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Caitlin Clark raised the profile of women's basketball to unprecedented levels in both the college ranks and the WNBA, and Tuesday she was named the AP Female Athlete of the Year for her impact on and off the court. After leading Iowa to the national championship game, Clark was the top pick in the WNBA draft as expected and went on to win rookie of the year honors in the league. Fans packed sold-out arenas and millions of television viewers tuned in to follow her journey. Clark’s exploits were far reaching, casting a light on other women’s sports leagues along the way. A group of 74 sports journalists from The Associated Press and its members voted on the award. Clark received 35 votes, Olympic gymnast Simone Biles was second with 25 and boxer Imane Khelif was third, getting four votes. Clark is only the fourth women’s basketball player to be honored as the female athlete of the year since it was first presented in 1931, joining Sheryl Swoopes (1993), Rebecca Lobo (1995) and Candace Parker (2008, 2021). “I grew up a fan of Candace Parker and the people who came before me and to be honored in this way, is super special and I’m thankful,” Clark said in a phone interview. “It was a great year for women’s basketball and women’s sports.” Shohei Ohtani won the AP Male Athlete of the Year on Monday for the third time. Clark broke the NCAA Division I career scoring record for both men and women finishing her career with 3,951 points while guiding Iowa to its second consecutive national championship game. After her Hawkeyes lost t South Carolina for the title, Gamecocks coach Dawn Staley took the mic during her team’s celebration and said, “I want to personally thank Caitlin Clark for lifting up our sport.” For all the success Clark has had and the attention she has brought to women’s basketball, she is often the centerpiece of debates and online toxicity towards her and other players in the league. For her part, Clark has disavowed the toxic discourse. Lobo also has been impressed with the way the 22-year-old Clark has handled the pressure and attention that has come her way. “I would say she’s navigated it almost flawlessly. she hasn’t had an big missteps or misspeaks at a time you’re under constant scrutiny,” Lobo said. “She’s seemed to say and do all the right things. That’s just incredible at a time when it’s constant attention and scrutiny. She has not done anything to tarnish this sort of mild persona she has.” As Clark handled the praise — and the backlash — during the heat of competition, it was hard for her to appreciate just what she was able accomplish over the past year. But after having time to reflect on the whirlwind tour, she appreciates those who were there alongside her for the ride. “I'm thankful for the people I got to do it with,” Clark said. “A year ago I was still in the early part of my senior year in college. ... How fast things change, and now I can see how great a college season it was.” Iowa sold out all of its games at home and on the road with Clark as the main attraction. That momentum continued into the pros. Her No. 22 jersey was prevalent wherever she played during her rookie season and will be retired at Iowa. “You’d be remiss not to acknowledge how crazy her fan base is and the eyes she gets with everything she does,” said Indiana Pacers guard Tyrese Haliburton, who was often spotted courtside at Clark's Indiana Fever games. “It’s a different type of popularity, she’s one of the most popular athletes in the world. It’s not just women’s sports anymore. "It’s really cool to see and she just handles it with such grace.” Clark said she enjoys spending time with fans at games, usually taking a few minutes before and after games to sign autographs. “For me it's still really fun,” she said. “Whether it's 15 seconds or 10 seconds or 5 seconds can be very impactful in a young girl and young boys life. Seeing the fans going crazy an hour before tipoff, I never take that for granted. That's super cool and I never want that to go away.” After a slow start to her WNBA career, Clark eventually found her stride there too. She set the single-game assist record with 19 and also had 337 assists on the season to break that mark as well. Clark, known for her logo-distance 3-pointers, was the fastest player to reach 100 3’s when she did it in 34 games which helped Indiana reach the playoffs for the first time since 2016. Lobo, who won the AP female athlete of the year award after lifting UConn to its first national championship, was on the court for launch of the WNBA two years later. The ESPN analyst sees Clark's ascension as something different. “She’s brought unprecedented attention both in the building, but also viewership to the sport that was worthy of it but didn’t have it yet," Lobo said. "There’s never been anything like this. "That timeframe from 1995-97 was a baby step in the progression of it all. This is a giant leap forward. I’ve never seen anything like this. There's more attention then the sports ever had." The numbers have been record breaking when Clark is part of a broadcast: — TV viewership in the WNBA was up 300% thanks in large part to Clark with ABC, CBS, ION, ESPN, and ESPN2 all having record viewers when Fever games were on. — The NCAA women’s championship game outdrew the men on TV for the first time in the sport’s 42-year history with 18.9 million viewers tuning it to watch the event. It was the second most watched women’s sporting event outside of the Olympics in the history of U.S. television. — The 2024 WNBA draft was the most-watched in league history with 2.4 million viewers. Clark credits the community of women athletes for the popularity increase of women's sports, saying “we” did this or “we” did that when asked about it. “It's fascinating, you don’t always appreciate how many people 18 million is,” Clark said. “You see that number against a college football game or the Masters or whatever it is as far as the biggest sporting events in our country and it puts it in perspective. We outdrew the men’s Final Four.”
