Torrid Q2 sales drop 11.8% as profit rises

CURV’s Q2 2026 sales declined double digits, but margins, earnings and EBITDA improved and full-year EBITDA guidance was raised after a tariff refund.

Rhea-AI Filing Summary

Torrid Holdings Inc. (CURV) reported second quarter fiscal 2026 net sales of $231.7 million, down 11.8% from $262.8 million a year earlier, with comparable sales down 6.3%. Despite lower sales, gross profit margin improved to 38.7% from 35.6%, helped by $11.4 million of IEEPA tariff benefits, including $11.1 million reducing cost of goods sold; excluding these refunds, gross margin was 33.9%.

Net income increased to $5.2 million, or $0.05 per diluted share, versus $1.6 million, or $0.02, in the prior-year quarter. Adjusted EBITDA rose to $23.3 million (10.0% of net sales) from $21.5 million (8.2%); excluding tariff refunds, Adjusted EBITDA was $12.1 million (5.2% margin). The company ended the quarter with 457 stores, after closing six locations, cash and cash equivalents of $22.0 million, and total liquidity of $74.4 million.

For the third quarter of fiscal 2026, Torrid expects net sales of $230–$235 million and Adjusted EBITDA of $15–$20 million. For full-year fiscal 2026, it projects net sales of $940–$960 million and Adjusted EBITDA of $76–$86 million, and notes that it raised its outlook to reflect the tariff refund benefit recognized in the second quarter. Planned capital expenditures for the year are $8–$10 million.

Positive

• Profitability improved despite lower sales: gross margin rose to 38.7% from 35.6%, net income increased to $5.2 million, and Adjusted EBITDA margin expanded to 10.0% from 8.2%.
• Cash generation strengthened, with net cash provided by operating activities of $10.1 million for the first six months of fiscal 2026 versus net cash used of $2.3 million a year earlier.
• Full-year outlook is higher after recognizing an $11.4 million IEEPA tariff benefit, with fiscal 2026 Adjusted EBITDA now guided to $76–$86 million.

Negative

• Top-line weakness continued, with Q2 net sales down 11.8% year over year to $231.7 million and comparable sales declining 6.3%.
• Leverage and deficit remain high, with noncurrent debt of $248.2 million and total stockholders’ deficit of $205.8 million as of August 1, 2026.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net sales Q2 2026: $231.7 million Comparable sales change Q2 2026: -6.3% Gross profit margin Q2 2026: 38.7% +5 more

8 metrics

Net sales Q2 2026 $231.7 million Three months ended August 1, 2026; down 11.8% from $262.8 million a year earlier

Comparable sales change Q2 2026 -6.3% Three months ended August 1, 2026; comparable sales decline

Gross profit margin Q2 2026 38.7% Versus 35.6% in the second quarter of fiscal 2025

Net income Q2 2026 $5.2 million Three months ended August 1, 2026; up from $1.6 million a year earlier

Adjusted EBITDA Q2 2026 $23.3 million 10.0% of net sales; up from $21.5 million or 8.2% of net sales in prior-year quarter

IEEPA tariff benefits Q2 2026 $11.4 million Includes $11.1 million reducing cost of goods sold and $0.3 million of related interest income

Operating cash flow first six months 2026 $10.1 million Net cash provided by operating activities for six months ended August 1, 2026 versus $(2.3) million a year earlier

Full-year 2026 Adjusted EBITDA guidance $76–$86 million Company’s outlook for fiscal 2026 Adjusted EBITDA, including tariff refund benefit

Key Terms

Adjusted EBITDA, comparable sales, IEEPA tariff, Non-GAAP financial measures, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA(1) was $23.3 million, or 10.0% of net sales"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

comparable sales financial

"Comparable sales(2) decreased 6.3% in the second quarter"

"Comparable sales" are the total sales from stores or products that have been open for a certain period, usually the same time last year or last quarter. They help show whether a business is growing by comparing similar locations or products over time, much like checking if your favorite store's sales are going up compared to previous years.

