The US based plus size clothing retailer Torrid, plans to add as many as 25 stores annually. And that too for an unspecified number of years, also the stores will be mostly far from malls.
Torrid’s decision to add stores every year follows its continuously good sales performance. The retailer has just witnessed its Q2 net sales shoot up by 34 per cent to US $ 332.9 million. Interestingly, that’s also a 29 per cent jump from the second quarter of 2019.
Also, the retailer saw its Q2 comps surge by an impressive 30 per cent from 2020 and 26 per cent from 2019.
Fortunately, the gross profit margin has been on rise. Torrid’s gross profit margin jumped from 32.1 per cent in 2020 to 45 per cent this year. In 2019, it was 39.8 per cent.
The net income for the retailer went up by 131 per cent year-over-year to US $ 38.8 million, while the surge was 160 per cent from what it was in 2019.
So, when the numbers are consistently so good, it isn’t surprising to see the retailer plan to add 25 stores every year.
Besides that, this is also the reason why Torrid has stuck to plus apparels, while most of its competitors, including Target, have moved to enhance merchandising.
California-based Torrid LLC is known for offering plus-size apparels and accessories for women in sizes from 10 to 30. It currently has 600 stores across the US and also has a store in Canada.