Torrid Holdings Inc. Files Q1 2024 10-Q Report

TL;DR

**Torrid Holdings Q1 2024 10-Q filed. Check financials.**

AI Summary

Torrid Holdings Inc. filed its 10-Q report for the period ending May 4, 2024. The filing covers financial performance and operational updates for the first quarter of fiscal year 2024. Key financial data and disclosures relevant to investors are included.

Why It Matters

This 10-Q filing provides investors with a detailed look at Torrid's financial health and operational performance during the first quarter of fiscal year 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific content within this filing could reveal risks or opportunities for Torrid Holdings.

Key Players & Entities

• Torrid Holdings Inc. (company) — Filer of the 10-Q report
• 20240504 (date) — End of the reporting period
• 0001792781 (company) — Central Index Key for Torrid Holdings Inc.

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share CURV New York Stock Exchange

Filing Documents

• thi-20240504.htm (10-Q) — 749KB
• ex101_thirdamendmenttose.htm (EX-10.1) — 13KB
• ex102_fifthamendmenttose.htm (EX-10.2) — 5KB
• q12024ex103alpineretailgro.htm (EX-10.3) — 54KB
• ex104_parkhyon-offerlett.htm (EX-10.4) — 2KB
• ex105_hyonparkcoopromoti.htm (EX-10.5) — 1KB
• q12024exhibit311.htm (EX-31.1) — 10KB
• q12024exhibit312.htm (EX-31.2) — 10KB
• q12024exhibit321.htm (EX-32.1) — 4KB
• q12024exhibit322.htm (EX-32.2) — 4KB
• ex101_thirdamendmenttose001.jpg (GRAPHIC) — 215KB
• ex101_thirdamendmenttose002.jpg (GRAPHIC) — 49KB
• ex101_thirdamendmenttose003.jpg (GRAPHIC) — 163KB
• ex101_thirdamendmenttose004.jpg (GRAPHIC) — 270KB
• ex101_thirdamendmenttose005.jpg (GRAPHIC) — 242KB
• ex102_fifthamendmenttose001.jpg (GRAPHIC) — 214KB
• ex102_fifthamendmenttose002.jpg (GRAPHIC) — 53KB
• ex102_fifthamendmenttose003.jpg (GRAPHIC) — 27KB
• ex104_parkhyon-offerlett001.jpg (GRAPHIC) — 233KB
• ex104_parkhyon-offerlett002.jpg (GRAPHIC) — 281KB
• ex104_parkhyon-offerlett003.jpg (GRAPHIC) — 303KB
• ex104_parkhyon-offerlett004.jpg (GRAPHIC) — 280KB
• ex104_parkhyon-offerlett005.jpg (GRAPHIC) — 107KB
• ex105_hyonparkcoopromoti001.jpg (GRAPHIC) — 96KB
• 0001628280-24-027831.txt ( ) — 8579KB
• thi-20240504.xsd (EX-101.SCH) — 45KB
• thi-20240504_cal.xml (EX-101.CAL) — 73KB
• thi-20240504_def.xml (EX-101.DEF) — 163KB
• thi-20240504_lab.xml (EX-101.LAB) — 473KB
• thi-20240504_pre.xml (EX-101.PRE) — 355KB
• thi-20240504_htm.xml (XML) — 573KB

- Financial Information

Part I - Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of May 4, 2024 and February 3, 2024 5 Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended May 4, 2024 and April 29, 2023 6 Condensed Consolidated Statements of Stockholders ' Deficit for the three months ended May 4, 2024 and April 29, 2023 7 Condensed Consolidated Statements of Cash Flows for the three months ended May 4, 2024 and April 29, 2023 8 Notes to Unaudited Condensed Consolidated Financial Statements 9

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 28

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

D efaults Upon Senior Securities

Item 3. D efaults Upon Senior Securities 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 31

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this Quarterly Report on Form 10-Q are forward-looking statements. Forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely" and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives, strategies or the expected outcome or impact of pending or threatened litigation are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those that we expected, including: the adverse impact of rulemaking changes implemented by the Consumer Financial Protection Bureau on our income streams, profitability and results of operations; changes in consumer spending and general economic conditions; the negative impact on interest expense as a result of rising interest rates; inflationary pressures with respect to labor and raw mat

- Financial Information

Part I - Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) TORRID HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands, except share and per share data) May 4, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 20,465 $ 11,735 Restricted cash 399 399 Inventory 144,808 142,199 Prepaid expenses and other current assets 27,032 22,229 Prepaid income taxes 1,592 2,561 Total current assets 194,296 179,123 Property and equipment, net 98,455 103,516 Operating lease right-of-use assets 153,931 162,444 Deposits and other noncurrent assets 15,915 14,783 Deferred tax assets 8,681 8,681 Intangible asset 8,400 8,400 Total assets $ 479,678 $ 476,947 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 58,850 $ 46,183 Accrued and other current liabilities 108,764 107,750 Operating lease liabilities 36,050 42,760 Borrowings under credit facility — 7,270 Current portion of term loan 16,144 16,144 Due to related parties 8,519 9,329 Income taxes payable 5,996 2,671 Total current liabilities 234,323 232,107 Noncurrent operating lease liabilities 147,730 155,825 Term loan 284,517 288,553 Deferred compensation 5,259 5,474 Other noncurrent liabilities 6,489 6,705 Total liabilities 678,318 688,664 Commitments and contingencies (Note 15) Stockholders' deficit Preferred shares: $ 0.01 par value; 5,000,000 shares authorized; zero shares issued and outstanding at May 4, 2024 and February 3, 2024 — — Common shares: $ 0.01 par value; 1,000,000,000 shares authorized; 104,345,896 shares issued and outstanding at May 4, 2024; 104,204,554 shares issued and outstanding at February 3, 2024 1,044 1,043 Additional paid-in capital 136,133 135,140 Accumulated deficit ( 335,415 ) ( 347,587 ) Accumulated other comprehensive loss ( 402 ) ( 313 ) Total stockholders' deficit ( 198,640 ) ( 211,717 ) Total liabilities and stockholders' deficit $ 479,678 $ 476,947 The accompanying notes are an integral part of th

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View this 10-Q filing on SEC EDGAR