25 forecasted at $80–$90 million, reflecting higher tariffs and increased marketing spend.
Up to 180 store closures planned to align with demand and sales channels.
Capital expenditures for FY25 projected at $10–$15 million, focused on digital, fulfillment, and technology.
Tariff impact estimated at $50 million, with $40 million mitigated and $10 million expected exposure.
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