M inisters have set out their overhaul of planning rules that they hope will allow Sir Keir Starmer to deliver the 1.5 million homes he has promised across the parliament. In an 84-page planning “bible”, they make far-reaching reforms to a system they say is “faltering on all fronts”. The new national planning policy framework sets the rules for local councils deciding on planning applications for new developments — and includes key changes on the rules for building on the green belt , along with sanctions for local authorities who block new housebuilding in their area. There are also sanctions for developers who get planning permission and then sit on land rather than build on it. Alongside this, the government has also published new housebuilding targets for every part of the country, which will see some councils having to increase rates of development by up to 750 per cent.
Lopsided loss sinks the reeling Saints further into evaluation mode
Trump is named Time's Person of the Year and rings the New York Stock Exchange's opening bell NEW YORK (AP) — President-elect Donald Trump rang the opening bell at the New York Stock Exchange after being recognized by Time magazine as its person of the year. The honors Thursday for the businessman-turned-politician are a measure of Trump’s remarkable comeback from an ostracized former president who refused to accept his election loss four years ago to a president-elect who won the White House decisively in November. At the stock exchange, Trump was accompanied by his wife, Melania Trump, daughters Ivanka and Tiffany and Vice President-elect JD Vance. Trump grinned as people chanted “USA” before he opened the trading day and raised his fist. YouTube TV is hiking its monthly price, again. Here's what to know NEW YORK (AP) — Are you a YouTube TV subscriber? Your monthly bills are about to get more expensive again. YouTube has announced that it’s upping the price of its streaming service’s base plan by $10 — citing rising content costs and other investments. The new $82.99 per month price tag will go into effect starting Jan. 13 for existing subscribers, and immediately for new customers who sign up going forward. YouTube TV has rolled out a series of price hikes over the years. When launched back in 2017, the going price of its streaming package was $35 a month. By 2019, that fee rose to $50 — and has climbed higher and higher since. Snoop Dogg and Dr. Dre's brotherhood is still strong after 30 years with new album 'Missionary' LOS ANGELES (AP) — When it comes to music, there’s one person in particular Snoop Dogg trusts to steer the ship without question: hit-making producer Dr. Dre. Their bond, built over 30 years of brotherhood, began when Dr. Dre shaped Snoop’s game-changing debut, “Doggystyle,” a cornerstone of hip-hop history. From young dreamers chasing stardom to legends cementing their legacies, the duo has always moved in sync. Now, the dynamic pair reunites for Snoop’s “Missionary,” his milestone 20th studio album, which releases Friday. The 15-track project features several big-name guest appearances including Eminem, 50 Cent, Sting, Method Man, Jelly Roll, Tom Petty, Jhené Aiko and Method Man. Country star Morgan Wallen sentenced in chair-throwing case NASHVILLE, Tenn. (AP) — Country music star Morgan Wallen has pleaded guilty to two misdemeanor counts of reckless endangerment. He had been charged for throwing a chair from the rooftop of a six-story bar in Nashville and nearly hitting two police officers with it. Wallen appeared in court alongside his attorney on Thursday. He was sentenced to spend seven days in a DUI education center and will be under supervised probation for two years. According to the arrest affidavit, Wallen was accused of throwing a chair off the roof of Chief’s bar on April 7. The chair landed about a yard from the officers. Witnesses told police they saw Wallen pick up a chair, throw it off the roof and laugh about it. Indian teen Gukesh Dommaraju becomes the youngest chess world champion after beating Chinese rival NEW DELHI (AP) — Indian teenager Gukesh Dommaraju has become the youngest chess world champion after beating the defending champion Ding Liren of China. Dommaraju, 18, secured 7.5 points against 6.5 of his Chinese rival in Thursday's game which was played in Singapore. He has surpassed the achievement of Russia’s Garry Kasparov who won the title at the age of 22. Dommaraju is now also the second Indian to win the title after five-time world chess champion Viswanathan Anand. The Indian teen prodigy has long been considered a rising star in the chess world after he became a chess grandmaster at 12. He had entered the match as the youngest-ever challenger to the world crown after winning the Candidates tournament earlier this year. 