share_log

Investors Cheer Torrid Holdings' Q2 Beat, Strong Q3, FY21 Outlook

Benzinga Real-time News ·  Sep 9, 2021 09:11
  • Torrid Holdings Inc (NYSE:CURV) reported second-quarter FY21 sales growth of 34% year-on-year, to $332.87 million, beating the analyst consensus of $278.05 million. Net sales increased 29% from Q2 2019.
  • Comparable sales increased 30% versus last year and 26% compared to Q2 2019.
  • Gross profit increased 87% Y/Y to $149.7 million. The gross profit margin was 45.0%, expanding 1,290 basis points from last year and 520 basis points from Q2 2019.
  • SG&A expenses more than tripled to $179 million. SG&A expenses were 53.8% of net sales versus 20.3% last year. Operating loss for the quarter was $(40.05) million.
  • Adjusted EPS of $0.36 beat the analyst consensus of $0.13. Adjusted EBITDA grew by 153% Y/Y to $86.5 million.
  • Torrid Holdings held $50.5 million in cash and equivalents as of July 31, 2021. Net cash provided by operating activities for the six months totaled $106.5 million.
  • Outlook: Torrid sees Q3 sales of $305 million - $315 million, above the consensus of $294.74 million. The company expects FY21 sales of $1.29 billion - $1.31 billion, above the consensus of $1.26 billion.
  • Meanwhile, the company expects global supply chain challenges to persist into the back half of the year.
  • Price Action: CURV shares are trading higher by 18.80% at $21.93 in premarket on the last check Thursday.
Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Write a comment