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Torrid (NYSE: CURV) Q1 2026 results show lower profit but solid liquidity

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Torrid Holdings Inc. reported first quarter fiscal 2026 net sales of $245.8 million, a 7.6% decrease from $266.0 million a year earlier, with comparable sales down 1.7%. Gross margin declined to 35.3% from 38.1%, reflecting softer profitability.

Net income was $0.4 million, or $0.00 per share, compared with $5.9 million, or $0.06 per share, last year. Adjusted EBITDA was $17.6 million, or 7.2% of net sales, versus $27.1 million, or 10.2%, in the prior-year quarter. The company ended the quarter with $22.8 million in cash and total liquidity of $100.0 million, and generated $11.2 million in operating cash flow. Torrid closed 20 stores, ending with 463 locations, and issued guidance for second quarter net sales of $232–$240 million and Adjusted EBITDA of $12–$16 million, and full-year 2026 net sales of $940–$960 million and Adjusted EBITDA of $65–$75 million.

Positive

  • None.

Negative

  • None.

Insights

Q1 showed lower sales and margins, but cash flow and guidance remain intact.

Torrid delivered Q1 2026 net sales of $245.8 million, down 7.6% year over year, with comparable sales down 1.7%. Gross margin compressed from 38.1% to 35.3%, and Adjusted EBITDA fell to $17.6 million from $27.1 million, indicating weaker profitability despite exceeding internal sales guidance.

Net income dropped to $0.4 million from $5.9 million, but operating cash flow improved to $11.2 million from a prior-period use of $18.0 million. Cash and cash equivalents were $22.8 million with total liquidity of $100.0 million, alongside substantial debt of over $250 million in noncurrent borrowings.

The company closed 20 stores as part of its Store Footprint Optimization Project, ending with 463 stores, while emphasizing sub-brand initiatives and marketing investments. Management guided Q2 2026 net sales to $232–$240 million and full-year 2026 net sales to $940–$960 million, with Adjusted EBITDA of $65–$75 million, framing a stabilization effort that future filings will further clarify.

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, and exhibit attachments filed with this report.
Q1 2026 net sales $245.8 million Three months ended May 2, 2026; down 7.6% year over year
Q1 2026 net income $0.4 million Three months ended May 2, 2026; vs $5.9 million prior year
Q1 2026 Adjusted EBITDA $17.6 million (7.2% of net sales) Three months ended May 2, 2026; vs $27.1 million (10.2%) prior year
Operating cash flow Q1 2026 $11.2 million Net cash provided by operating activities; vs $18.0 million used prior year
Cash and total liquidity $22.8 million cash; $100.0 million liquidity Cash and cash equivalents and total liquidity at May 2, 2026
Store count 463 stores End of Q1 2026; 20 stores closed in quarter; 632 prior-year period
FY 2026 net sales guidance $940–$960 million Full-year fiscal 2026 outlook
FY 2026 Adjusted EBITDA guidance $65–$75 million Full-year fiscal 2026 outlook
Adjusted EBITDA financial
"Adjusted EBITDA(1) was $17.6 million, or 7.2% of net sales, compared to $27.1 million"
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 1.7% in the first 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.
Store Footprint Optimization Project financial
"we closed 20 Torrid stores as part of the Store Footprint Optimization Project."
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 financial
"our ability to develop and maintain a relevant and reliable omni-channel experience for our customers"
Net sales $245.8 million -7.6% year over year
Net income $0.4 million down from $5.9 million prior year
Adjusted EBITDA $17.6 million down from $27.1 million prior year
Gross profit margin 35.3% down from 38.1% prior year
Guidance

For Q2 2026, net sales expected at $232–$240 million and Adjusted EBITDA at $12–$16 million. For full-year 2026, net sales expected at $940–$960 million and Adjusted EBITDA at $65–$75 million.

