Women’s plus-size apparel retailer Torrid Holdings (NYSE: CURV) reported Q1 CY2026 results topping the market’s revenue expectations, but sales fell by 7.6% year on year to $245.8 million. On the other hand, next quarter’s revenue guidance of $236 million was less impressive, coming in 3% below analysts’ estimates. Its GAAP loss of $0 per share was in line with analysts’ consensus estimates.
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Torrid (CURV) Q1 CY2026 Highlights:
- Revenue: $245.8 million vs analyst estimates of $239.9 million (7.6% year-on-year decline, 2.5% beat)
- EPS (GAAP): $0 vs analyst estimates of -$0.01 (in line)
- Adjusted EBITDA: $17.64 million vs analyst estimates of $16.68 million (7.2% margin, 5.8% beat)
- The company reconfirmed its revenue guidance for the full year of $950 million at the midpoint
- EBITDA guidance for the full year is $70 million at the midpoint, above analyst estimates of $69.38 million
- Operating Margin: 3.5%, down from 6% in the same quarter last year
- Free Cash Flow was $5.70 million, up from -$20.56 million in the same quarter last year
- Locations: 463 at quarter end, down from 632 in the same quarter last year
- Same-Store Sales fell 1.7% year on year (-3.5% in the same quarter last year)
- Market Capitalization: $138.3 million
Company Overview
Promoting a message of body positivity and inclusiveness, Torrid Holdings (NYSE: CURV) is a plus-size women’s apparel and accessories retailer.
Revenue Growth
Reviewing a company’s long-term sales performance reveals insights into its quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years.
With $979.9 million in revenue over the past 12 months, Torrid is a small retailer, which sometimes brings disadvantages compared to larger competitors benefiting from economies of scale and negotiating leverage with suppliers.
As you can see below, Torrid struggled to generate demand over the last three years. Its sales dropped by 7.8% annually as it closed stores and observed lower sales at existing, established locations.
This quarter, Torrid’s revenue fell by 7.6% year on year to $245.8 million but beat Wall Street’s estimates by 2.5%. Company management is currently guiding for a 10.2% year-on-year decline in sales next quarter.
Looking further ahead, sell-side analysts expect revenue to decline by 2.6% over the next 12 months. it’s hard to get excited about a company that is struggling with demand.
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Store Performance
Number of Stores
A retailer’s store count influences how much it can sell and how quickly revenue can grow.
Torrid listed 463 locations in the latest quarter and has generally closed its stores over the last two years, averaging 10% annual declines.
When a retailer shutters stores, it usually means that brick-and-mortar demand is less than supply, and it is responding by closing underperforming locations to improve profitability.
Same-Store Sales
The change in a company’s store base only tells one side of the story. The other is the performance of its existing locations and e-commerce sales, which informs management teams whether they should expand or downsize their physical footprints. Same-store sales is an industry measure of whether revenue is growing at those existing stores and is driven by customer visits (often called traffic) and the average spending per customer (ticket).
Torrid’s demand has been shrinking over the last two years as its same-store sales have averaged 4.8% annual declines. This performance isn’t ideal, and Torrid is attempting to boost same-store sales by closing stores (fewer locations sometimes lead to higher same-store sales).
In the latest quarter, Torrid’s same-store sales fell by 1.7% year on year. This decrease was an improvement from its historical levels. It’s always great to see a business’s demand trends improve.
Key Takeaways from Torrid’s Q1 Results
It was encouraging to see Torrid meet analysts’ EPS expectations this quarter. We were also glad its EBITDA outperformed Wall Street’s estimates. On the other hand, its EBITDA guidance for next quarter missed and its revenue guidance for next quarter fell short of Wall Street’s estimates. Overall, this print was mixed but still had some key positives. The stock traded up 8.7% to $1.51 immediately after reporting.
Big picture, is Torrid a buy here and now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