IEEPA tariff regulatory

"we received $11.4 million in IEEPA tariff benefits"

A IEEPA tariff is a trade restriction or duty imposed under the International Emergency Economic Powers Act (IEEPA), a U.S. law that lets the government act during a declared national emergency to control imports, exports or foreign transactions. For investors it matters because such tariffs can suddenly raise costs, limit market access or disrupt supply chains—similar to an emergency brake that changes the rules for doing business across borders.

Non-GAAP financial measures financial

"management utilizes certain non-GAAP performance measures, such as Adjusted EBITDA"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

omni-channel experience technical

"our ability to develop and maintain a relevant and reliable omni-channel experience"

Earnings Snapshot

Net sales: $231.7 million · Guidance included

Second quarter of fiscal 2026 (three months ended August 1, 2026)

Net sales $231.7 million Down 11.8% from $262.8 million in the second quarter of fiscal 2025

Net income $5.2 million Up from $1.6 million in the second quarter of fiscal 2025

Gross profit margin 38.7% Up from 35.6% in the second quarter of fiscal 2025; 33.9% excluding tariff refunds

Adjusted EBITDA $23.3 million (10.0% of net sales) Up from $21.5 million (8.2% of net sales) in the second quarter of fiscal 2025

Comparable sales -6.3% Comparable sales decline versus -6.9% in the second quarter of fiscal 2025

Q3 2026 guidance – net sales $230–$235 million Company’s expected net sales range for the third quarter of fiscal 2026

Q3 2026 guidance – Adjusted EBITDA $15–$20 million Company’s expected Adjusted EBITDA range for the third quarter of fiscal 2026

Full-year 2026 guidance – net sales $940–$960 million Company’s expected net sales range for fiscal 2026

Full-year 2026 guidance – Adjusted EBITDA $76–$86 million Company’s expected Adjusted EBITDA range for fiscal 2026, reflecting tariff refund benefit

Guidance

Torrid expects Q3 2026 net sales of $230–$235 million and Adjusted EBITDA of $15–$20 million, and full-year fiscal 2026 net sales of $940–$960 million with Adjusted EBITDA of $76–$86 million and capital expenditures of $8–$10 million.

FAQ

How did Torrid Holdings (CURV) perform financially in Q2 2026?

Torrid reported Q2 2026 net sales of $231.7 million, down 11.8% year over year, and net income of $5.2 million versus $1.6 million a year earlier. Adjusted EBITDA was $23.3 million, up from $21.5 million, aided by an IEEPA tariff refund.

What was CURV’s gross margin and tariff impact in Q2 2026?

Gross profit margin was 38.7% in Q2 2026, up from 35.6% a year earlier. Torrid received $11.4 million of IEEPA tariff benefits, including $11.1 million recorded as a reduction in cost of goods sold; excluding these refunds, gross margin was 33.9%.

How did comparable sales trend for Torrid (CURV) in Q2 2026?

Comparable sales for Q2 2026 declined 6.3%. This compares with a 6.9% decline in the prior-year quarter, reflecting ongoing pressure on demand despite signs of improvement later in the quarter described by management.

What guidance did Torrid (CURV) give for Q3 2026?

For the third quarter of fiscal 2026, Torrid expects net sales between $230 million and $235 million and Adjusted EBITDA between $15 million and $20 million. This outlook incorporates the company’s assumptions about ongoing industry macroeconomic challenges.

What is Torrid’s full-year fiscal 2026 outlook?

For full-year fiscal 2026, Torrid projects net sales of $940–$960 million and Adjusted EBITDA of $76–$86 million, with capital expenditures of $8–$10 million. The company stated it raised its outlook to reflect the IEEPA tariff refund benefit recognized in Q2.

What is CURV’s liquidity and debt position as of August 1, 2026?

As of August 1, 2026, Torrid had $22.0 million in cash and cash equivalents and total liquidity of $74.4 million, including available borrowing capacity. Noncurrent debt totaled $248.2 million, with additional borrowings under the credit facility and current term loan obligations.

How many stores does Torrid (CURV) operate and what changes occurred in Q2 2026?

