Torrid (US:CURV)2026-03-19 20:11Financial Performance - Fiscal 2025 net sales were $1 billion, a decrease of 9.4% from $1.1 billion in the previous year[6] - Fourth quarter net sales decreased 14.3% to $236.2 million compared to $275.6 million in the same quarter last year[8] - Comparable sales decreased 10% in the fourth quarter and 7% for the full year[8] - Adjusted EBITDA for fiscal 2025 was $63.6 million, or 6.4% of net sales, down from $109.1 million, or 9.9% of net sales, in the previous year[8] - The company reported a net loss of $7 million for fiscal 2025, compared to a net income of $16.3 million in the previous year[8] - For fiscal 2026, the company expects net sales between $940 million and $960 million and adjusted EBITDA between $65 million and $75 million[14] - The company reported a net loss of $8.115 million for the three months ended January 31, 2026, compared to a net loss of $2.988 million for the same period in 2025[27] - Adjusted EBITDA for the fiscal year ended January 31, 2026, was $63.577 million, a decrease from $109.120 million in the prior fiscal year[33] Store Operations - The company closed 151 stores during fiscal 2025, reducing the total store count to 483[8] Cash and Liquidity - Cash and cash equivalents at the end of fiscal 2025 totaled $20 million, with total liquidity of $84.9 million[9] - Cash and cash equivalents decreased to $20.023 million as of January 31, 2026, from $48.523 million as of February 1, 2025, a decline of approximately 58.7%[29] - The company reported a net cash used in operating activities of $13.013 million for the fiscal year ended January 31, 2026, compared to net cash provided of $77.390 million in 2025[31] Profitability Metrics - The gross profit margin for the fourth quarter was 30.0%, down from 33.6% in the same quarter last year[8] - Gross profit for the fiscal year ended January 31, 2026, was $347.962 million, down from $413.471 million in 2025, reflecting a decrease of about 15.8%[27] - Other expenses for the fiscal year ended January 31, 2026, totaled $2.002 million, significantly lower than $8.210 million in the previous fiscal year[33] Assets and Liabilities - Total current assets decreased to $193.482 million as of January 31, 2026, from $226.166 million as of February 1, 2025, indicating a decline of approximately 14.4%[29] - Total liabilities as of January 31, 2026, were $613.747 million, down from $679.530 million as of February 1, 2025, a reduction of about 9.7%[29] - Operating lease liabilities decreased to $132.055 million as of January 31, 2026, from $175.986 million as of February 1, 2025, reflecting a reduction of approximately 25%[29] Expenses - The company incurred interest expense of $31.844 million for the fiscal year ended January 31, 2026, compared to $35.633 million in 2025, a decrease of about 10.5%[27] - Interest expense for the three months ended January 31, 2026, was $7.658 million, down from $8.330 million for the same period in the previous year[33] - Depreciation and amortization for the fiscal year ended January 31, 2026, was $34.618 million, slightly lower than $35.721 million in the previous fiscal year[33] - Share-based compensation for the quarter ended January 31, 2026, was $1.236 million, compared to $3.103 million for the same quarter last year[34] Taxation - The company reported a benefit from income taxes of $4.111 million for the three months ended January 31, 2026, compared to a provision of $2.240 million for the same period last year[33] Other Financial Information - The company launched five sub-brands in fiscal 2025, generating approximately $70 million in sales[2] - The company incurred severance costs and transaction fees included in other expenses, which are not part of its core business[35] - The company’s interest income, net of other income and expenses, was a loss of $422 thousand for the three months ended January 31, 2026[33]