'Vanderpump Rules' star James Kennedy arrested on suspicion of misdemeanor domestic violence BURBANK, Calif. (AP) — Police say “Vanderpump Rules” star James Kennedy has been arrested on suspicion of misdemeanor domestic violence. Police in Burbank, California, say officers investigated reports of an argument between a man and a woman at a residence late Tuesday night and arrested the 32-year-old Kennedy. He was released from jail after posting bail. A representative of Kennedy did not immediately respond to a message seeking comment. The Burbank city attorney will decide whether to file charges. Kennedy is a DJ and reality TV star who has appeared for 10 seasons on “Vanderpump Rules” — the Bravo series about the lives of employees at a set of swank restaurants. The wife of a Wisconsin kayaker who faked his own death moves to end their marriage MADISON, Wis. (AP) — The wife of a Wisconsin kayaker who faked his own drowning so he could abscond to Europe has filed a court action to end the couple's marriage. Online court records indicate Emily Borgwardt filed a petition in Dodge County Circuit Court on Thursday seeking to annul her marriage to Ryan Borgwardt. A hearing has been set for April. According to court documents, Ryan Borgwardt staged his own drowning by leaving his overturned kayak floating on Green Lake. He flew to Eastern Europe, where he spent several days in a hotel with a woman before taking up residence in the country of Georgia. He is charged with misdemeanor obstruction in Green Lake County. San Francisco names street for Associated Press photographer who captured the iconic Iwo Jima photo SAN FRANCISCO (AP) — A block in downtown San Francisco has been renamed for acclaimed photojournalist Joe Rosenthal, who won the Pulitzer Prize for his iconic photo of U.S. Marines raising the flag on the Japanese island of Iwo Jima during WWII. The longtime staff photographer for the San Francisco Chronicle, who died in 2006 at age 94, is also remembered for the 35 years he spent documenting the city's famous and not so famous for the daily newspaper. He photographed a young Willie Mays getting his hat fitted as a San Francisco Giant in 1957. He also photographed joyous children making a mad dash for freedom on the last day of school in 1965. Nearly half of US teens are online 'constantly,' Pew report finds Nearly half of American teenagers say they are online “constantly,” despite concerns about the effects of social media and smartphones on their mental health. That's according to a new report published Thursday by the Pew Research Center. As in past years, YouTube was the single most popular platform teenagers used — 90% said they watched videos on the site, down slightly from 95% in 2022. There was a slight downward trend in several popular apps teens used. For instance, 63% of teens said they used TikTok, down from 67% and Snapchat slipped to 55% from 59%. Wander Franco's sex abuse trial has been postponed 5 months PUERTO PLATA, Dominican Republic (AP) — The trial against Tampa Bay Rays shortstop Wander Franco, who has been charged with sexually abusing a minor, sexual and commercial exploitation against a minor, and human trafficking, has been postponed until June 2, 2025. Dominican judge Yacaira Veras postponed the hearing Thursday at the request of prosecutors because of the absence of several key witnesses in the case. Franco’s lawyers asked the court to reconsider the postponement, arguing Franco must report to spring training in mid-February. The judge replied that Franco is obligated to continue with the trial schedule and his conditional release from detainment.None
A judge has once again rejected Musk’s multi-billion-dollar Tesla pay package. Now what?- In its continued support of those experiencing food insecurity, the Church of Scientology Los Angeles helps launch the holidays with its 4th Annual Turkey Drive - LOS ANGELES, Calif., Dec. 3, 2024 (SEND2PRESS NEWSWIRE) — The bright yellow tents of the Volunteer Ministers of the Church of Scientology Los Angeles had something special at their weekly food drive on the Saturday before Thanksgiving: 300 turkeys for local families. The economic impact of the pandemic in 2020 marked the beginning of widespread unemployment and financial hardship. Although lockdowns have been over for several years, and many people have regained or found new employment, food insecurity remains a growing concern. A 2023 study by USC Dornsife Public Exchange revealed that nearly one-third of Los Angeles County residents experience food insecurity. According to the Los Angeles Regional Food Bank , more than half of the parents surveyed in May 2024 reported difficulty accessing food, particularly as pandemic-era benefits phased out. It also reported that L.A. County has more food-insecure children than any other county