Here are 1-2 brief analogies to describe Torrid (CURV):

• The H&M for plus-size women.
• The Old Navy of plus-size fashion.

• Apparel: Offers a comprehensive range of plus-size clothing for women, including tops, dresses, bottoms, and outerwear.
• Intimates: Provides a selection of plus-size bras, panties, sleepwear, and shapewear.
• Swimwear: Features fashionable swimsuits and beachwear designed specifically for plus-size figures.
• Footwear: Sells wide-width shoes, boots, and sandals tailored for comfort and style.
• Accessories: Includes a variety of jewelry, handbags, belts, and other fashion complements.

Torrid (CURV) - Customer Categories

• Fashion-Forward Plus-Size Women: This primary customer group comprises women seeking trendy, modern, and stylish clothing designed specifically for their body types (sizes 10-36). They are looking for fashionable options that go beyond basic necessities and allow them to express their personal style.
• Comfort and Fit Seekers: Customers who prioritize well-fitting garments engineered to flatter and comfortably accommodate plus-size bodies. They value clothing that is not merely scaled up but thoughtfully designed to provide optimal comfort, support, and a confidence-boosting silhouette.
• Versatile Wardrobe Builders: Shoppers who rely on Torrid as a comprehensive source for a wide range of their apparel needs. This includes items for various occasions, such as everyday casual wear, professional attire, intimates, activewear, swimwear, and special occasion dresses, allowing them to build a complete and varied wardrobe from a single brand.

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Lisa Harper, Chief Executive Officer

Lisa Harper has served as Torrid's CEO since May 2022 and has been a member of Torrid's board of directors since 2008. Prior to her current role at Torrid, she was the Executive Chairperson of Belk, a privately-owned department store chain, from July 2021 to May 2022, and served as CEO of Belk from July 2016 through July 2021. Ms. Harper also previously held the CEO position at Torrid, its predecessor, and Hot Topic from March 2011 until June 2016. Her experience extends to The Gymboree Corporation, a publicly traded corporation, where she held various roles including Chairman of the board, Chief Creative Officer, Vice Chairman of the board, and CEO between February 2001 and July 2006. Her career also includes merchandising and design positions with retailers such as Limited Too, Esprit, GapKids, Mervyn's, and Levi Strauss. Torrid itself was established as a dedicated brand under Hot Topic's infrastructure and later became a standalone company under the ownership of private equity firm Sycamore Partners.

Paula Dempsey, Chief Financial Officer

Paula Dempsey was appointed as Torrid's Chief Financial Officer effective December 4, 2023. Before her promotion, she served as the Senior Vice President and Interim Chief Financial Officer, having joined Torrid in January 2023 as the Senior Vice President of Finance and Investor Relations. Ms. Dempsey has extensive retail experience, including senior leadership roles in finance and financial planning and analysis at publicly-held companies. She was the Senior Vice President of Corporate Finance at Mattress Firm prior to joining Torrid. Her career also includes roles at PriceSmart, Inc. where she was Vice President of Finance and later Vice President of Commercial Finance and Investor Relations, and various finance leadership positions at Natural Grocers by Vitamin Cottage, Inc.

Hyon Park, Chief Operating Officer

Hyon Park was promoted to Chief Operating Officer in 2024. He joined Torrid in 2022 as Chief Technology Officer. With over 25 years of experience in information technology and consulting, Mr. Park has dedicated 20 of those years to direct-to-consumer retail organizations. His previous roles include Executive Vice President, Chief Information Officer at Belk, and positions at Tailored Brands and Gymboree. In his current role, he oversees technology, supply chain management, and store operations.

Ashlee Wheeler, Chief Planning Officer

Ashlee Wheeler was promoted to Chief Planning Officer, effective June 2024. She has been with Torrid for 13 years, holding various roles of increasing responsibility in merchandise planning, commercial planning, and inventory management. As Chief Planning Officer, she leads all aspects of Planning, Strategy, Pricing & Promotion, Omni-Channel fulfillment, and Analytics, with a focus on growth. Before joining Torrid, Ms. Wheeler spent five years at Lucky Brand Jeans in Merchandising Planning.

Liz Muñoz, Chief Creative Officer

Liz Muñoz transitioned to the role of Chief Creative Officer in May 2022, after previously serving as Torrid's CEO from August 2018 through April 2022. In her current role, Ms. Muñoz focuses on product, design, product development, fabrication, sourcing, technical fit, creative marketing, and merchandising. Prior to her time as CEO, she held other roles at Torrid, including president and senior vice president of product. Before joining Torrid, Ms. Muñoz worked at Lucky Brand in various capacities, including president and senior vice president of design and merchandising.

The most significant risk to Torrid's business is declining revenue, sales, and profitability. The company has consistently reported decreasing net sales, comparable sales, net income, and earnings per share (EPS) over recent periods. For instance, in the quarter ending November 1, 2025, net sales decreased by 10.8% and comparable sales by 8.3%, leading to a net loss of $6.4 million. This decline is attributed to execution missteps and an imbalance in the assortment mix, indicating waning customer demand.

A second major risk is the ongoing operational transition and associated execution risks, particularly the aggressive shift towards e-commerce and significant store closures. Torrid plans to close up to 180 underperforming stores in fiscal year 2025 as it accelerates its transformation to a more digitally-led business. While this strategy aims to reduce fixed costs and reinvest in digital growth, previous online sales have shown declines, and there is a high risk associated with the successful execution of such a substantial shift.

