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Torrid Holdings Inc (NYSE:CURV) shares are trading lower after hours Wednesday after the company reported mixed financial results and issued guidance below analyst estimates.
Torrid Holdings said second-quarter revenue increased 2% year-over-year to $340.9 million, which beat average analyst estimates of $340.7 million, according to Benzinga Pro. The company reported quarterly earnings of 22 cents per share, which missed average analyst estimates of 24 cents per share.
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"Our team made notable progress on our priorities, including clearing through [the] excess inventory to appropriately set up the second half of the year, and filling critical leadership roles. While upgrades we made to our distribution platform caused unanticipated headwinds during the quarter, we are now fully operational and generating enhanced throughput and capacity," said Lisa Harper, CEO of Torrid Holdings.
Torrid expects third-quarter revenue to be between $290 million and $305 million versus the estimate of $306.8 million. The company expects full-year revenue to be between $1.26 billion and $1.3 billion versus the estimate of $1.31 billion.
Torrid is a direct-to-consumer brand of apparel, intimates, and accessories in North America, targeting 25- to 40-year-old women.
See Also: Why American Eagle Stock Is Plunging After Hours: 'This Is An Unprecedented Time In Retail'
CURV Price Action: Torrid has a 52-week high of $11.29 and a 52-week low of $3.70.
The stock was down 13.41% in after-hours at $4.65 at the time of publication.
Photo: Lorenzo Cafaro from Pixabay.
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.