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Torrid's net income rises despite sales decline in FY24
Torrid store Credits: Facebook/Torrid Women’s plus-size clothing brand Torrid recorded a net sales decrease of 4.2 percent to 1.1 billion dollars for the fiscal year 2024 with a comparable sales decrease of 4.5 percent compared to last year. However, net income rose to 16.3 million dollars or 16 cents per share, and adjusted EBITDA increased to 109.1 million dollars. The company opened 14 Torrid stores and closed 35, ending the year with 634 stores. Lisa Harper, chief executive officer, stated, “We successfully closed fiscal 2024 with positive results, fueled by product innovation in our core assortment and strong customer response to the launch of our high-growth, higher margin sub-brands.” Commenting on the outlook, Harper said, “Our fiscal first quarter was off to a choppy start; however, trends have been steadily improving as the quarter has progressed.” Looking ahead, for the first quarter of fiscal 2025 the company expects net sales between 264 million dollars and 274 million dollars and adjusted EBITDA between 24 million dollars and 28 million dollars. For fiscal 2025 the company forecasts net sales between 1.080 billion dollars and 1.100 billion dollars and adjusted EBITDA between 100 million dollars and 110 million dollars.
Women’s plus-size clothing brand Torrid recorded a net sales decrease of 4.2 percent to 1.1 billion dollars for the fiscal year 2024 with a comparable sales decrease of 4.5 percent compared to last year.
However, net income rose to 16.3 million dollars or 16 cents per share, and adjusted EBITDA increased to 109.1 million dollars.
The company opened 14 Torrid stores and closed 35, ending the year with 634 stores.
Lisa Harper, chief executive officer, stated, “We successfully closed fiscal 2024 with positive results, fueled by product innovation in our core assortment and strong customer response to the launch of our high-growth, higher margin sub-brands.”
Commenting on the outlook, Harper said, “Our fiscal first quarter was off to a choppy start; however, trends have been steadily improving as the quarter has progressed.”
Looking ahead, for the first quarter of fiscal 2025 the company expects net sales between 264 million dollars and 274 million dollars and adjusted EBITDA between 24 million dollars and 28 million dollars.
For fiscal 2025 the company forecasts net sales between 1.080 billion dollars and 1.100 billion dollars and adjusted EBITDA between 100 million dollars and 110 million dollars.
