On this page of StockholderLetter.com we present the latest annual shareholder letter from Torrid Holdings Inc. — ticker symbol CURV. Reading current and past CURV letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
Dear Torrid Stockholders, Fiscal 2025 was a year that tested our resilience and revealed the strength of the foundation we have been building. We delivered $1.0 billion in net sales, $63.6 million in Adjusted EBITDA1, and closed the year with total liquidity of $84.9 million results we are proud of given the significant headwinds we faced. The sweeping tariff changes introduced in April, which the industry came to know as Liberation Day, created an approximately $50 million cost impact that we met through disciplined vendor negotiations, supply chain restructuring, and savings from our store optimization program. These conditions also led us to strategically pause our footwear category for the majority of the year a difficult but necessary decision that protected margins and allowed us to re-source the business on more favorable terms. Throughout all of it, we remained deeply disciplined on pricing making only select, strategic adjustments where necessary while protecting our customers from the full burden of the cost environment. Maintaining their trust and the value they expect from Torrid was, and remains, nonnegotiable. Alongside these external challenges, we continued the deliberate work of rebuilding three core platforms channel, product, and pricing that now form the operational foundation of our business. With these platforms in place, we enter 2026 in a position of strength, focused on the next chapter: accelerating customer file growth. Channel Optimization We completed a significant rationalization of our retail store fleet, closing the large majority of the structurally unproductive locations we had identified. The remaining closures will be completed in the first half of fiscal 2026. What has been most encouraging is the customer retention story: our most loyal customers proved to be truly channel-agnostic, migrating seamlessly to nearby stores and our digital platform, and driving dramatically improved four-wall profitability in our remaining fleet. The strength of our omnichannel ecosystem has been validated. Product Innovation & Sub-Brand Strategy Our product platform is fundamentally stronger entering 2026. We refocused our assortment on the core franchises, fabrications, and silhouettes our customers love most with an increasingly data-informed approach to planning and buying. Dresses delivered growth for four consecutive quarters. Intimates, Activewear, and Knit Tops all gained meaningful momentum. And Footwear, strategically paused and re sourced, returned in Q4 to immediate and enthusiastic customer response. Our sub-brand strategy is a proven and growing engine of the business. All five sub-brands were live throughout fiscal 2025, generating meaningful sales and, critically, attracting new customers while deepening engagement with our most loyal shoppers. These lifestyle concepts deliver the newness and excitement that broaden our appeal and they carry higher product margins than our core assortment, making their growth margin accretive. 1 Please refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this 2025 Annual Report for further discussion regarding Adjusted EBITDA and a reconciliation of net (loss) income to Adjusted EBITDA.
Pricing Platform & Opening Price Point Our Opening Price Point strategy has become a critical pillar of our go-forward model. The Most Loved collection delivers accessible price points without compromising our commitment to quality and it is already demonstrating its ability to drive conversion and units per transaction across both channels. Built on a disciplined product development and sourcing platform, this strategy is accretive to margins and represents one of our most compelling levers for customer reactivation and acquisition. 2026 Strategic Priority: Accelerating Customer File Growth2 With our foundational platforms now optimized, the work of 2026 is growth. Our strategy is clear: re engage the customers who know and love Torrid, welcome new customers into our brand, and deepen the loyalty of those already at the center of our community. We will pursue this through more intelligent, personalized marketing meeting customers where they are, speaking to them with relevance, and giving them compelling reasons to return. Our loyalty program, our segmentation capabilities, and the breadth of our assortment across price points and sub-brands all work in concert to make this possible. We enter 2026 with a sharper commercial plan, stronger analytical infrastructure, and a team oriented around a single mission: grow the customer file. Looking Ahead The transformation of the past two years has been necessary, deliberate, and consequential. We have made the hard choices on our store fleet, our assortment, our pricing architecture and we have come through them with a business that is better structured, more focused, and more aligned with what our customer values. What lies ahead is the work of building on that foundation: winning customers, deepening relationships, and expanding the reach of a brand that genuinely serves a community that has been underserved by the industry for too long. The curvy woman deserves a brand that sees her, understands her, and shows up for her consistently. That is what Torrid is built to be, and that conviction guides every decision we make. On behalf of Torrid s Board of Directors and our entire leadership team, I sincerely thank you for your continued support and trust. We remain fully committed to delivering on our strategy and creating enduring value for all of our stakeholders. Sincerely, Lisa Harper, Chief Executive Officer 2 Please refer to Forward-Looking Statements and Risk Factor Summary and Part I Item 1A. Risk Factors of this 2025 Annual Report for a description of the various risks and uncertainties that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements in this 2025 Annual Report.
[This page intentionally left blank]
 • shareholder letter icon 4/20/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/26/2023 CURV Stockholder Letter
 • stockholder letter icon 4/23/2024 CURV Stockholder Letter
 • stockholder letter icon 4/23/2025 CURV Stockholder Letter
 • stockholder letter icon More "Apparel Stores" Category Stockholder Letters
 • Benford's Law Stocks icon CURV Benford's Law Stock Score = 66


