Torrid Holdings Inc (NYSE:CURV), a direct-to-consumer apparel, intimates, and accessories brand in North America for women sizes 10 to 30, stock rose 6.32% (As on March 29, 8:00:00 PM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 23. Cash and cash equivalents at the end of fiscal 2023 totaled $12.1 million. Total liquidity at the end of the year, including available borrowing capacity under our revolving credit agreement, was $114.8 million. Cash flow from operations for the twelve-month period ended February 3, 2024 was $42.8 million, compared to $53.3 million for the twelve-month period ended January 28, 2023.
CURV in the fourth quarter of FY 23 has reported the adjusted loss per share of 4 cents, beating the analysts’ estimates for the adjusted loss per share of 8 cents. The company had reported 2.6 percent fall in the adjusted revenue growth to $293.5 million in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $279 million. Gross profit margin was 34.5% compared to 31.9% in the fourth quarter of last year. The 250-bps improvement was primarily driven by improved product margins. Net loss of $4.1 million, or ($0.04) per share, compared to a net loss of $3.8 million, or ($0.04) per share in the fourth quarter of last year. Adjusted EBITDA was $16.4 million, or 5.6% of net sales, compared to $16.4 million, or 5.4% of net sales, in the fourth quarter of last year. In the fourth quarter, the company has opened 23 Torrid stores and closed 11 Torrid stores. The total store count at quarter end was 655 stores.
For the current quarter ending in April, Torrid Holdings expects revenue to be in the range of $277 million to $282 million and adjusted EBITDA to be between $31 million and $34 million.
The company expects full-year revenue to be in the range of $1.14 billion to $1.16 billion, Adjusted EBITDA to be between $106 million and $116 million and capital expenditures to be between $20 million and $25 million reflecting infrastructure and technology investments as well as between 15 and 20 new stores for the year.
On the other hand, the company has recently announced the promotion of Paula Dempsey to the role of Chief Financial Officer (CFO). Ms. Dempsey served as the interim CFO until her promotion on December 4, 2023.