Torrid Holdings Inc. · NYSE:CURV
Torrid — Q2 2026 Earnings Presentation
32 slides from Torrid's earnings presentation, Sep 3, 2026
Slide 1: Investor Presentation
Investor Presentation September 2024
Slide 2: Disclaimer
Disclaimer Disclaimer: Torrid Holdings Inc. (the “Company,” “we,” “us” or “our”) has filed a registration statement (including a prospectus) on Form S-3 (File No. 333-277148) with the Securities and Exchange Commission (the “SEC”) for the offering to which this presentation relates. Before you inves
Slide 3: Today's Presenters
Today’s Presenters Lisa Harper Ashlee Wheeler Paula Dempsey Chief Executive Officer Chief Strategy & Planning Officer Chief Financial Officer 3
Slide 4: Agenda
Agenda 01 Torrid at A Glance 02 Investment Highlights 03 Growth Strategies 04 Financial Overview 05 Appendix 4
Slide 5: Torrid At A Glance
TBU – Better Quality Image 01 Torrid At A Glance 5
Slide 6: Our Mission
Our Mission “Our mission is to empower curvy women to love the way they look and feel by providing everything in their closet with unparalleled fit and rooted in an exceptional customer relationship” Lisa Harper Chief Executive Officer 6
Slide 7: Torrid At A Glance
Torrid At A Glance Growing Underserved Leading Plus-Size Scaled and Profitable Strong and Proven Omni- Attractive Customer Market Women’s Brand Apparel Retailer Channel Strategy Metrics 1 $ $85Bn #1 $1.15Bn / 11% U.S. Plus-Sized Women’s Apparel Largest Brand for 2023 Net Sales / ~60% +75% E-Commerce
Slide 8: Decades of Commitment To Our Customer
Decades of Commitment To Our Customer 2001 Torrid was established as a Hot Topic subsidiary brand Torrid shifts from market driven model to vertical retail model, 2011 kickstarting transformational growth 2015 Torrid becomes a standalone brand with +360 stores 2019 Store count doubles to 600+ locati
Slide 9: Who We Are Today
Who We Are Today New Executive Leadership Team Has Evolved Torrid’s Model, Setting the Foundation for Further Anticipated Growth Before (2022) Today • Emphasis on relevancy: evolving design, color, and print for new fashion trends Product • Strict, rule-based approach to design • Consolidated vendor
Slide 10: Our Deliberate Strategy Has Delivered Results
Our Deliberate Strategy Has Delivered Results • Throughout late 2023 and 2024 we have deliberately managed our non-productive inventory through targeted markdowns and our outlet strategy, while focusing on regular price merchandise and sell-through, which account for ~90% of sales(1) • Our strategy
Slide 11: Investment Highlights
02 Investment Highlights 11
Slide 12: Investment Highlights Overview
Investment Highlights Overview Unified, Deep Experienced Leader in Plus Innovative Omni-Channel Optimized Retail Connection with Management Size Fashion Product Design Shopping Footprint Loyal Customers Team Experience WE BELIEVE THAT WE HAVE REPOSITIONED THE BUSINESS FOR SUSTAINABLE GROWTH, ENHANCE
Slide 13: We Strive to Give Our Customers Something No One Else Can
We Strive to Give Our Customers Something No One Else Can Solely focused on our plus-size Dedication customers Prioritized what matters most to Style & Fit her Celebrate our customer and her Culture body Trained and developed fit- Skill focused designers Invested resources over ten years Time to get
Slide 14: Innovative Product Design & Balanced Assortment Backed by Dynamic Fulfillment Model
Innovative Product Design & Balanced Assortment Backed by Dynamic Fulfillment Model We Lead with Product Design & Innovation… … To Create a Balanced Assortment Anchored in Our Core Franchises Proprietary Collections Novelty 6-8 week life cycle Exceptional Fit & Styling Core 8-12 week life cycle Fill
Slide 15: Case Study: Modernizing Our Denim Fit
Case Study: Modernizing Our Denim Fit 2021 - 2023 2024 Fall Denim Launch One dimensional and dated Modern, relevant, trend-right Distorted heavily to skinny silhouette Diversity in leg shape: skinny, straight, boot, wide leg and flare Limited fabric and wash range Wide range in fabric weight, wash a
Slide 16: Deep Connection With Loyal And Passionate Customers
Deep Connection With Loyal And Passionate Customers • 3.8MM+ Active Customers • 95% of Sales from Loyalty Customers • 75% Net Sales Retention Rate(1) • 52% Brand Awareness(2) • 1MM+ Donated to Various Philanthropic Organizations Notes: Represents FY2023 unless otherwise noted 1. We calculate net sal
Slide 17: Seasoned Leadership Team to Support Growth
Seasoned Leadership Team to Support Growth Name Position Tenure Retail Experience Prior Experience Chief Executive Lisa Harper 16 Years (1) 35+ Years Officer • We’re on a mission to be the Chief Financial best direct-to-consumer Paula Dempsey 2 Years 16 Years Officer apparel and intimates brand in t