CURV Shareholder/Stockholder Letter Transcript:

2025 Annual Report

Dear Torrid Stockholders,
Fiscal 2025 was a year that tested our resilience and revealed the strength of
the foundation we have been building. We delivered $1.0 billion in net sales,
$63.6 million in Adjusted EBITDA1, and closed the year with total liquidity of
$84.9 million     results we are proud of given the significant headwinds we
faced. The sweeping tariff changes introduced in April, which the industry
came to know as Liberation Day, created an approximately $50 million cost
impact that we met through disciplined vendor negotiations, supply chain
restructuring, and savings from our store optimization program. These
conditions also led us to strategically pause our footwear category for the
majority of the year     a difficult but necessary decision that protected
margins and allowed us to re-source the business on more favorable terms.
Throughout all of it, we remained deeply disciplined on pricing     making only select, strategic
adjustments where necessary while protecting our customers from the full burden of the cost
environment. Maintaining their trust and the value they expect from Torrid was, and remains, nonnegotiable.
Alongside these external challenges, we continued the deliberate work of rebuilding three core platforms
    channel, product, and pricing     that now form the operational foundation of our business. With these
platforms in place, we enter 2026 in a position of strength, focused on the next chapter: accelerating
customer file growth.
Channel Optimization
We completed a significant rationalization of our retail store fleet, closing the large majority of the
structurally unproductive locations we had identified. The remaining closures will be completed in the
first half of fiscal 2026. What has been most encouraging is the customer retention story: our most loyal
customers proved to be truly channel-agnostic, migrating seamlessly to nearby stores and our digital
platform, and driving dramatically improved four-wall profitability in our remaining fleet. The strength of
our omnichannel ecosystem has been validated.
Product Innovation & Sub-Brand Strategy
Our product platform is fundamentally stronger entering 2026. We refocused our assortment on the core
franchises, fabrications, and silhouettes our customers love most     with an increasingly data-informed
approach to planning and buying. Dresses delivered growth for four consecutive quarters. Intimates,
Activewear, and Knit Tops all gained meaningful momentum. And Footwear, strategically paused and re sourced, returned in Q4 to immediate and enthusiastic customer response.
Our sub-brand strategy is a proven and growing engine of the business. All five sub-brands were live
throughout fiscal 2025, generating meaningful sales and, critically, attracting new customers while
deepening engagement with our most loyal shoppers. These lifestyle concepts deliver the newness and
excitement that broaden our appeal     and they carry higher product margins than our core assortment,
making their growth margin accretive.
1 Please refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this 2025 Annual Report for
further discussion regarding Adjusted EBITDA and a reconciliation of net (loss) income to Adjusted EBITDA.

Pricing Platform & Opening Price Point
Our Opening Price Point strategy has become a critical pillar of our go-forward model. The Most Loved
collection delivers accessible price points without compromising our commitment to quality     and it is
already demonstrating its ability to drive conversion and units per transaction across both channels. Built
on a disciplined product development and sourcing platform, this strategy is accretive to margins and
represents one of our most compelling levers for customer reactivation and acquisition.
2026 Strategic Priority: Accelerating Customer File Growth2
With our foundational platforms now optimized, the work of 2026 is growth. Our strategy is clear: re engage the customers who know and love Torrid, welcome new customers into our brand, and deepen
the loyalty of those already at the center of our community.
We will pursue this through more intelligent, personalized marketing     meeting customers where they
are, speaking to them with relevance, and giving them compelling reasons to return. Our loyalty program,
our segmentation capabilities, and the breadth of our assortment across price points and sub-brands all
work in concert to make this possible. We enter 2026 with a sharper commercial plan, stronger analytical
infrastructure, and a team oriented around a single mission: grow the customer file.
Looking Ahead
The transformation of the past two years has been necessary, deliberate, and consequential. We have
made the hard choices     on our store fleet, our assortment, our pricing architecture     and we have
come through them with a business that is better structured, more focused, and more aligned with what
our customer values. What lies ahead is the work of building on that foundation: winning customers,
deepening relationships, and expanding the reach of a brand that genuinely serves a community that has
been underserved by the industry for too long.
The curvy woman deserves a brand that sees her, understands her, and shows up for her consistently.
That is what Torrid is built to be, and that conviction guides every decision we make.
On behalf of Torrid   s Board of Directors and our entire leadership team, I sincerely thank you for your
continued support and trust. We remain fully committed to delivering on our strategy and creating
enduring value for all of our stakeholders.
Sincerely,
Lisa Harper, Chief Executive Officer
2 Please refer to    Forward-Looking Statements and Risk Factor Summary    and    Part I   Item 1A. Risk Factors    of this 2025 Annual Report
for a description of the various risks and uncertainties that could cause our actual results to differ materially from those expressed or
implied by our forward-looking statements in this 2025 Annual Report.

[This page intentionally left blank]


shareholder letter icon 4/20/2026 Letter Continued (Full PDF)
 

CURV Stockholder/Shareholder Letter (Torrid Holdings Inc.) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.