Torrid names new C-suite execs; lowers Q2 guidance
Torrid Holdings Inc. has named two veteran retailers to its leadership team.
The apparel and intimates brand for women sizes 10 to 30 has appointed Tim Martin as COO and CFO, effective September 12. He replaces interim CFO Tanner MacDiarmid, who will continue to serve the company on a consulting basis.
In addition, Torrid named Hyon Park as chief technology officer.
Martin joins Torrid from Guitar Center, where he has served as executive VP and CFO, responsible for accounting and finance, real estate, sourcing, distribution and logistics, since 2012. Prior to Guitar Center, Martin was COO/CFO of Land’s End and, before that, CFO of Coldwater Creek.
Park joins Torrid from Belk, where he has served as executive VP, chief information officer since 2016. (In May, Lisa Harper, who served as CEO of Belk from 2016 to 2012, took the reins of Torrid.)
Prior to Belk, Park was executive VP and chief information officer at Tailored Brands, from 2011 to 2016. Before that, he was with Gymboree.
Park will report to Martin and will lead the information technology team including software and applications, infrastructure and security, governance, and business intelligence.
“As we continue to grow and scale our business, we are building a world-class leadership team to support our continued sustainable and profitable growth,” stated Harper. “I am very excited to welcome Tim who is a seasoned leader known for his analytical acumen, strategic orientation, and proven ability to drive results. His expertise will be invaluable to our operations, and he will be a valued strategic partner to me and the entire leadership team. I also want to welcome Hyon Park who will be joining us as our chief technology officer. Hyon will be pivotal in helping build more robust technology and digital capabilities.”
Second Quarter Update
Citing the “current macro environment,” Torrid cut its second-quarter sales guidance to a range between $335 million and $340 million, down from its prior forecast of $350 million to $360 million. The retailer expects its adjusted earnings before interest, taxes, depreciation and amortization to be between $49 million and $51 million, down from its prior forecast of $53 million to $58 million.
“Although our web traffic trends have been consistent, store traffic trends slowed in July and shipping disruptions caused by upgrades to our distribution platform during the quarter created unanticipated headwinds,” said Harper. “The increased capacity in our fulfillment center is now operational and customers are receiving their orders as expected. Additionally, we were able to clear our projected levels of excess inventory and expect to have assortments in a balanced position by mid-September.”