Finally, the company faces risks related to its substantial indebtedness and overall financial challenges. Torrid carries considerable debt and lease obligations, with leverage remaining elevated and a reported stockholders' deficit. The company has experienced weakening cash flows from operations and increased interest expenses, further highlighting the pressure on its financial health.

The clear emerging threat to Torrid is the rapid and significant expansion of high-quality, fashion-forward plus-size offerings by mainstream multi-category retailers (e.g., Target, Old Navy, Nordstrom, ASOS, H&M) and the aggressive market penetration of ultra-fast fashion companies (e.g., Shein, Temu) within the plus-size segment. This intensified competition from both ends of the market (quality/fashion from mainstream, price/volume from ultra-fast fashion) directly challenges Torrid's historical positioning as a primary destination for plus-size apparel, diluting its unique selling proposition and increasing pressure on its market share and pricing power as more consumers find viable alternatives outside of dedicated plus-size retailers.

• Global Plus-Size Women's Clothing Market: The global market size for plus-size women's clothing is estimated at USD 308.0 billion in 2024 and is projected to reach USD 444.4 billion by 2033. Another estimate places the global market size at USD 324.23 billion in 2025, predicted to increase to approximately USD 532.79 billion by 2034. In 2023, the global plus-size clothing market was estimated at USD 311.44 billion and is anticipated to reach USD 412.39 billion by 2030.

• U.S. Plus-Size Women's Clothing Market: The U.S. market for plus-size women's clothing is projected to be valued at USD 107.0 billion in 2024 and is expected to grow to USD 151.6 billion by 2033. Separately, the U.S. Plus Size Women's Clothing Market was valued at approximately USD 58.87 billion in 2023 and is anticipated to reach approximately USD 101.94 billion by 2032.

Here are 3-5 expected drivers of future revenue growth for Torrid (CURV) over the next 2-3 years:

1. Growth of Sub-brands and Product Innovation: Torrid is actively launching new sub-brands, such as Festi, Nightfall, Retro Chic, and Belle Isle, which have shown promising performance and are attracting new, younger customers. The company plans to expand the penetration of these higher-margin sub-brands from approximately 10% of its portfolio in fiscal year 2025 to up to 30% by fiscal year 2026. This strategy aims to broaden Torrid's market appeal and drive demand through refreshed product offerings and newness.
2. Digital Transformation and E-commerce Acceleration: Torrid is strategically shifting to a digitally-led business model, with online sales already constituting nearly 70% of total revenue. This figure is projected to reach low to mid-70% penetration in 2026. The company is also optimizing its physical retail footprint by closing underperforming stores, with plans to close up to 180 stores in 2025, anticipating that customers will transition to nearby locations or its robust e-commerce platform, which should result in limited revenue impact. This focus on digital channels aims for a leaner sales model with lower fixed costs and higher overall margins, indirectly supporting revenue growth by allowing reinvestment.
3. Enhanced Customer Acquisition and Engagement: Through the introduction of its new sub-brands and targeted marketing strategies, Torrid is successfully acquiring new customers, particularly within younger demographics (new customers averaging in their mid-30s). The company is also reactivating lapsed customers and seeing increased spending across its product portfolio, with a high percentage of sub-brand purchasers also buying from the core Torrid line. Strategic marketing investments are being deployed to support brand building and drive long-term customer file growth.
4. Improved Operational Efficiency and Profitability: Although not a direct revenue driver, Torrid's disciplined cost control, inventory management, and ongoing store optimization efforts are expected to improve profitability and free up capital, which can then be reinvested into growth initiatives. The company is mitigating the impact of tariffs through discretionary cost reductions and store optimization, expecting a neutral EBITDA impact from the pause in its China-sourced shoe category as it explores a more profitable re-entry strategy. This financial strengthening provides a foundation for sustainable revenue growth by allowing for strategic investments in product and customer-focused initiatives.

Share Repurchases

• Torrid completed a $20 million stock repurchase agreement with Sycamore Partners on June 26, 2025, repurchasing approximately 6 million shares at $3.50 per share.
• The company has an existing $100 million share repurchase program, with approximately $45 million remaining as of September 4, 2025.
• Management intends to utilize free cash flow to repurchase shares under this program in the future.

Share Issuance

• In June 2025, there was an underwritten public offering of 10 million shares of Torrid's common stock by certain existing stockholders at $3.50 per share.
• Torrid Holdings Inc. did not sell any shares in this offering and did not receive any proceeds from the sale.

Inbound Investments

• No information is available regarding large inbound investments made in Torrid by third parties such as strategic partners or private equity firms within the specified timeframe.

Outbound Investments

• No information is available regarding Torrid making strategic investments in other companies within the specified timeframe.

Capital Expenditures

• For fiscal year 2025, capital expenditures are anticipated to be in the range of $10 million to $15 million.
• The primary focus of these capital expenditures for fiscal 2025 includes investments in digital experience, store refreshes, and fulfillment capabilities to support the omnichannel growth strategy.
• In fiscal year 2024, capital expenditures were expected to be between $20 million and $25 million, directed towards systems, technology, and opening 12-16 new stores.