in the U.S. In response to this urgent need, the Church of Scientology Los Angeles began providing a weekly food drive in 2020 and has continued to offer this service, helping hundreds of families each week. The Church of Scientology Volunteer Ministers program is a religious social service created in the mid-1970s by L. Ron Hubbard. It constitutes one of the world’s largest independent relief forces. A Volunteer Minister’s mandate is to be “a person who helps his fellow man on a volunteer basis by restoring purpose, truth and spiritual values to the lives of others.” Their creed: “A Volunteer Minister does not shut his eyes to the pain, evil and injustice of existence. Rather, he is trained to handle these things and help others achieve relief from them and new personal strength as well.” Their motto is no matter the circumstances, “Something can be done about it.” For more information on the technology used by the Volunteer Minister, watch Scientology Tools for Life and the documentary Operation: Do Something About It on the Scientology Network on DIRECTV 320 or at www.Scientology.tv . LEARN MORE: https://www.scientologynews.org/press-releases/ https://www.scientology-losangeles.org VIDEO: https://youtu.be/B0xMnowNCYo?si=DDYMrYdRbb-XAG-1 https://www.scientology.tv/watch/series/inside-scientology/inside-a-church.html PHOTO link for media: https://www.Send2Press.com/300dpi/24-1203-s2p-COS-TurkeyDrive-300dpi.jpg PHOTO CAPTION: Cars line up at the Church of Scientology Los Angeles for a special addition to its weekly food drive. TAGS: #ChurchOfScientologyLosAngeles #TurkeyDrive #FoodDrive #Thanksgiving #ScientologyVolunteerMinisters NEWS SOURCE: Church of Scientology International Keywords: Religion and Churches, Church Of Scientology Los Angeles, Turkey Drive, Food Drive, Thanksgiving, LOS ANGELES, Calif. This press release was issued on behalf of the news source (Church of Scientology International) who is solely responsibile for its accuracy, by Send2Press® Newswire . Information is believed accurate but not guaranteed. Story ID: S2P122625 APDF15TBLLI To view the original version, visit: https://www.send2press.com/wire/church-of-scientology-food-drive-makes-thanksgiving-special-for-300-local-families/ © 2024 Send2Press® Newswire, a press release distribution service, Calif., USA. Disclaimer: This press release content was not created by nor issued by the Associated Press (AP). Content below is unrelated to this news story.
Ares management sells $28.7m in Frontier Communications stockTrump nominates cryptocurrency advocate Paul Atkins as SEC chair
CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--Dec 3, 2024-- Torrid Holdings Inc. (“Torrid” or the “Company”) (NYSE: CURV), a direct-to-consumer apparel, intimates, and accessories brand in North America for women sizes 10 to 30, today announced its financial results for the quarter ended November 2, 2024. Lisa Harper, Chief Executive Officer of Torrid, stated, “Our third quarter results were below our expectations as our fall assortments did not offer enough newness and novelty. We also saw the environment change meaningfully from the end of September and into October. Despite the weaker top line sales, we delivered a positive full-price comp, 285 basis points of gross profit expansion, and modest Adjusted EBITDA (1) growth. We ended the quarter with clean inventory levels, down 19% to last year, and $44 million in cash.” Ms. Harper continued, “While we are encouraged by our customers’ response to the newness in our assortments, given the volatility we have seen in our business, and recognizing that there is still considerable amount of the quarter ahead of us, we are taking a prudent approach to our fourth quarter outlook. As we move into fiscal 2025, we are confident that we have put in place the necessary changes and strategies to position us for growth.” Number of stores (as of end of period) 655 643 Comparable sales (A) (7 )% (8 )% Net loss $ (1,194 ) $ (2,748 ) Adjusted EBITDA (B) $ 19,584 $ 19,379 (A) Comparable sales (2) for the three-month period ended November 2, 2024 compares sales for the 13-week period ended November 2, 2024, with sales for the 13-week period ended November 4, 2023. (B) Please refer to “Non-GAAP Reconciliation” below for a reconciliation of net loss to Adjusted EBITDA (1). at the end of the third quarter of 2024 totaled $44.0 million. Total liquidity at the end of the quarter, including available borrowing capacity under our revolving credit agreement, was $151.8 million. for the nine-month period ended November 2, 2024, was $65.4 million, compared to $33.7 million for the nine-month period ended October 28, 2023. The above outlook is based on several assumptions, including, but not limited to, the macroeconomic challenges in the industry in fiscal 2024 as well as higher labor costs. The above outlook does not take into consideration the Consumer Financial Protection Bureau ruling which mandates, among other things, decreases in credit card late fees, and could alter the profitability of our agreements with our private label credit card financing company. See “Forward-Looking Statements” for additional information. A conference call to discuss the Company’s third quarter 2024 results is scheduled for December 3, 2024, 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 . For those unable to participate, a replay of the conference call will be available approximately three hours after the conclusion of the call until December 10, 2024. 