By Ben Glickman
Shares of Torrid Holdings rose late Thursday after the company lifted its full-year revenue guidance following a lower-than-expected sales slump in third quarter.
The stock rose 15% to $4.76 in post-market trading, following a 2.1% decline at the close of the regular session. Shares are up 40% this year.
Torrid raised its full-year outlook for sales to $1.125 billion to $1.14 billion on Thursday, compared with prior outlook of $1.08 billion to $1.115 billion in revenue.
The City of Industry, Calif.-based clothing and accessory brand’s third-quarter sales fell 8.3% to $275.4 million, topping the $245.8 million forecast by analysts, according to FactSet.
Comparable sales fell 8% in the period, significantly less than the nearly 20% same-store sales decline forecast by analysts.
The company logged a loss of $2.7 million, or 3 cents a share, in the quarter ended Oct. 28, compared to a profit of $7.3 million, or 7 cents a share, a year earlier. Analysts polled by FactSet expected a loss of 5 cents a share.
Chief Executive Lisa Harper said customers responded to new collections and fresh marketing initiatives, driving better traffic trends.
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