Torrid operated 457 stores at the end of Q2 2026. During the quarter, it closed six stores as part of its Store Footprint Optimization Project, reflecting its strategy to refine the retail store base.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/03/2026 - 04:10 PM Accepted by SEC EDGAR 09/03/2026 - 04:06 PM Learn about SEC filing dates

0001792781FALSE00017927812026-09-032026-09-03

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): September 3, 2026

TORRID HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Delaware

001-40571

84-3517567

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

18501 East San Jose Avenue

City of Industry, California 91748

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (626) 667-1002

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01

CURV

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).    

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On September 3, 2026, Torrid Holdings Inc. (the “Company”) issued a press release announcing, among other things, the Company’s financial results for the second quarter of fiscal year 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information provided pursuant to this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Exhibit Description
99.1						Press Release dated September 3, 2026 announcing the Company’s second quarter fiscal 2026 results
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

TORRID HOLDINGS INC.

By:

/s/ PAULA DEMPSEY

Name:

Paula Dempsey

Title:

Chief Financial Officer

Date: September 3, 2026

Exhibit 99.1

Torrid Reports Second Quarter 2026 Results and Updates Fiscal 2026 Guidance

•Delivered Second Quarter Net Sales Results within guidance

•Second Quarter Net Income of $5.2 million

•Delivered Second Quarter Adjusted EBITDA(1) of $23.3 million, including IEEPA tariff refund benefit of $11.1 million

•Raises Fiscal 2026 guidance to include IEEPA tariff refund benefit recognized in the second quarter

CITY OF INDUSTRY, Calif. – September 3, 2026 – Torrid Holdings Inc. (“Torrid” or the “Company”) (NYSE: CURV), a direct-to-consumer apparel, intimates, and accessories brand in North America for women sizes 8 to 30, today announced its financial results for the second quarter ended August 1, 2026.

Lisa Harper, Chief Executive Officer, stated, “Our second quarter results were in line with guidance. Sales trends improved meaningfully as the quarter progressed, with July marking a clear inflection point. This improvement reflects early traction from our customer growth strategy and the merchandising course corrections we have made including a better balance of core and fashion assortments and a strengthening inventory position in footwear.”

Harper continued, “We are encouraged by the momentum building across the business. Our sub-brands continue to scale, our opening price point strategy is driving conversion and value perception, and our expansion into third-party marketplaces is introducing Torrid to new customers. At the same time, increasingly personalized marketing, growing mobile app engagement, and the relaunched Casting Call community program are strengthening acquisition, reactivation, and retention. We are raising our full-year outlook to reflect the tariff refund benefit received in the quarter. Excluding this benefit, our outlook is unchanged. With a more productive store base and disciplined operating structure supporting the business, we remain confident in our path to sustainable comparable sales growth in the second half of the year.”

Financial Highlights for the Second Quarter of Fiscal 2026

•Net sales decreased 11.8% to $231.7 million compared to $262.8 million for the second quarter of last year. Comparable sales(2) decreased 6.3% in the second quarter.

•Gross profit margin was 38.7% compared to 35.6% in the second quarter of last year.

•During the quarter, we received $11.4 million in IEEPA tariff benefits, including $11.1 million recorded as a reduction in cost of goods sold and $0.3 million recognized as related interest income.

•Gross profit margin excluding the benefit of tariff refunds received was 33.9%

•Net income of $5.2 million, or $0.05 per share, compared to net income of $1.6 million, or $0.02 per share in the second quarter of last year.

•Adjusted EBITDA(1) was $23.3 million, or 10.0% of net sales, compared to $21.5 million, or 8.2% of net sales, in the second quarter of last year. Excluding the impact of tariff refunds received, Adjusted EBITDA(1) was $12.1 million, or 5.2% of net sales.

•In the second quarter, we closed 6 Torrid stores as part of the Store Footprint Optimization Project. The total store count at quarter end was 457 stores.

Second Quarter Fiscal 2026 Financial and Operating Metrics

			Three Months Ended
			August 1, 2026						August 2, 2025
Net sales (in thousands)			$	231,727					$	262,806
Comparable sales(2)			(6.3)		%				(6.9)		%
Number of stores (as of end of period)			457						575
Net income (in thousands)			$	5,177					$	1,567
Adjusted EBITDA(A) (in thousands)			$	23,250					$	21,525

(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 at the end of the second quarter of fiscal 2026 totaled $22.0 million. Total liquidity at the end of the second quarter, including available borrowing capacity under our revolving credit agreement, was $74.4 million.

