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- Torrid Holdings Inc (NYSE:CURV) reported first-quarter FY22 sales growth of 1% year-on-year to $328.41 million, beating the consensus of $303.95 million.
- Comparable sales decreased 2% versus an increase of 108% a year ago.
- Gross profit decreased 13.6% Y/Y to $125.1 million. The gross profit margin was 38.1%, contracting 640 basis points from last year.
- SG&A expenses declined 38.6% to $67.4 million. The operating margin was 12.1%, and the operating income rose 55.8% to $39.7 million.
- Adjusted EPS of $0.23 beat the analyst consensus of $0.20.
- Adjusted EBITDA fell by 31.6% Y/Y to $51.8 million, and the margin contracted from 23.2% to 15.8%.
- Torrid held $25 million in cash and equivalents as of April 30, 2022. Net cash provided by operating activities totaled $9.2 million.
- Outlook: Torrid sees Q2 sales of $350 million - $360 million, versus the consensus of $359.40 million. The company continues to expect FY22 sales of $1.30 billion - $1.365 billion, against the consensus of $1.34 billion.
- The company expects adjusted EBITDA of $53 million - $58 million for Q2 and $195 million - $220 million for FY22.
- Price Action: CURV shares closed higher by 4.33% at $5.78 on Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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