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Torrid (CURV) investor relations material
Torrid Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net sales for Q3 were $235.2 million, a 10.8% year-over-year decrease, with comparable sales down 8.3% and a net loss of $6.4 million compared to $1.2 million last year.
Execution missteps in tops and jackets, a pause in footwear, and deeper-than-planned promotions offset growth in denim, non-denim, dresses, and intimates.
Store optimization continued, with 74 closures year-to-date and 560 stores remaining, targeting up to 180 closures for the year.
Sub-brand strategies and corrective actions are underway, with early signs of improvement and a focus on online growth.
Store optimization and cost reductions are expected to drive EBITDA margin expansion and liquidity in 2026.
Financial highlights
Gross profit for Q3 was $82.2 million (34.9% margin), down from $95.2 million (36.1%) last year.
Adjusted EBITDA was $9.8 million (4.2% margin), down from $19.6 million (7.4%) a year ago.
SG&A expenses fell by $8.6 million to $66.3 million, with marketing expenses rising 20.4% to 6.7% of net sales.
Cash and equivalents at quarter end were $17.2 million, with $291.3 million in outstanding debt and $86.2 million available under the ABL Facility.
Net cash used in operating activities for the nine months was $7.1 million, compared to $65.4 million provided last year.
Outlook and guidance
Full-year net sales expected between $995 million and $1.002 billion, with adjusted EBITDA guidance of $59–$62 million.
Capital expenditures projected at $13–$15 million, focused on infrastructure and technology.
Up to 180 store closures planned to align with demand and sales channels.
No substantive recovery in tops or shoes expected in Q4; improvement anticipated in Q1 2026.
Store closures and cost reductions expected to drive substantial EBITDA margin expansion and liquidity in 2026.
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