Torrid (US:CURV)2024-12-03 21:10Financial Performance - Net sales for Q3 FY 2024 were $263.8 million, a decrease of 4.2% from $275.4 million in Q3 FY 2023[3] - Net loss narrowed to $1.2 million, or ($0.01) per share, compared to a net loss of $2.7 million, or ($0.03) per share in Q3 FY 2023[3] - Adjusted EBITDA for Q3 FY 2024 was $19.6 million, representing 7.4% of net sales, compared to $19.4 million, or 7.0% of net sales, in Q3 FY 2023[3] - Net sales for the three months ended November 2, 2024, were $263,766 thousand, a decrease of 4.3% from $275,408 thousand in the previous quarter[27] - Net loss for the three months ended November 2, 2024, was $(1,194) thousand, an improvement from $(2,748) thousand in the previous quarter[27] - Adjusted EBITDA for the three months ended November 2, 2024, was $19,584 thousand, compared to $19,379 thousand in the prior quarter[33] Store Operations - The company opened 2 new Torrid stores and closed 4, resulting in a total of 655 stores at the end of the quarter[3] - The company plans to open 12 to 16 new Torrid stores while closing 30 to 40 stores as part of its store fleet optimization program[7] Cash and Liquidity - Cash and cash equivalents at the end of Q3 FY 2024 totaled $44 million, with total liquidity of $151.8 million[6] - Cash and cash equivalents increased to $43,953 thousand from $11,735 thousand at the end of the previous quarter[29] - The company reported a net cash provided by operating activities of $65,366 thousand for the nine months ended November 2, 2024, compared to $33,730 thousand in the previous period[31] Inventory Management - Inventory levels decreased by 19% compared to the previous year, indicating improved inventory management[2] - Inventory decreased to $138,261 thousand from $142,199 thousand in the previous quarter[29] Financial Projections - For Q4 FY 2024, the company expects net sales between $255 million and $270 million and Adjusted EBITDA between $9 million and $15 million[7] - For the full year 2024, net sales are projected to be between $1.083 billion and $1.098 billion, with Adjusted EBITDA expected between $101 million and $107 million[7] Profitability Metrics - Gross profit margin improved by 285 basis points to 36.1%, up from 33.2% in the same quarter last year[3] - Gross profit increased to $95,157 thousand, up 3.6% from $91,502 thousand in the prior quarter[27] Liabilities - Total liabilities decreased slightly to $682,268 thousand from $688,664 thousand in the previous quarter[29] Interest Expense - The company incurred interest expense of $8,784 thousand, down from $9,757 thousand in the previous quarter[27]