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. Comparable sales for any given period are defined as the sales of our e-Commerce operations and stores that we have included in our comparable sales base during that period. We include a store in our 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. Comparable sales for the third quarter of fiscal year 2024 compares sales for the 13-week period ended November 2, 2024, with sales for the 13-week period ended November 4, 2023. Partial fiscal months are excluded from the computation of comparable sales. We apply 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. Comparable sales allow us to evaluate how our unified commerce business is performing exclusive of the effects of non-comparable sales and new store openings. 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 curvy women. Specializing in sizes 10 to 30, TORRID’s primary focus is on providing fashionable, comfortable, and affordable options that meet the unique needs of its customers. TORRID’s extensive collection features high quality merchandise, including tops, bottoms, denim, dresses, intimates, activewear, footwear, and accessories. Revenues are generated primarily through its e-Commerce platform and its stores in the United States of America, Puerto Rico and Canada. 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. 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”), and 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 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 could cause actual results to differ materially from those that we expected, including: • the adverse impact of rulemaking changes implemented by the Consumer Financial Protection Bureau on our income streams, profitability and results of operations; • changes in consumer spending and general economic conditions; • the negative impact on interest expense as a result of steep 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, customer preferences and other related factors; • 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 adapt to consumer shopping preferences and 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; • interruptions of the flow of our merchandise from international manufacturers causing disruptions in our supply chain; • our sourcing a significant amount of our products from China; • 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; • 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; • 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; • 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 long-lived assets; • our failure to maintain adequate internal control over financial reporting; and • the threat of war, terrorism or other catastrophes, including natural disasters, that could negatively impact our business. 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 April 2, 2024 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 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 ( ), 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. Net sales $ 263,766 $ 275,408 Cost of goods sold 168,609 183,906 Gross profit 95,157 91,502 Selling, general and administrative expenses 74,899 71,881 Marketing expenses 13,056 12,739 Income from operations 7,202 6,882 Interest expense 8,784 9,757 Other income, net of other expense (362 ) 267 Loss before benefit from income taxes (1,220 ) (3,142 ) Benefit from income taxes (26 ) (394 ) Net loss $ (1,194 ) $ (2,748 ) Net loss $ (1,194 ) $ (2,748 ) Other comprehensive loss: Foreign currency translation adjustment (86 ) (271 ) Total other comprehensive loss (86 ) (271 ) Comprehensive loss $ (1,280 ) $ (3,019 ) Basic $ (0.01 ) $ (0.03 ) Diluted $ (0.01 ) $ (0.03 ) Basic 104,698 104,081 Diluted 104,698 104,081 Current assets: Cash and cash equivalents $ 43,953 $ 11,735 Restricted cash 399 399 Inventory 138,261 142,199 Prepaid expenses and other current assets 33,343 22,229 Prepaid income taxes 6,617 2,561 Total current assets 222,573 179,123 Property and equipment, net 85,569 103,516 Operating lease right-of-use assets 149,732 162,444 Deposits and other noncurrent