Group 1 - Minot Light Capital Partners reported a net return of 7.6% for Q3 2025, which underperformed against benchmarks, particularly the micro-cap benchmark's return of 17.1% [1] - The fund's top five holdings were highlighted, indicating the best investment picks for 2025 [1] Group 2 - Torrid Holdings Inc. (NYSE:CURV) was identified as the biggest negative contributor for Minot Light in Q3 2025, with a one-month return of -20.91% and a 52-week loss of 80.27% [2][3] - Despite the negative performance, the company maintains a positive outlook on EBITDA margin and free cash flow expansion into 2026, driven by margin expansion strategies and revenue retention from closed stores [3]

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Financial Performance - Net sales for Q3 2025 were $235.2 million, a decrease of 10.9% compared to $263.8 million in Q3 2024[19] - Gross profit for Q3 2025 was $82.2 million, down 13.6% from $95.2 million in the same period last year[19] - The company reported a net loss of $6.4 million for Q3 2025, compared to a net loss of $1.2 million in Q3 2024[19] - The company’s operating income for Q3 2025 was $205, significantly lower than $7.2 million in Q3 2024[19] - Net income for the nine months ended November 1, 2025, was $5,940,000[21] - Net income for the nine months ended November 2, 2024, was $19,306,000, compared to $1,081,000 for the same period in 2025[24] - The net loss for the three months ended November 1, 2025, was $6.426 million, compared to a net loss of $1.194 million for the same period in 2024[123] Assets and Liabilities - Total current assets decreased to $188.7 million as of November 1, 2025, from $226.2 million as of February 1, 2025[17] - Total liabilities amounted to $609.5 million, down from $679.5 million at the end of the previous reporting period[17] - The accumulated deficit increased to $330.2 million from $331.3 million, indicating ongoing financial challenges[17] - Total stockholders' deficit as of November 1, 2025, was $(206,515,000)[21] - Total stockholders' deficit as of November 2, 2024, was $(189,286,000), reflecting an increase from $(211,717,000) at February 3, 2024[22] Inventory and Expenses - Inventory levels decreased to $128.8 million from $148.5 million, reflecting a reduction of 13.2%[17] - Selling, general and administrative expenses were $66.3 million, a decrease of 11.6% compared to $74.9 million in Q3 2024[19] - Selling, general and administrative expenses for the three months ended November 1, 2025, were $66.256 million, representing 28.2% of net sales[123] - Selling, general and administrative expenses for the nine months ended November 1, 2025, decreased by $21.4 million, or 9.4%, to $206.8 million, representing 27.1% of net sales, down from 27.5%[139] Cash Flow - Cash provided by operating activities was $65,366,000 for the nine months ended November 2, 2024, compared to a cash used of $7,122,000 for the same period in 2025[24] - Net cash used in operating activities during the nine months ended November 1, 2025, was $7.1 million, a significant decrease from $65.4 million provided during the same period in 2024[156] - Net cash used in investing activities was $5.4 million for the nine months ended November 1, 2025, down from $12.6 million in the prior year, primarily due to fewer new store openings and remodels[158] Sales Performance - Apparel sales accounted for $213.6 million in the three months ended November 1, 2025, down from $230.8 million in the prior year, representing a decline of 7.5%[49] - Non-apparel sales decreased significantly to $12.3 million from $24.9 million, a decline of 50.5% year-over-year[49] - For the nine months ended November 1, 2025, total net sales were $763.9 million, down 7.8% from $828.2 million in the same period of 2024[49] - Comparable sales decreased by 8% for the three months ended November 1, 2025, compared to the same period in the previous year[100] Stock and Shareholder Information - Common shares outstanding increased to 99,197,000 as of November 1, 2025[21] - The company repurchased common stock totaling $(20,285,000) including excise tax[21] - The company entered into a stock repurchase agreement on June 23, 2025, agreeing to purchase $20.0 million of shares at a price of $3.32 per share, repurchasing 6,030,908 shares[64] Legal and Compliance - The company has been named as a defendant in six pending class action lawsuits related to data security, with no determination on the probability of loss at this time[81] - Management concluded that disclosure controls and procedures were effective as of November 1, 2025, ensuring timely and accurate reporting[164] Marketing and Future Plans - The company plans to close approximately 100 additional stores by the end of fiscal year 2025, following the closure of 74 stores through the end of the third quarter of fiscal year 2025[98] - The company plans to continue investing in brand awareness and customer engagement through targeted marketing efforts[112] - The company anticipates growth in operating expenses due to increased spending on advertising and hiring additional personnel[114]

