Torrid Q1 net sales down 4.8% to $279.8M; gross margin expands 360 bps, adj EBITDA beats guidance

Torrid Holdings Inc.

2024-Q1 EPS reported $0.12 revenue$279,771,000

Net sales of $279.8M vs $293.9M YoY; comparable sales down 9% (vs -14% prior year).
Net income $12.2M ($0.12/diluted share) vs $11.8M ($0.11) a year ago.
Adjusted EBITDA $38.2M (13.7% margin) vs $38.3M (13.0% margin); exceeded Q1 guidance.
Gross profit margin 41.3%, up 360bps on lower product costs and more regular-price sales.
Q2 outlook: net sales $280M-$285M, adj EBITDA $30M-$34M; FY24 net sales $1.135B-$1.155B.

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