The following is a summary of the Torrid Holdings Inc. (CURV) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Torrid Holdings reported Q4 net sales of $294 million, surpassing their projections.

• Gross profit rose to $101 million, reflecting a gross margin boost of 250 basis points to 34.5%.

• Inventory levels were effectively lowered, concluding the year 21% down from the previous year.

• Net sales moderately went down from $301 million last year to $294 million this year.

• The company experienced a $4.1 million net loss or a loss of $0.04 per share.

• For the entirety of FY 2023, net sales reached $1.15 billion with net income valuing $12 million or $0.11 per share.

Business Progress:

• Significant business fundamental changes were realized in 2023, including optimizations in merchandising, marketing, and sourcing.

• Product categories like graphic tees and knit tops observed positive sales trends, with plans for expansion in 2024.

• Leveraging a new Digital Marketing platform, Torrid intends to improve customer engagement and acquisition.

• Continued expansion of collections, launching of new brands, and assortments optimization to cater to a wider demographic are in their 2024 plan.

• 15 to 20 new stores are set to be opened, while 10 to 15 existing ones are to be closed in 2024.

• Torrid envisions positive comps for both channels and plans for margin expansion continuation into 2025. They have also set further store overhauls with the addition of about eight clearance centers.

• They also aim to enhance their marketing strategies and plan for new store openings in Canada in the coming year.

More details: Torrid IR

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