Torrid Holdings Inc. CURV recently beat market expectations with its fourth-quarter financial report, unveiled on Thursday.
Surpassing predictions, Torrid Holdings reported a GAAP loss of 4 cents per share, while the market had anticipated a loss of 7 cents per share. The company’s quarterly sales totaled $293.500 million, outshining estimates of $274.827 million, data from Benzinga Pro revealed.
Expressing her satisfaction with the fiscal year 2023 outcomes, Lisa Harper, Torrid’s Chief Executive Officer, highlighted the business’s improvements. Harper shared, “We have enhanced our assortment, reduced inventory levels, improved product costs, and optimized marketing investments. The positive response from customers to our new merchandise collections resulted in encouraging trends in sales and margins for the quarter. The fourth-quarter results have surpassed our expectations and laid a robust groundwork for the future. As we step into fiscal 2024, our focus will remain on strengthening our core strategic initiatives to ensure consistent results and significant cash flow generation.”
For its first-quarter net sales, Torrid forecasts figures between $277 million and $282 million, contrasting market estimates of $296.44 million. Looking ahead, the company anticipates FY24 net sales ranging from $1.135 billion to $1.155 billion, compared to the market’s expectation of $1.14 billion.
In Monday’s trading, Torrid witnessed a 3.7% dip, settling at $4.6999 per share.
Post the earnings report, market analysts revised their price targets for Torrid Holdings.
- Telsey Advisory Group adjusted Torrid’s price target from $5 to $6. Analyst Dana Telsey from Telsey Advisory Group retained a Market Perform rating for the stock.
- Goldman Sachs raised the price target on Torrid from $2.95 to $5.75. Brooke Roach, an analyst at Goldman Sachs, maintained a Neutral rating.
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