Slide 18: Growth Strategies
TORRID Growth Strategies 18
Slide 19: We Have A Small Share Of A Large And Growing Addressable Market
We Have A Small Share Of A Large And Growing Addressable Market NUMBER OF U.S. WOMEN (1) of plus-size women 131MM Total Women report that it is difficult to 69% find clothing as stylish and attractive as those available to non-plus- size women(1) 90MM Plus-Size Women of plus-size women report they w
Slide 20: Key Initiatives Driving Sustainable and Profitable Growth
Broaden PRODUCT Key Customer Base and Expansion of Core Assortment and Expand the Addition of New Sub-Brands & Initiatives Wallet Capsules Share Driving Grow MARKETING Sustainable Awareness and Innovative and Balanced Marketing Spend to Conversion Encourage Deeper Customer Engagement and and Attract
Slide 21: Product Expansion is the Catalyst to Expanding Our Customer Base and Growing Our Share of Her Wallet
Product Expansion is the Catalyst to Expanding Our Customer Base and Growing Our Share of Her Wallet Core Capsules Intimates MODERN, RELEVANT, SILHOUETTES DIFFERENTIATED AESTHETICS BEAUTIFUL AND FUNCTIONAL FOR EVERY OCCASION APPEAL TO A BROADER AUDIENCE INTIMATES HELP HER LOOK AND FEEL HER VERY BEST
Slide 22: Innovative Marketing to Fuel Customer File Growth and LTV
Innovative Marketing to Fuel Customer File Growth and LTV MULTI-PRONGED MARKETING STRATEGY ACROSS ALL LEVELS OF THE FUNNEL OPTIMIZED ENHANCED LAUNCH OF TORRID DIGITAL CAC LOYALTY PROGRAM CASTING CALL ~$34 93% 11,000+ Digital CAC (1) Loyalty Penetration Applicants RESULTS IN GREATER BRAND LEADING HIG
Slide 23: Financial Overview
TORRID Financial Overview 24
Slide 24: History of Profitable Growth and Strong Omni-channel Performance
History of Profitable Growth and Strong Omni-channel Performance Rapid Expansion COVID-19 Period Foundational Reset Net Sales ($M) $1,297 $1,288 $1,152 $1,136 $1,037 $984 $909 $792 $640 $446 2015 2016 2017 2018 2019 2020 2021 2022 2023 LTM Q2 2024 Comp % 33% 25% 12% 10% 13% (7%) 31% (3%) (12%) (1%)(
Slide 25: Strategic Actions Are Driving Results
Strategic Actions Are Driving Results Actions to Reduce Excess Inventory and Improve Unit Costs are Driving Gross Margin Improvement Inventory Reduction Y/Y% Gross Margin Y/Y Δ 360bps 323bps 253bps (2%) (73bps) (134bps) (168bps) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 (13%) (14%) Comp % (14%) (18%) (8%)
Slide 26: Strategic Actions Are Driving Results (Cont'd)
Strategic Actions Are Driving Results (Cont’d) And Improving Comparable Sales by Shifting Sales to Regular Price from Markdown Comp Sales Total Comp Regular Price Comp Markdown Comp 6% (1%) (7%) (7%) (6%) (8%) (9%) (9%) (14%) (14%) (15%) (18%) (20%) (19%) (26%) (40%) (37%) (50%) Q1'23 Q2'23 Q3'23 Q4
Slide 27: Strong Balance Sheet And Cash Flow
Strong Balance Sheet And Cash Flow Attractive Financial Profile with Sustained Free Cash Flow Generation Total Liquidity(1) Free Cash Flow(2) Net Debt to Adjusted EBITDA(3) $M $M $153 $154 $149 $149 $137 $38 2.8x 2.8x $114 2.6x 2.5x $21 2.2x 2.2x $17 $6 ($2) ($4) Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24
Slide 28: Going Forward
Going Forward • Expand product offerings to grow customer breadth & wallet share Growth Strategy • Balanced marketing to drive awareness and activation • Continual margin optimization • Conversion of existing stores to margin accretive off-mall locations Disciplined Financial • Strong operational ex
Slide 29: Appendix
TORRID 05 Appendix
Slide 30: Full Year 2023 Net Income to Adjusted EBITDA Reconciliation
Full Year 2023 Net Income to Adjusted EBITDA Reconciliation Fiscal Year Ended January 28 February 3 $M 2023 2024 Net Income $50 $12 Interest expense 30 39 Interest income, net of other expense 0 (0) Provision for income taxes 21 6 Depreciation and amortization (1) 36 36 Share-based compensation(2) 1
Slide 31: Q2 2024 and LTM Net Income to Adjusted EBITDA Reconciliation
Q2 2024 and LTM Net Income to Adjusted EBITDA Reconciliation 3 Months Ended April 29 July 29 October 28 February 3 May 4 August 3 $M Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 LTM Q2 2024 Net Income / (Loss) $12 $7 ($3) ($4) $12 $8 $14 Interest expense 9 10 10 10 9 9 39 Interest income, net of
Slide 32: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 3 Months Ended April 29 July 29 October 28 February 3 May 4 August 3 $M Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Net Cash Provided by Operating Activities $11 $20 $2 $9 $28 $41 Less: Purchases of Property and Equipment (6) (4) (6) (11) (7) (3) Free Cash Flow $6 $