Torrid Q2 net sales +2% to $340.9M, but gross margin drops 1010 bps; FY guidance reduced

Torrid Holdings Inc.

2022-Q2 EPS reported $0.44 revenue$669,285,000

Q2 net sales $340.9M (+2% YoY); comparable sales +1% vs +30% last year.
Gross margin 34.9% vs 45.0% due to increased discounts/inventory clearance and higher costs.
Net income $22.7M ($0.22 EPS) vs $38.8M ($0.35 EPS); adjusted EBITDA $52.1M vs $86.5M.
Full-year FY2022 outlook: net sales $1.26B-$1.30B, adjusted EBITDA $160M-$175M.
Repurchased $8.8M of shares; ended Q2 with 627 stores.

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