Core Insights - Torrid Holdings, listed as CURV on the NYSE, specializes in plus-size fashion within the apparel and shoes industry, targeting a niche market despite facing competition from larger retail players [1] Financial Performance - Telsey Advisory set a price target of $2 for CURV, indicating a potential upside of approximately 76.21% from the current trading price of $1.14 [2][5] - The company reported a quarterly loss of $0.06 per share, significantly missing the Zacks Consensus Estimate of a $0.01 loss per share, resulting in a negative surprise of 500% [2][5] - Revenue for the quarter ending October 2025 was $235.15 million, falling short of the Zacks Consensus Estimate by 2.29% and declining from $263.77 million in the same quarter the previous year [3][5] Stock Performance - The stock price of CURV has fluctuated significantly, with a 52-week high of $7.19 and a low of $1.08; currently priced at $1.14, it has decreased by 13.03%, reflecting a drop of $0.17 [4] - The trading volume today is 284,694 shares, and the company has a market capitalization of approximately $118.3 million [4]

Torrid Holdings Inc. (NYSE:CURV) posted a loss for the third quarter on Wednesday.The California-based company reported a net loss of $6.4 million, or 6 cents per share, for the quarter ended Nov. 1, compared with a net loss of $1.2 million, or 1 cent per share, in the same quarter last year. Net sales fell 10.8% to $235.2 million from $263.8 million, while comparable sales declined 8.3%.Lisa Harper, Chief Executive Officer of Torrid Holdings, said, “Our third-quarter results fell short of our expectations ...

Torrid Holdings Inc. (NYSE:CURV) shares fell 14.5% to $1.12 in after-hours trading on Wednesday after the retailer reported its third-quarter fiscal results.Check out the current price of CURV stock here.According to Benzinga Pro data, Torrid Holdings closed on Wednesday at $1.31, down 0.76%.Third Quarter Financial ResultsThe California-based company reported a net loss of $6.4 million, or 6 cents per share, for the quarter ended Nov. 1, compared with a net loss of $1.2 million, or 1 cent per share, in the ...

Financial Data and Key Metrics Changes - For Q3 fiscal 2025, the company reported sales of $235 million, down from $263.8 million in the prior year, reflecting a decline of 10.5% [15][16] - Adjusted EBITDA was $9.8 million, representing a margin of 4.2%, compared to $19.6 million and a margin of 7.4% a year ago [18] - Net loss for the quarter was $6.4 million, or $0.06 per share, compared to a net loss of $1.2 million, or $0.01 per share last year [18] Business Line Data and Key Metrics Changes - Strong performance was noted in denim, non-denim, dresses, and intimates, all generating positive comparable growth, while tops and jackets categories faced significant challenges [5][6] - Tops accounted for approximately half of the year-over-year sales miss, with a shift towards fashion-forward designs impacting core assortments [5][6] - The footwear category experienced an estimated $12.5 million in lost sales due to a strategic pause, with plans to scale back to historical sales levels of approximately $40 million in 2026 [8][9] Market Data and Key Metrics Changes - Comparable sales declined by 8.3%, with the tariff-related pause in the shoe category contributing approximately 400 basis points to this decline [16] - The company noted that 70% of demand is now originating online, reflecting a shift in consumer preferences towards digital channels [19] Company Strategy and Development Direction - The company is focused on enhancing product offerings through sub-brands and an opening price point strategy to increase market share and customer acquisition [9][10] - A comprehensive review of the spring-summer 2026 buying strategy has been completed, with a commitment to balance investments across categories [7][10] - The store optimization strategy remains a cornerstone of the company's transformation, with plans to close approximately 180 stores in fiscal 2025 [13][19] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with overall performance but highlighted corrective actions being taken to address assortment issues [4][5] - The company expects to see sequential improvement in knit and woven performance by the end of Q4, with confidence in returning categories to growth [7][10] - Full-year net sales are now expected in the range of $995 million to $1.002 billion, with Adjusted EBITDA projected between $59 million and $62 million [20] Other Important Information - The company has implemented enhanced guardrails in the merchandising process and is actively addressing near-term assortment gaps [6][7] - Marketing investments increased by $2.7 million to $15.7 million, supporting customer acquisition and brand visibility [17] Q&A Session Summary Question: Can you elaborate on some of the product missteps? - Management identified tops as the primary area of revenue miss, with corrective actions being implemented to address the issue [22][23] Question: What changes are being made to ensure a balanced assortment? - The company is embedding a balanced approach into the assortment architecture, focusing on both opening price points and core products [33][35] Question: What is the outlook for sub-brands? - The sub-brand strategy remains unchanged, with positive momentum expected to continue into 2026 [42][45] Question: How will store closures impact the leverage profile? - Store closures are expected to create a more flexible expense profile, leading to substantial EBITDA margin expansion in 2026 [46][47] Question: What are the competitive landscape observations? - Management noted that the challenges faced were largely self-inflicted, with opportunities to recapture customer interest through improved product offerings [56][57]

