Torrid Holdings Inc. announced its financial results for the third quarter of fiscal 2024, reporting a net loss of $1.194 million, compared to a net loss of $2.748 million in the prior year period. Comparable sales for the quarter decreased by 7% year-over-year.
Lisa Harper, Chief Executive Officer, stated that the third quarter results were below expectations due to fall assortments lacking sufficient newness and novelty, alongside a meaningful change in the environment from late September into October. Despite top-line sales pressure, the company achieved a positive full-price comparable sales performance and 285 basis points of gross profit expansion.
Adjusted EBITDA for the quarter increased modestly to $19.584 million from $19.379 million in the prior year. The company ended the quarter with clean inventory levels, down 19% compared to the previous year, and $44.0 million in cash and cash equivalents.
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