By Jeffrey T. Lewis
Torrid Holdings’ profit declined in the first quarter after sales fell faster than costs.
The City of Industry, Ca.-based women’s clothing retailer reported net income of $11.8 million in the three months through April 29, compared with $24.1 million in the year-earlier period. Earnings per share reached 11 cents, down from 23 cents in the year-ago quarter.
Revenue fell to $293.9 million from $333.2 million a year earlier, while the apparel company’s cost of goods sold declined to $183.2 million from $203.3 million. The company’s selling, general and administrative expenses fell to $71.2 million from $72.2 million.
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