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Understanding 8-K Material Events →
0001792781FALSE00017927812026-06-042026-06-04

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): June 4, 2026
Torrid_Logo_Black1.jpg
TORRID HOLDINGS INC.
(Exact name of registrant as specified in its charter)
Delaware001-4057184-3517567
(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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01CURVNew 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 June 4, 2026, Torrid Holdings Inc. (the “Company”) issued a press release announcing, among other things, the Company’s financial results for the first 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 June 4, 2026 announcing the Company’s first quarter fiscal 2026 results
104Cover 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: June 4, 2026
 


Exhibit 99.1
Torrid Reports First Quarter 2026 Results and Fiscal 2026 Guidance
•Exceeded First Quarter Net Sales guidance
•First Quarter Net Income of $0.4 million
•Delivered First Quarter Adjusted EBITDA(1) at the high end of guidance

CITY OF INDUSTRY, Calif. – June 2, 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 10 to 30, today announced its financial results for the first quarter ended May 2, 2026.
Lisa Harper, Chief Executive Officer, stated, “We are pleased to report first quarter net sales of $245.8 million, slightly above our guidance, and adjusted EBITDA(1) of $17.6 million at the high end of our guidance range. These results reflect disciplined execution across our strategic initiatives and signal progress in positioning us for comparable sales growth in the back half of the year and beyond. Our portfolio of five Sub-Brands is off to a strong start, and our Opening Price Point strategy has proven to be both a meaningful conversion driver and a basket-building lever.”
Harper continued, “With our product and pricing foundation in place and the completion of our store optimization program, our primary focus for 2026 is customer file growth through acquisition, reactivation, and retention. We have strengthened our marketing capabilities with AI-powered personalization and improved paid media ROAS. We are also relaunching our Casting Call platform in July as a year-round customer engagement initiative. This is a powerful community ambassadorship program, and we are scaling it significantly this year with a Times Square activation and store events throughout the country. Together, these initiatives are positioned to deliver improved performance - with meaningful benefits expected in the second half of the year — and to create lasting shareholder value.”
Financial Highlights for the First Quarter of Fiscal 2026
•Net sales decreased 7.6% to $245.8 million compared to $266.0 million for the first quarter of last year. Comparable sales(2) decreased 1.7% in the first quarter.
•Gross profit margin was 35.3% compared to 38.1% in the first quarter of last year.
•Net income of $0.4 million, or $0.00 per share, compared to net income of $5.9 million, or $0.06 per share in the first quarter of last year.
•Adjusted EBITDA(1) was $17.6 million, or 7.2% of net sales, compared to $27.1 million, or 10.2% of net sales, in the first quarter of last year.
•In the first quarter, we closed 20 Torrid stores as part of the Store Footprint Optimization Project. The total store count at quarter end was 463 stores.
First Quarter Fiscal 2026 Financial and Operating Metrics
Three Months Ended
May 2, 2026May 3, 2025
Net sales (in thousands)$245,800 $265,965 
Comparable sales(2)
(1.7)%(3.5)%
Number of stores (as of end of period)463 632 
Net income (in thousands)$414 $5,940 
Adjusted EBITDA(A) (in thousands)
$17,639 $27,128 
 
(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 in the first quarter of fiscal 2026 totaled $22.8 million. Total liquidity at the end of the first quarter, including available borrowing capacity under our revolving credit agreement, was $100.0 million.
Net cash provided by operations for the first quarter ended May 2, 2026 was $11.2 million, compared to net cash used in operations of $18.0 million for the first quarter ended May 3, 2025.
Outlook:
For the second quarter of fiscal 2026 the Company expects:
•Net sales between $232 million and $240 million.
•Adjusted EBITDA(1) between $12 million and $16 million.
For the full year fiscal 2026 the Company expects:
•Net sales between $940 million and $960 million.