assets 18,027 14,783 Deferred tax assets 8,681 8,681 Intangible asset 8,400 8,400 Total assets $ 492,982 $ 476,947 Current liabilities: Accounts payable $ 77,478 $ 46,183 Accrued and other current liabilities 116,650 107,750 Operating lease liabilities 36,312 42,760 Borrowings under credit facility — 7,270 Current portion of term loan 16,144 16,144 Due to related parties 4,330 9,329 Income taxes payable 62 2,671 Total current liabilities 250,976 232,107 Noncurrent operating lease liabilities 145,126 155,825 Term loan 276,445 288,553 Deferred compensation 3,735 5,474 Other noncurrent liabilities 5,986 6,705 Total liabilities 682,268 688,664 Commitments and contingencies Preferred shares: $0.01 par value; 5,000,000 shares authorized; zero shares issued and outstanding at November 2, 2024 and February 3, 2024 — — Common shares: $0.01 par value; 1,000,000,000 shares authorized; 104,732,148 shares issued and outstanding at November 2, 2024; 104,204,554 shares issued and outstanding at February 3, 2024 1,049 1,043 Additional paid-in capital 138,532 135,140 Accumulated deficit (328,281 ) (347,587 ) Accumulated other comprehensive loss (586 ) (313 ) Total stockholders' deficit (189,286 ) (211,717 ) Total liabilities and stockholders' deficit $ 492,982 $ 476,947 Net income $ 19,306 $ 15,689 Adjustments to reconcile net income to net cash provided by operating activities: Write down of inventory 1,519 3,767 Operating right-of-use assets amortization 30,429 30,494 Depreciation and other amortization 27,842 28,242 Share-based compensation 4,531 5,981 Other (957 ) (1,351 ) Changes in operating assets and liabilities: Inventory 2,052 4,969 Prepaid expenses and other current assets (11,114 ) (4,578 ) Prepaid income taxes (4,056 ) (2,564 ) Deposits and other noncurrent assets (3,375 ) (6,433 ) Accounts payable 31,876 2,969 Accrued and other current liabilities 10,775 (5,954 ) Operating lease liabilities (33,527 ) (31,565 ) Other noncurrent liabilities (588 ) (468 ) Deferred compensation (1,739 ) 507 Due to related parties (4,999 ) (5,975 ) Income taxes payable (2,609 ) — Net cash provided by operating activities 65,366 33,730 Purchases of property and equipment (12,617 ) (15,228 ) Net cash used in investing activities (12,617 ) (15,228 ) Proceeds from revolving credit facility 62,780 455,110 Principal payments on revolving credit facility (70,050 ) (458,390 ) Principal payments on term loan (13,125 ) (13,125 ) Proceeds from issuances under share-based compensation plans 704 320 Withholding tax payments related to vesting of restricted stock units and awards (675 ) (249 ) Net cash used in financing activities (20,366 ) (16,334 ) Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash (165 ) (141 ) Increase in cash, cash equivalents and restricted cash 32,218 2,027 Cash, cash equivalents and restricted cash at beginning of period 12,134 13,935 Cash, cash equivalents and restricted cash at end of period $ 44,352 $ 15,962 Cash paid during the period for interest related to the revolving credit facility and term loan $ 27,080 $ 24,852 Cash paid during the period for income taxes $ 14,200 $ 10,976 Property and equipment purchases included in accounts payable and accrued liabilities $ 1,450 $ 3,360 Net loss $ (1,194 ) $ (2,748 ) Interest expense 8,784 9,757 Other income, net of other expense (362 ) 267 Benefit from income taxes (26 ) (394 ) Depreciation and amortization (A) 8,523 8,785 Share-based compensation (B) 685 1,585 Non-cash deductions and charges (C) 112 409 Other expenses (D) 3,062 1,718 Adjusted EBITDA $ 19,584 $ 19,379 (A) Depreciation and amortization excludes amortization of debt issuance costs and original issue discount that are reflected in interest expense. (B) During the three months ended November 2, 2024 and October 28, 2023, share-based compensation includes $(0.3) million and $0.1 million, respectively, for awards that will be settled in cash as they are accounted for as share-based compensation in accordance with ASC 718, , similar to awards settled in shares. (C) Non-cash deductions and charges includes non-cash losses on property and equipment disposals and the net impact of non-cash rent expense. (D) Other expenses include certain transaction and litigation fees (including certain settlement costs) and severance costs for certain key management positions. View source version on : CONTACT: Investors Lyn Walther Media Joele Frank, Wilkinson Brimmer Katcher Michael Freitag / Arielle Rothstein / Lyle Weston KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: RETAIL ONLINE RETAIL DEPARTMENT STORES FASHION SOURCE: Torrid Holdings Inc. Copyright Business Wire 2024. PUB: 12/03/2024 04:05 PM/DISC: 12/03/2024 04:06 PMBruins beat Capitals 4-1, hold Washington to season-low 11 shots
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