These Analysts Raise Their Forecasts On Torrid Holdings After Q4 Results

Author: Avi Kapoor | April 01, 2024 02:44pm

Torrid Holdings Inc. (NYSE:CURV) reported better-than-expected fourth-quarter financial results on Thursday.

Torrid Holdings posted GAAP loss of 4 cents per share, versus market expectations for a loss of 7 cents per share. The company’s quarterly sales came in at $293.500 million, versus estimates of $274.827 million, according to data from Benzinga Pro.

Lisa Harper, Chief Executive Officer, stated, "In fiscal 2023 we improved the fundamentals of our business by enhancing our assortment while reducing overall inventory levels, improving product costs, and optimizing our marketing investments. We are encouraged by the improving trends in sales and margins as customers responded to our new merchandise collections. For the fourth quarter we delivered results that exceeded our guidance, providing a strong foundation for the future. As we move into fiscal 2024, we will continue to build on our core strategic initiatives, which we believe will position us to deliver consistent results and generate meaningful cash flow."

Torrid said it sees first-quarter net sales of $277 million to $282 million, versus market estimates of $296.44 million. The company expects FY24 net sales of $1.135 billion to $1.155 billion, versus expectations of $1.14 billion.

Torrid shares fell 3.7% to trade at $4.6999 on Monday.

These analysts made changes to their price targets on Torrid following earnings announcement.

• Telsey Advisory Group raised the price target on Torrid from $5 to $6. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating.
• Goldman Sachs increased the price target on Torrid from $2.95 to $5.75. Goldman Sachs analyst Brooke Roach maintained a Neutral rating.

 

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Posted In: CURV