•Adjusted EBITDA(1) between $65 million and $75 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 the volatility of tariff changes, tariff rebates/refunds, or its impact on inflation or consumer demand. See “Forward-Looking Statements” for additional information.
Conference Call Details
A conference call to discuss the Company’s first quarter fiscal 2026 results is scheduled for June 4, 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 June 18, 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 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 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 second 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
May 2, 2026May 3, 2025
Net sales$245,800 $265,965 
Cost of goods sold158,982 164,563 
Gross profit86,818 101,402 
Selling, general and administrative expenses63,713 70,016 
Marketing expenses14,542 15,359 
Income from operations8,563 16,027 
Interest expense7,719 8,161 
Interest income, net of other (income) expense(27)(706)
Income before income taxes871 8,572 
Provision for income taxes457 2,632 
Net income $414 $5,940 
Net earnings per share:
Basic$— $0.06 
Diluted$— $0.06 
Weighted average number of shares:
Basic99,387 104,915 
Diluted99,546 106,041 
Other comprehensive income:
Foreign currency translation adjustment15 375 
Total other comprehensive income15 375 
Comprehensive income$429 $6,315 


TORRID HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except share and per share data)
May 2, 2026January 31, 2026May 3, 2025
Assets
Current assets:
Cash and cash equivalents$22,841 $20,023 $23,693 
Restricted cash421 421 399 
Inventory142,642 136,483 149,570 
Prepaid expenses and other current assets26,666 24,564 26,905 
Prepaid income taxes11,866 11,991 1,824 
Total current assets204,436 193,482 202,391 
Property and equipment, net50,759 51,632 71,521 
Operating lease right-of-use assets101,244 108,191 132,672 
Deposits and other noncurrent assets18,619 19,570 19,774 
Deferred tax assets19,065 19,065 16,620 
Intangible asset8,400 8,400 8,400 
Total assets$402,523 $400,340 $451,378 
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable78,160 56,764 $62,146 
Accrued and other current liabilities97,797 106,446 107,083 
Operating lease liabilities29,597 32,171 38,661 
Borrowings under credit facility32,840 31,020 — 
Current portion of term loan16,144 16,144 16,144 
Due to related parties5,832 6,271 7,858 
Income taxes payable— 122 116 
Total current liabilities260,370 248,938 232,008 
Noncurrent operating lease liabilities94,349 100,884 125,407 
Noncurrent debt, net252,228 256,264 268,373 
Deferred compensation4,065 4,039 3,630 
Other noncurrent liabilities3,431 3,622 5,781 
Total liabilities614,443 613,747 635,199 
Commitments and contingencies
Stockholders’ Deficit:
Preferred shares: $0.01 par value; 5,000,000 shares authorized; no shares issued and outstanding at May 2, 2026, January 31, 2026 and May 3, 2025
— — — 
Common shares: $0.01 par value; 1,000,000,000 shares authorized; 105,529,383 and 99,498,475 shares issued and outstanding, respectively, at May 2, 2026; 105,344,216 and 99,313,308 shares issued and outstanding, respectively at January 31, 2026; and 105,000,414, shares issued and outstanding at May 3, 2025
1,055 1,053 1,050 
Additional paid-in capital145,776 144,720 140,981 
Accumulated deficit(337,889)(338,303)(325,329)
Accumulated other comprehensive loss(591)(606)(523)
Common shares in treasury, at cost: 6,030,908 shares at May 2, 2026 and January 31, 2026; no shares at May 3, 2025
(20,271)(20,271)— 
Total stockholders’ deficit(211,920)(213,407)(183,821)
Total liabilities and stockholders’ deficit$402,523 $400,340 $451,378 