Net cash provided by operations for the six-month period ended August 1, 2026 was $10.1 million, compared to net cash used in operations of $2.3 million for the six-month period ended August 2, 2025.

Outlook includes the benefit of IEEPA Tariffs recognized in the second quarter:

For the third quarter of fiscal 2026 the Company expects:

•Net sales between $230 million and $235 million.

•Adjusted EBITDA(1) between $15 million and $20 million.

For the full year fiscal 2026 the Company expects:

•Net sales between $940 million and $960 million.

•Adjusted EBITDA(1) between $76 million and $86 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 any further potential volatility from tariff changes, including related impacts on inflation and consumer demand. See “Forward-Looking Statements” for additional information.

Conference Call Details

A conference call to discuss the Company’s second quarter fiscal 2026 results is scheduled for September 3, 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 September 17, 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 8 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 third 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.

Investors

Tom Filandro

Lyn Walther

IR@torrid.com

Media

Joele Frank, Wilkinson Brimmer Katcher

Michael Freitag / Arielle Rothstein / Lyle Weston

Media@torrid.com

TORRID HOLDINGS INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(In thousands, except per share data)

			Three Months Ended
			August 1, 2026						August 2, 2025
Net sales			$	231,727					$	262,806
Cost of goods sold			141,980						169,318
Gross profit			89,747						93,488
Selling, general and administrative expenses			61,882						70,511
Marketing expenses			13,326						12,817
Income from operations			14,539						10,160
Interest expense			7,841						8,119
Interest income, net of other expense (income)			148						(13)
Income before income taxes			6,550						2,054
Provision for income taxes			1,373						487
Net income			$	5,177					$	1,567
Net earnings per share:
Basic			$	0.05					$	0.02
Diluted			$	0.05					$	0.02
Weighted average number of shares:
Basic			99,602						102,470
Diluted			100,213						102,746
Other comprehensive (loss) income:
Foreign currency translation adjustment			(207)						16
Total other comprehensive (loss) income			(207)						16
Comprehensive income			$	4,970					$	1,583

TORRID HOLDINGS INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except share and per share data)

			August 1, 2026						January 31, 2026						August 2, 2025
Assets
Current assets:
Cash and cash equivalents			$	22,004					$	20,023					$	21,543
Restricted cash			421						421						399
Inventory			125,600						136,483						130,235
Prepaid expenses and other current assets			27,690						24,564						25,765
Prepaid income taxes			10,822						11,991						11,144
Total current assets			186,537						193,482						189,086
Property and equipment, net			46,960						51,632						63,672
Operating lease right-of-use assets			93,099						108,191						119,097
Deposits and other noncurrent assets			17,385						19,570						20,333
Deferred tax assets			19,065						19,065						13,877
Intangible asset			8,400						8,400						8,400
Total assets			$	371,446					$	400,340					$	414,465
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable			57,718						56,764						$	53,198
Accrued and other current liabilities			90,668						106,446						108,898
Operating lease liabilities			26,649						32,171						33,497
Borrowings under credit facility			39,690						31,020						7,900
Current portion of term loan			16,144						16,144						16,144
Due to related parties			3,992						6,271						8,436
Income taxes payable			—						122						118
Total current liabilities			234,861						248,938						228,191
Noncurrent operating lease liabilities			86,814						100,884						113,675
Noncurrent debt, net			248,192						256,264						264,337
Deferred compensation			4,137						4,039						3,801
Other noncurrent liabilities			3,255						3,622						5,577
Total liabilities			577,259						613,747						615,581
Commitments and contingencies
Stockholders’ Deficit:
Preferred shares: $0.01 par value; 5,000,000 shares authorized; no shares issued and outstanding at August 1, 2026, January 31, 2026 and August 2, 2025			—						—						—
Common shares: $0.01 par value; 1,000,000,000 shares authorized; 105,724,568 and 99,693,660 shares issued and outstanding, respectively, at August 1, 2026; 105,344,216 and 99,313,308 shares issued and outstanding, respectively, at January 31, 2026; and 105,157,295 and 99,126,387 shares issued and outstanding, respectively, at August 2, 2025			1,057						1,053						1,052
Additional paid-in capital			146,911						144,720						142,386
Accumulated deficit			(332,712)						(338,303)						(323,762)
Accumulated other comprehensive loss			(798)						(606)						(507)
Common shares in treasury, at cost: 6,030,908 shares at August 1, 2026, January 31, 2026 and August 2, 2025			(20,271)						(20,271)						(20,285)
Total stockholders’ deficit			(205,813)						(213,407)						(201,116)
Total liabilities and stockholders’ deficit			$	371,446					$	400,340					$	414,465

