- Torrid Holdings Inc (NYSE:CURV) reported first-quarter FY22 sales growth of 1% year-on-year to $328.41 million, beating the consensus of $303.95 million.
- Comparable sales decreased 2% versus an increase of 108% a year ago.
- Gross profit decreased 13.6% Y/Y to $125.1 million. The gross profit margin was 38.1%, contracting 640 basis points from last year.
- SG&A expenses declined 38.6% to $67.4 million. The operating margin was 12.1%, and the operating income rose 55.8% to $39.7 million.
- Adjusted EPS of $0.23 beat the analyst consensus of $0.20.
- Adjusted EBITDA fell by 31.6% Y/Y to $51.8 million, and the margin contracted from 23.2% to 15.8%.
- Torrid held $25 million in cash and equivalents as of April 30, 2022. Net cash provided by operating activities totaled $9.2 million.
- Outlook: Torrid sees Q2 sales of $350 million - $360 million, versus the consensus of $359.40 million. The company continues to expect FY22 sales of $1.30 billion - $1.365 billion, against the consensus of $1.34 billion.
- The company expects adjusted EBITDA of $53 million - $58 million for Q2 and $195 million - $220 million for FY22.
- Price Action: CURV shares closed higher by 4.33% at $5.78 on Tuesday.
