Torrid, women’s apparel, intimates, and accessories brand in North America, reported a 4.8 percent decrease in net sales to 279.8 million dollars, while comparable sales decreased 9 percent in the first quarter.
However, the company’s gross profit margin improved to 41.3 percent, up 360 bps. Net income rose to 12.2 million dollars or 12 cents and adjusted EBITDA reached 38.2 million dollars.
Torrid also announced the promotion of Hyon Park to chief operating officer, Ashlee Wheeler to chief planning officer and the retirement of Mark Mizicko, Torrid’s chief commercial officer.
Commenting on the financial results, Lisa Harper, Torrid’s chief executive officer, stated: “In the first quarter we delivered higher-than-expected adjusted EBITDA driven by strong gross margin expansion, while maintaining our focus on tightly controlling inventory levels.”
Torrid announces executive promotions
“I am thrilled to announce the well-deserved promotions of Hyon Park and Ashlee Wheeler, two exceptional leaders. Hyon was instrumental in stabilising and upgrading our systems supporting the growth of our business. Ashlee played a key role in driving improvements in our inventory management, as well as working to maximise our pricing strategy,” added Harper.
In addition to his responsibilities as chief technology officer and supply chain management, Park, the company said, will also have oversight of store operations.
Park joined Torrid in 2022 as chief technology officer from Belk, Inc. where he served as executive vice president, chief information officer. He has over 25 years of information technology and consulting experience, including 20 years with direct-to-consumer retail organisations such as Belk, Tailored Brands and Gymboree.
The company further said that as chief planning officer, Wheeler will lead all facets of planning, strategy, pricing & promotion, omni-channel fulfilment and analytics, with an emphasis on growth.
Wheeler has been with Torrid for 13 years in a variety of roles of increasing responsibility including merchandise planning, commercial planning, and inventory management. Prior to joining Torrid, she spent five years at Lucky Brand Jeans in merchandising planning.
Torrid announces Q2 and full year outlook
For the second quarter, the company expects net sales between 280 million dollars and 285 million dollars and adjusted EBITDA between 30 million dollars and 34 million dollars.
For the full year, Torrid expects net sales between 1.135 billion dollars and 1.155 billion dollars and adjusted EBITDA between 109 million dollars and 116 million dollars. The company plans to open 15 to 20 new Torrid stores, and close 10 to 15 stores.
In the first quarter, Torrid opened six stores and closed three stores and ended the period with 658 stores.
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