TORRID HOLDINGS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)

			Six Months Ended
			August 1, 2026						August 2, 2025
OPERATING ACTIVITIES
Net income			$	5,591					$	7,507
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Write down of inventory			1,436						1,427
Operating right-of-use assets amortization			13,578						17,583
Depreciation and other amortization			12,110						19,584
Share-based compensation			4,321						2,840
Deferred taxes			—						2,743
Write off of excess operating lease liabilities against operating right-of-use-assets			(1,881)						(4,164)
Other, net			589						(799)
Changes in operating assets and liabilities:
Inventory			9,253						17,060
Prepaid expenses and other current assets			(3,126)						(1,258)
Prepaid income taxes			1,169						(6,900)
Deposits and other noncurrent assets			2,134						(1,045)
Accounts payable			424						(19,980)
Accrued and other current liabilities			(16,771)						(17,026)
Operating lease liabilities			(16,910)						(19,840)
Other noncurrent liabilities			452						(82)
Deferred compensation			98						(112)
Due to related parties			(2,279)						74
Income taxes payable			(122)						118
Net cash provided by (used in) operating activities			10,066						(2,270)
INVESTING ACTIVITIES
Purchases of property and equipment			(7,415)						(3,671)
Net cash used in investing activities			(7,415)						(3,671)
FINANCING ACTIVITIES
Proceeds from revolving credit facility			311,060						171,650
Principal payments on revolving credit facility			(302,390)						(163,750)
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			74						199
Withholding tax payments related to vesting of restricted stock units and awards and exercise of non qualified stock options			(175)						(444)
Share repurchase, including excise tax paid			(186)						(20,000)
Net cash used in financing activities			(367)						(21,470)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash			(303)						431
Increase (decrease) in cash, cash equivalents and restricted cash			1,981						(26,980)
Cash, cash equivalents and restricted cash at beginning of period			20,444						48,922
Cash, cash equivalents and restricted cash at end of period			$	22,425					$	21,942
SUPPLEMENTAL INFORMATION
Cash paid during the period for interest related to the revolving credit facility and term loan			$	12,592					$	17,680
Cash paid during the period for income taxes			$	789					$	7,135
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Property and equipment purchases included in accounts payable and accrued liabilities			$	1,248					$	2,138
Cost of treasury shares included in accounts payable and accrued liabilities			$	—					$	85
Excise tax from share repurchase included in accounts payable and accrued liabilities			$	—					$	200

Non-GAAP Reconciliation

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

			Three Months Ended
			August 1, 2026						August 2, 2025
Net income			$	5,177					$	1,567
Interest expense			7,841						8,119
Interest income, net of other expense (income)			148						(13)
Provision for income taxes			1,373						487
Depreciation and amortization(A)			5,037						9,430
Share-based compensation(B)			2,302						1,371
Noncash deductions and charges(C)			(159)						23
Other expenses(D)			1,531						541
Adjusted EBITDA			$	23,250					$	21,525

(A)Depreciation and amortization excludes amortization of debt issuance costs and original issue discount that are reflected in interest expense.

(B)Share-based compensation includes $1.2 million for awards that will be settled in cash during the three months ended August 1, 2026 and was not material during the three months ended August 2, 2025. 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 (including certain settlement costs), 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.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 206.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.1 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB