Form 8-K

8-K — Torrid Holdings Inc.

Accession: 0001792781-26-000036

Filed: 2026-09-03

Period: 2026-09-03

CIK: 0001792781

SIC: 5600 (RETAIL-APPAREL & ACCESSORY STORES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — thi-20260903.htm (Primary)

EX-99.1 (q22026earningsrelease.htm)

GRAPHIC (thi-20260903_g1.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: thi-20260903.htm · Sequence: 1

thi-20260903

0001792781FALSE00017927812026-09-032026-09-03

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): September 3, 2026

TORRID HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Delaware 001-40571 84-3517567

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

18501 East San Jose Avenue

City of Industry, California 91748

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (626) 667-1002

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common stock, par value $0.01 CURV New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On September 3, 2026, Torrid Holdings Inc. (the “Company”) issued a press release announcing, among other things, the Company’s financial results for the second quarter of fiscal year 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information provided pursuant to this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Exhibit Description

99.1

Press Release dated September 3, 2026 announcing the Company’s second quarter fiscal 2026 results

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

TORRID HOLDINGS INC.

By: /s/ PAULA DEMPSEY

Name: Paula Dempsey

Title: Chief Financial Officer

Date: September 3, 2026

EX-99.1

Filename: q22026earningsrelease.htm · Sequence: 2

Document

Exhibit 99.1

Torrid Reports Second Quarter 2026 Results and Updates Fiscal 2026 Guidance

•Delivered Second Quarter Net Sales Results within guidance

•Second Quarter Net Income of $5.2 million

•Delivered Second Quarter Adjusted EBITDA(1) of $23.3 million, including IEEPA tariff refund benefit of $11.1 million

•Raises Fiscal 2026 guidance to include IEEPA tariff refund benefit recognized in the second quarter

CITY OF INDUSTRY, Calif. – September 3, 2026 – Torrid Holdings Inc. (“Torrid” or the “Company”) (NYSE: CURV), a direct-to-consumer apparel, intimates, and accessories brand in North America for women sizes 8 to 30, today announced its financial results for the second quarter ended August 1, 2026.

Lisa Harper, Chief Executive Officer, stated, “Our second quarter results were in line with guidance. Sales trends improved meaningfully as the quarter progressed, with July marking a clear inflection point. This improvement reflects early traction from our customer growth strategy and the merchandising course corrections we have made including a better balance of core and fashion assortments and a strengthening inventory position in footwear.”

Harper continued, “We are encouraged by the momentum building across the business. Our sub-brands continue to scale, our opening price point strategy is driving conversion and value perception, and our expansion into third-party marketplaces is introducing Torrid to new customers. At the same time, increasingly personalized marketing, growing mobile app engagement, and the relaunched Casting Call community program are strengthening acquisition, reactivation, and retention. We are raising our full-year outlook to reflect the tariff refund benefit received in the quarter. Excluding this benefit, our outlook is unchanged. With a more productive store base and disciplined operating structure supporting the business, we remain confident in our path to sustainable comparable sales growth in the second half of the year.”

Financial Highlights for the Second Quarter of Fiscal 2026

•Net sales decreased 11.8% to $231.7 million compared to $262.8 million for the second quarter of last year. Comparable sales(2) decreased 6.3% in the second quarter.

•Gross profit margin was 38.7% compared to 35.6% in the second quarter of last year.

•During the quarter, we received $11.4 million in IEEPA tariff benefits, including $11.1 million recorded as a reduction in cost of goods sold and $0.3 million recognized as related interest income.

•Gross profit margin excluding the benefit of tariff refunds received was 33.9%

•Net income of $5.2 million, or $0.05 per share, compared to net income of $1.6 million, or $0.02 per share in the second quarter of last year.

•Adjusted EBITDA(1) was $23.3 million, or 10.0% of net sales, compared to $21.5 million, or 8.2% of net sales, in the second quarter of last year. Excluding the impact of tariff refunds received, Adjusted EBITDA(1) was $12.1 million, or 5.2% of net sales.

•In the second quarter, we closed 6 Torrid stores as part of the Store Footprint Optimization Project. The total store count at quarter end was 457 stores.

Second Quarter Fiscal 2026 Financial and Operating Metrics

Three Months Ended

August 1, 2026 August 2, 2025

Net sales (in thousands) $ 231,727 $ 262,806

Comparable sales(2)

(6.3) % (6.9) %

Number of stores (as of end of period) 457 575

Net income (in thousands) $ 5,177 $ 1,567

Adjusted EBITDA(A) (in thousands)

$ 23,250 $ 21,525

(A)Refer to “Non-GAAP Reconciliation” below for a reconciliation of net income to Adjusted EBITDA(1).

Balance Sheet and Cash Flow

Cash and cash equivalents at the end of the second quarter of fiscal 2026 totaled $22.0 million. Total liquidity at the end of the second quarter, including available borrowing capacity under our revolving credit agreement, was $74.4 million.

Net cash provided by operations for the six-month period ended August 1, 2026 was $10.1 million, compared to net cash used in operations of $2.3 million for the six-month period ended August 2, 2025.

Outlook includes the benefit of IEEPA Tariffs recognized in the second quarter:

For the third quarter of fiscal 2026 the Company expects:

•Net sales between $230 million and $235 million.

•Adjusted EBITDA(1) between $15 million and $20 million.

For the full year fiscal 2026 the Company expects:

•Net sales between $940 million and $960 million.

•Adjusted EBITDA(1) between $76 million and $86 million.

•Capital expenditures between $8 million and $10 million.

The above outlook is based on several assumptions, including, but not limited to, the macroeconomic challenges in the industry in fiscal 2026. The above outlook does not take into consideration any further potential volatility from tariff changes, including related impacts on inflation and consumer demand. See “Forward-Looking Statements” for additional information.

Conference Call Details

A conference call to discuss the Company’s second quarter fiscal 2026 results is scheduled for September 3, 2026, at 4:30 p.m. ET. Those who wish to participate in the call may do so by dialing (877) 407-9208 or (201) 493-6784 for international callers. The conference call will also be webcast live at https://investors.torrid.com. For those unable to participate, a replay of the conference call will be available approximately three hours after the conclusion of the call until September 17, 2026.

Notes

(1)Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for additional information on non-GAAP financial measures and the accompanying table for a reconciliation to the most comparable GAAP measure. The Company does not provide reconciliations of the forward-looking non-GAAP measures of Adjusted EBITDA to the most directly comparable forward-looking GAAP measure because the timing and amount of excluded items are unreasonably difficult to fully and accurately estimate. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

(2)Comparable sales for any given period are defined as the sales of Torrid’s e-Commerce operations and stores that it has included in its comparable sales base during that period. The Company includes a store in its comparable sales base after it has been open for 15 full fiscal months. If a store is closed during a fiscal year, it is only included in the computation of comparable sales for the full fiscal months in which it was open. The Company also determines when certain store remodels and relocations are reintegrated into our comparable sales base. Partial fiscal months are excluded from the computation of comparable sales. Comparable sales allow the Company to evaluate how its unified commerce business is performing exclusive of the effects of non-comparable sales and new store openings. The Company applies current year foreign currency exchange rates to both current year and prior year comparable sales to remove the impact of foreign currency fluctuation and achieve a consistent basis for comparison.

About Torrid

TORRID is a direct-to-consumer brand in North America dedicated to offering a diverse assortment of stylish apparel, intimates, and accessories skillfully designed for the curvy woman. Specializing in sizes 8 to 30, our primary focus is on providing fashionable, comfortable, and affordable options that meet the unique needs of our customers. Our extensive collection features high quality merchandise, including tops, bottoms, denim, dresses, intimates, activewear, footwear, and accessories. Our products are exclusive to us, and each product is meticulously crafted to cater to the needs of the curvy woman, empowering her to love the way she looks and feels. Our collections are artfully curated to suit all aspects of our customers’ lives, including casual weekends, work, dressy and special occasions. Understanding the importance of affordability, we aim to keep our prices reasonable without compromising on quality. This allows us to build a meaningful connection with our customers, distinguishing us from other brands that often overlook plus- and mid-size consumers. Our brand experience and product offerings establish us as a differentiated and reliable choice for plus- and mid-size customers, which we believe sets us apart in the market. We strive to be everything our customer needs in her closet, consistently delivering products that make her feel confident and stylish.

Non-GAAP Financial Measures

In addition to results determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management utilizes certain non-GAAP performance measures, such as Adjusted EBITDA, for purposes of evaluating ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance.

Adjusted EBITDA is a supplemental measure of our operating performance that is neither required by, nor presented in accordance with, GAAP and our calculations thereof may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA represents GAAP net income (loss) plus interest expense less interest income, net of other expense (income), plus provision for income taxes, depreciation and amortization (“EBITDA”), and share-based compensation, non-cash deductions and charges, and other expenses.

We believe Adjusted EBITDA facilitates operating performance comparisons from period to period by isolating the effects of certain items that vary from period to period without any correlation to ongoing operating performance. We also use Adjusted EBITDA as one of the primary methods for planning and forecasting the overall expected performance of our business and for evaluating on a quarterly and annual basis, actual results against such expectations.

Further, we recognize Adjusted EBITDA as a commonly used measure in determining business value and, as such, use it internally to report and analyze our results and as a benchmark to determine certain non-equity incentive payments made to executives.

Adjusted EBITDA has limitations as an analytical tool. This measure is not a measurement of our financial performance under GAAP and should not be considered in isolation or as an alternative to or substitute for net income (loss), income (loss) from operations, earnings (loss) per share or any other performance measures determined in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

Forward-Looking Statements

Certain statements made in this earnings release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this earnings release are forward-looking statements. Forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). For example, all statements we make relating to our expected third quarter of fiscal 2026, our full year fiscal 2026 performance, our estimated and projected costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives, strategies or the expected outcome or impact of pending or threatened litigation are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including:

•changes in consumer spending and general economic conditions;

•the negative impact on our revenue and profitability as a result of the imposition of new or increased duties or tariffs on goods from the countries where we manufacture our merchandise which, among other things, could limit our ability to manufacture products in cost-effective countries and require us to absorb costs or pass costs onto customers;

•ongoing or threats of war, terrorism and other catastrophes, including natural disasters, that could negatively impact our business;

•the interruption of the flow of merchandise from international manufacturers;

•the negative impact on interest expense as a result of high interest rates;

•inflationary pressures with respect to labor and raw materials and global supply chain constraints that could increase our expenses;

•our ability to identify and respond to new and changing product trends, consumer shopping preferences and other related factors, including the increasing use of glucagon-like peptide-1 (“GLP-1”) medications;

•our dependence on a strong brand image;

•increased competition from other brands and retailers;

•our reliance on third parties to drive traffic to our website;

•the success of the shopping centers in which our stores are located;

•our ability to develop and maintain a relevant and reliable omni-channel experience for our customers;

•our dependence upon independent third parties for the manufacture of all of our merchandise;

•availability constraints and price volatility in the raw materials used to manufacture our products;

•exposure to risks inherent in doing business globally as a result of sourcing a significant amount of our products from various countries;

•shortages of inventory, delayed shipments to our e-Commerce customers and harm to our reputation due to difficulties or shut-down of our distribution facility;

•our reliance upon independent third-party transportation providers for substantially all of our product shipments;

•our growth strategy, including our retail store optimization strategy;

•our failure to attract and retain employees that reflect our brand image, embody our culture and possess the appropriate skill set;

•damage to our reputation arising from our use of social media, email and text messages;

•our reliance on third parties for the provision of certain services, including real estate management;

•our dependence upon key members of our executive management team;

•our reliance on information systems, including artificial intelligence and machine learning technologies;

•system security risk issues that could disrupt our internal operations or information technology services;

•unauthorized disclosure of sensitive or confidential information, whether through a breach of our computer system, third-party computer systems we rely on, or otherwise;

•our failure to comply with federal and state laws and regulations and industry standards relating to privacy, data protection, advertising and consumer protection;

•payment-related risks that could increase our operating costs or subject us to potential liability;

•claims made against us resulting in litigation;

•changes in laws and regulations applicable to our business;

•regulatory actions or recalls arising from issues with product safety;

•the adverse impact of rulemaking changes implemented by the Consumer Financial Protection Bureau on our income streams, profitability and results of operations;

•our inability to protect our trademarks or other intellectual property rights;

•our substantial indebtedness and lease obligations;

•restrictions imposed by our indebtedness on our current and future operations;

•changes in tax laws or regulations or in our operations that may impact our effective tax rate;

•the possibility that we may recognize impairments of definite-lived assets; and

•our failure to maintain adequate internal control over financial reporting.

The outcome of the events described in any of our forward-looking statements are also subject to risks, uncertainties and other factors described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2026 and in our other filings with the SEC and public communications. You should evaluate all forward-looking statements made in this earnings release in the context of these risks and uncertainties.

We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the effect of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. We caution you that the important factors referenced above may not include all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the outcomes or affect us or our operations in the way we expect. The forward-looking statements included in this earnings release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except to the extent required by law. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.

Investors and others should note that we may announce material information to our investors using our investor relations website (https://investors.torrid.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media, to communicate with our investors and the public about our company, our business and other issues. It is possible that the information that we post on social media could be deemed to be material information. We therefore encourage investors to visit these websites from time to time. The information contained on such websites and social media posts is not incorporated by reference into this filing. Further, our references to website URLs in this filing are intended to be inactive textual references only.

Investors

Tom Filandro

Lyn Walther

IR@torrid.com

Media

Joele Frank, Wilkinson Brimmer Katcher

Michael Freitag / Arielle Rothstein / Lyle Weston

Media@torrid.com

TORRID HOLDINGS INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(In thousands, except per share data)

Three Months Ended

August 1,

2026 August 2,

2025

Net sales $ 231,727 $ 262,806

Cost of goods sold 141,980 169,318

Gross profit 89,747 93,488

Selling, general and administrative expenses 61,882 70,511

Marketing expenses 13,326 12,817

Income from operations 14,539 10,160

Interest expense 7,841 8,119

Interest income, net of other expense (income) 148 (13)

Income before income taxes 6,550 2,054

Provision for income taxes 1,373 487

Net income $ 5,177 $ 1,567

Net earnings per share:

Basic $ 0.05 $ 0.02

Diluted $ 0.05 $ 0.02

Weighted average number of shares:

Basic 99,602 102,470

Diluted 100,213 102,746

Other comprehensive (loss) income:

Foreign currency translation adjustment (207) 16

Total other comprehensive (loss) income (207) 16

Comprehensive income $ 4,970 $ 1,583

TORRID HOLDINGS INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except share and per share data)

August 1, 2026 January 31, 2026 August 2, 2025

Assets

Current assets:

Cash and cash equivalents $ 22,004 $ 20,023 $ 21,543

Restricted cash 421 421 399

Inventory 125,600 136,483 130,235

Prepaid expenses and other current assets 27,690 24,564 25,765

Prepaid income taxes 10,822 11,991 11,144

Total current assets 186,537 193,482 189,086

Property and equipment, net 46,960 51,632 63,672

Operating lease right-of-use assets 93,099 108,191 119,097

Deposits and other noncurrent assets 17,385 19,570 20,333

Deferred tax assets 19,065 19,065 13,877

Intangible asset 8,400 8,400 8,400

Total assets $ 371,446 $ 400,340 $ 414,465

Liabilities and Stockholders’ Deficit

Current liabilities:

Accounts payable 57,718 56,764 $ 53,198

Accrued and other current liabilities 90,668 106,446 108,898

Operating lease liabilities 26,649 32,171 33,497

Borrowings under credit facility 39,690 31,020 7,900

Current portion of term loan 16,144 16,144 16,144

Due to related parties 3,992 6,271 8,436

Income taxes payable — 122 118

Total current liabilities 234,861 248,938 228,191

Noncurrent operating lease liabilities 86,814 100,884 113,675

Noncurrent debt, net 248,192 256,264 264,337

Deferred compensation 4,137 4,039 3,801

Other noncurrent liabilities 3,255 3,622 5,577

Total liabilities 577,259 613,747 615,581

Commitments and contingencies

Stockholders’ Deficit:

Preferred shares: $0.01 par value; 5,000,000 shares authorized; no shares issued and outstanding at August 1, 2026, January 31, 2026 and August 2, 2025 — — —

Common shares: $0.01 par value; 1,000,000,000 shares authorized; 105,724,568 and 99,693,660 shares issued and outstanding, respectively, at August 1, 2026; 105,344,216 and 99,313,308 shares issued and outstanding, respectively, at January 31, 2026; and 105,157,295 and 99,126,387 shares issued and outstanding, respectively, at August 2, 2025 1,057 1,053 1,052

Additional paid-in capital 146,911 144,720 142,386

Accumulated deficit (332,712) (338,303) (323,762)