Financial Data and Key Metrics Changes - For Q3 fiscal 2025, the company reported net sales of $235 million, down from $263.8 million in the prior year, reflecting an 8.3% decline in comparable sales [14][15] - Adjusted EBITDA was $9.8 million, representing a margin of 4.2%, compared to $19.6 million and a margin of 7.4% a year ago [17] - The net loss for the quarter was $6.4 million, or $0.06 per share, compared to a net loss of $1.2 million, or $0.01 per share last year [17] Business Line Data and Key Metrics Changes - Strong performance was noted in denim, non-denim, dresses, and intimates, all generating positive comparable growth, while tops and jackets categories faced significant challenges [5][6] - Tops accounted for approximately half of the year-over-year sales miss, with shoes and jackets contributing 40% and 10% respectively [23][26] - The footwear category was paused due to tariff pressures, resulting in an estimated $12.5 million in lost sales for the quarter [8][9] Market Data and Key Metrics Changes - The company is experiencing a shift in consumer preferences, with a noted decline in purchases from loyal customers, particularly in the tops category [39] - Approximately 70% of demand is now originating online, indicating a significant shift in consumer shopping behavior [18] Company Strategy and Development Direction - The company is focused on enhancing product offerings through sub-brands and an opening price point strategy, aiming to increase market share and customer acquisition [9][10] - A comprehensive review of the spring-summer 2026 buying strategy has been completed, with a commitment to balance investments across categories [7] - The store optimization strategy continues, with 15 stores closed in Q3, bringing the total to 74 closures year-to-date, with an expectation of approximately 180 closures for the full year [12][18] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with overall performance but emphasized that execution issues are within their control and are being addressed [4][5] - The company expects to see sequential improvement in knit and woven performance by the end of Q4, with a more disciplined approach to the footwear category anticipated to recapture lost sales [7][9] - Full-year net sales are now expected in the range of $995 million to $1.002 billion, with Adjusted EBITDA projected between $59 million and $62 million [19] Other Important Information - The company has implemented enhanced guardrails in the merchandising process to avoid future missteps and is actively addressing near-term assortment gaps [6][25] - Marketing investments increased by $2.7 million to $15.7 million, focusing on customer acquisition and brand visibility [16] Q&A Session Summary Question: Can you elaborate on some of the product missteps? - The merchandising missteps were primarily in the tops category, which accounted for about half of the total revenue miss for the quarter [23][24] Question: What caused the higher promotional activity in the digital channel? - The accelerated promotional activity was correlated to the miss in the tops space, leading to pressure on average unit retail [27][28] Question: What changes are being made to ensure a balanced assortment? - The company is embedding a balanced approach into the assortment architecture, with a focus on core products and solution-oriented items [34][35] Question: Have there been shifts in customer demographics? - Performance has remained consistent across demographics, but the most loyal customers have pulled back, particularly in the tops category [39] Question: What updates are there on the sub-brand strategy? - The sub-brand strategy remains unchanged, with positive momentum expected to continue into 2026 [44][45] Question: How will store closures affect the leverage profile? - Store closures will lead to a more flexible expense profile, with substantial EBITDA margin expansion expected in 2026 [46][47] Question: Can you elaborate on the expected EBITDA margin expansion? - The company anticipates significant EBITDA margin expansion due to cost reductions from store closures and improved operational efficiency [50][51]

