Torrid Revs Up Store Openings

Torrid Holdings Inc. (City of Industry, Calif) says it plans to open 30 to 40 new stores this year. The seller of apparel, intimates and accessories for women sizes 10 to 30 disclosed that projection in the news release on its financial results for its 2022 fiscal year.

In that release, the company said it plans capital expenditures between $40 million and $45 million in 2023, “reflecting infrastructure and technology investments, as well as between 30 and 40 new stores for the year.” During its 2022 year, the company opened 18 Torrid stores and eight Curv stores, while closing 11 Torrid stores, giving it a total store year-end store count of 639. (Torrid’s release did not say if it planned any closings this year.)

As for its performance in the just-completed fiscal year, the retailer’s net sales fell to $1.28 million, down 0.7 percent from a year earlier, but its net income rose to $50.2 million, up from a net loss of $29.9 million the year before.

“We are pleased with the quality of our inventory and product moving forward, and we are starting to see our gross margin rates stabilize,” said CEO Lisa Harper. “Looking ahead, I believe we have the right strategies and priorities in place to deliver against long-term financial targets and drive shareholder value.”