Accumulated other comprehensive loss (798) (606) (507)

Common shares in treasury, at cost: 6,030,908 shares at August 1, 2026, January 31, 2026 and August 2, 2025 (20,271) (20,271) (20,285)

Total stockholders’ deficit (205,813) (213,407) (201,116)

Total liabilities and stockholders’ deficit $ 371,446 $ 400,340 $ 414,465

TORRID HOLDINGS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)

Six Months Ended

August 1, 2026 August 2, 2025

OPERATING ACTIVITIES

Net income $ 5,591 $ 7,507

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Write down of inventory 1,436 1,427

Operating right-of-use assets amortization 13,578 17,583

Depreciation and other amortization 12,110 19,584

Share-based compensation 4,321 2,840

Deferred taxes — 2,743

Write off of excess operating lease liabilities against operating right-of-use-assets (1,881) (4,164)

Other, net 589 (799)

Changes in operating assets and liabilities:

Inventory 9,253 17,060

Prepaid expenses and other current assets (3,126) (1,258)

Prepaid income taxes 1,169 (6,900)

Deposits and other noncurrent assets 2,134 (1,045)

Accounts payable 424 (19,980)

Accrued and other current liabilities (16,771) (17,026)

Operating lease liabilities (16,910) (19,840)

Other noncurrent liabilities 452 (82)

Deferred compensation 98 (112)

Due to related parties (2,279) 74

Income taxes payable (122) 118

Net cash provided by (used in) operating activities 10,066 (2,270)

INVESTING ACTIVITIES

Purchases of property and equipment (7,415) (3,671)

Net cash used in investing activities (7,415) (3,671)

FINANCING ACTIVITIES

Proceeds from revolving credit facility 311,060 171,650

Principal payments on revolving credit facility (302,390) (163,750)

Deferred financing costs paid for revolving credit facility — (375)

Principal payments on term loan (8,750) (8,750)

Proceeds from issuances under share-based compensation plans 74 199

Withholding tax payments related to vesting of restricted stock units and awards and exercise of non qualified stock options (175) (444)

Share repurchase, including excise tax paid (186) (20,000)

Net cash used in financing activities (367) (21,470)

Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash (303) 431

Increase (decrease) in cash, cash equivalents and restricted cash 1,981 (26,980)

Cash, cash equivalents and restricted cash at beginning of period 20,444 48,922

Cash, cash equivalents and restricted cash at end of period $ 22,425 $ 21,942

SUPPLEMENTAL INFORMATION

Cash paid during the period for interest related to the revolving credit facility and term loan $ 12,592 $ 17,680

Cash paid during the period for income taxes $ 789 $ 7,135

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

Property and equipment purchases included in accounts payable and accrued liabilities $ 1,248 $ 2,138

Cost of treasury shares included in accounts payable and accrued liabilities $ — $ 85

Excise tax from share repurchase included in accounts payable and accrued liabilities $ — $ 200

Non-GAAP Reconciliation

The following table provides a reconciliation of net income to Adjusted EBITDA for the periods presented (in thousands):

Three Months Ended

August 1, 2026 August 2, 2025

Net income $ 5,177 $ 1,567

Interest expense 7,841 8,119

Interest income, net of other expense (income) 148 (13)

Provision for income taxes 1,373 487

Depreciation and amortization(A)

5,037 9,430

Share-based compensation(B)

2,302 1,371

Noncash deductions and charges(C)

(159) 23

Other expenses(D)

1,531 541

Adjusted EBITDA $ 23,250 $ 21,525

(A)Depreciation and amortization excludes amortization of debt issuance costs and original issue discount that are reflected in interest expense.

(B)Share-based compensation includes $1.2 million for awards that will be settled in cash during the three months ended August 1, 2026 and was not material during the three months ended August 2, 2025. These awards are accounted for similar to awards settled in shares in accordance with ASC 718, Compensation—Stock Compensation.

(C)Noncash deductions and charges includes noncash losses on property and equipment disposals and the net impact of noncash rent expense.

(D)Other expenses include severance costs for certain key management positions, certain transaction and litigation fees (including certain settlement costs), and the reimbursement of certain management expenses, primarily for travel, incurred by Sycamore on our behalf, which are not considered to be part of our core business.

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dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

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Namespace Prefix:

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Data Type:

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