TORRID HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Three Months Ended
May 2, 2026May 3, 2025
OPERATING ACTIVITIES
Net income$414 $5,940 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Write down of inventory695 588 
Operating right-of-use assets amortization6,988 8,945 
Depreciation and other amortization6,708 9,774 
Share-based compensation2,019 1,469 
Other, net(673)(2,806)
Changes in operating assets and liabilities:
Inventory(6,848)(1,410)
Prepaid expenses and other current assets(2,102)(2,398)
Prepaid income taxes125 2,420 
Deposits and other noncurrent assets925 (877)
Accounts payable20,503 (10,721)
Accrued and other current liabilities(8,504)(18,354)
Operating lease liabilities(9,250)(10,035)
Other noncurrent liabilities714 121 
Deferred compensation26 (283)
Due to related parties(439)(504)
Income taxes payable(122)116 
Net cash provided by (used in) operating activities11,179 (18,015)
INVESTING ACTIVITIES
Purchases of property and equipment(5,484)(2,547)
Net cash used in investing activities(5,484)(2,547)
FINANCING ACTIVITIES
Proceeds from revolving credit facility154,610 50,490 
Principal payments on revolving credit facility(152,790)(50,490)
Principal payments on term loan(4,375)(4,375)
Proceeds from issuances under share-based compensation plans— 27 
Withholding tax payments related to vesting of restricted stock units and awards and exercise of non qualified stock options(158)(326)
Share repurchase, including excise tax paid(186)— 
Net cash used in financing activities(2,899)(4,674)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash22 406 
Increase (decrease) in cash, cash equivalents and restricted cash2,818 (24,830)
Cash, cash equivalents and restricted cash at beginning of period20,444 48,922 
Cash, cash equivalents and restricted cash at end of period$23,262 $24,092 
SUPPLEMENTAL INFORMATION
Cash paid during the period for interest related to the revolving credit facility and term loan$5,212 $7,763 
Cash paid during the period for income taxes$453 $69 
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Property and equipment purchases included in accounts payable and accrued liabilities$1,547 $1,521 


Non-GAAP Reconciliation
The following table provides a reconciliation of net income to Adjusted EBITDA for the periods presented (in thousands):
Three Months Ended
May 2, 2026May 3, 2025
Net income$414 $5,940 
Interest expense7,719 8,161 
Interest income, net of other (income) expense (27)(706)
Provision for income taxes457 2,632 
Depreciation and amortization(A)
6,343 9,394 
Share-based compensation(B)
2,019 1,469 
Noncash deductions and charges(C)
44 52 
Other expenses(D)
670 186 
Adjusted EBITDA$17,639 $27,128 
(A)Depreciation and amortization excludes amortization of debt issuance costs and original issue discount that are reflected in interest expense.
(B)During the three months ended May 2, 2026 and May 3, 2025, share-based compensation includes $0.8 million and $0.2 million, respectively, for awards that will be settled in cash as they 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.

Source: View Original Filing on SEC EDGAR

FAQ

How did Torrid (CURV) perform financially in Q1 2026?

Torrid reported Q1 2026 net sales of $245.8 million, down 7.6% year over year. Net income was $0.4 million, compared with $5.9 million a year earlier, and Adjusted EBITDA was $17.6 million, or 7.2% of net sales.

What were Torrid (CURV) Q1 2026 comparable sales and margins?

Comparable sales in Q1 2026 decreased 1.7%, showing a modest decline in underlying demand. Gross profit margin fell to 35.3% from 38.1% last year, indicating higher cost pressure or increased promotions affecting profitability.

What guidance did Torrid (CURV) provide for Q2 2026 and fiscal 2026?

For Q2 2026, Torrid expects net sales between $232 million and $240 million and Adjusted EBITDA of $12–$16 million. For full-year 2026, it projects net sales of $940–$960 million and Adjusted EBITDA of $65–$75 million, plus capital expenditures of $8–$10 million.

How strong is Torrid (CURV)’s liquidity and cash flow after Q1 2026?

At Q1 2026 quarter end, Torrid held $22.8 million in cash and cash equivalents, with total liquidity of $100.0 million. Net cash provided by operating activities was $11.2 million, a notable improvement compared with $18.0 million used in operations a year earlier.

What changes did Torrid (CURV) make to its store base in Q1 2026?

During Q1 2026, Torrid closed 20 stores as part of its Store Footprint Optimization Project. The company ended the quarter with 463 stores, down from 632 stores at the end of the comparable prior-year period, reflecting a smaller, more focused footprint.

How does Torrid (CURV) calculate and use Adjusted EBITDA?

Adjusted EBITDA starts from GAAP net income and adds interest expense, income taxes, depreciation and amortization, share-based compensation, noncash deductions and charges, and other expenses. Torrid uses Adjusted EBITDA to evaluate operating performance, plan and forecast results, and help determine certain incentive payments.

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