Financial Performance - Third quarter net sales decreased by 10.8% to $235.2 million compared to $263.8 million in the same quarter last year[8] - Comparable sales fell by 8.3% in the third quarter[8] - Net loss for the third quarter was $6.4 million, or ($0.06) per share, compared to a net loss of $1.2 million, or ($0.01) per share, in the prior year[8] - Adjusted EBITDA was $9.8 million, representing 4.2% of net sales, down from $19.6 million, or 7.4% of net sales, in the same quarter last year[8] - Net sales for the three months ended November 1, 2025, were $235.153 million, a decrease of 10.9% compared to $263.766 million for the same period in 2024[27] - Gross profit for the same period was $82.176 million, down from $95.157 million, reflecting a gross margin of 34.9% compared to 36.1% in the prior year[27] - The net loss for the three months ended November 1, 2025, was $6.426 million, compared to a net loss of $1.194 million for the same period in 2024[27] - Adjusted EBITDA for the three months ended November 1, 2025, was $9.776 million, a decrease from $19.584 million in the prior year[33] Store Operations - As of the end of the third quarter, the total number of stores was 560, with 74 store closures year-to-date[8] Liquidity and Assets - Cash and cash equivalents at the end of the third quarter totaled $17.2 million, with total liquidity of $103.4 million[6] - Total current assets decreased to $188.666 million as of November 1, 2025, from $226.166 million as of February 1, 2025[29] - Cash and cash equivalents at the end of the period were $17.213 million, a significant decrease from $48.523 million at the beginning of the period[29] - Inventory levels decreased to $128.817 million as of November 1, 2025, from $148.493 million as of February 1, 2025[29] - Total liabilities as of November 1, 2025, were $609.451 million, down from $679.530 million as of February 1, 2025[29] Expenses and Investments - The company incurred interest expense of $7.906 million for the three months ended November 1, 2025, compared to $8.784 million in the same period of 2024[27] - Marketing expenses increased to $15.715 million for the three months ended November 1, 2025, compared to $13.056 million in the prior year[27] Future Outlook - For fiscal 2025, the company expects net sales between $995 million and $1.002 billion and adjusted EBITDA between $59 million and $62 million[13] - The company anticipates up to $50 million in tariff impact, with $40 million mitigated through various actions[13] Strategic Initiatives - The company is focusing on strengthening merchandising, rebalancing assortment, and investing in customer acquisition and loyalty initiatives[3] - The company has taken corrective actions to address execution missteps and is seeing early signs of improvement[2]

Core Viewpoint - Torrid Holdings (CURV) is anticipated to report flat earnings with a quarterly loss of $0.01 per share and revenues of $240.67 million, reflecting an 8.8% decline year-over-year [3][12]. Earnings Expectations - The earnings report is scheduled for December 3, and the stock may react positively if results exceed expectations, while a miss could lead to a decline [2]. - The consensus EPS estimate has been revised down by 25% over the last 30 days, indicating a bearish sentiment among analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a negative Earnings ESP of -100.00% for Torrid Holdings, suggesting analysts have lowered their earnings expectations [12]. - The stock currently holds a Zacks Rank of 3, making it challenging to predict an earnings beat [12]. Historical Performance - In the last reported quarter, Torrid Holdings was expected to earn $0.04 per share but only achieved $0.02, resulting in a surprise of -50.00% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates twice [14]. Industry Comparison - American Eagle Outfitters (AEO), a competitor in the retail apparel sector, is expected to report an EPS of $0.43, reflecting a year-over-year decline of 10.4%, with revenues projected at $1.32 billion, up 2.3% [18][19]. - American Eagle has a positive Earnings ESP of +1.55% and a Zacks Rank of 2, indicating a higher likelihood of beating consensus EPS estimates [19][20].