Note 20. Segment Reporting

We have determined that we have one reportable segment, which includes the operation of our e-Commerce platform and stores. The single segment was identified based on how the Chief Operating Decision Maker (“CODM”), who we have determined to be our Chief Executive Officer, manages and evaluates performance and allocates resources based on consolidated net (loss) income. As the CODM is not provided any asset information, we do not disclose the measure of segment assets. Net sales related to our operations in Canada and Puerto Rico during fiscal years 2025, 2024 and 2023 are not reported separately from domestic net sales and long-lived assets in Canada and Puerto Rico are not reported separately from domestic long-lived assets as of the end of fiscal years 2025 and 2024 as they were not material.

The following table presents information regularly provided to the CODM about our reportable segment (in thousands):


	Fiscal Year Ended
	January 31, 2026		February 1, 2025		February 3, 2024
Net sales	$	1,000,092	$	1,103,737	$	1,151,945
Less:
Cost of goods sold (A)	618,755		655,529		711,685
Selling, general and administrative expenses (B)	260,729		285,204		279,358
Depreciation and amortization (C)	34,618		35,721		36,484
Share-based compensation	5,208		7,634		8,042
Marketing expenses	57,378		54,231		55,499
Interest expense	31,844		35,633		39,203
(Benefit from) provision for income taxes	(2,526)		5,285		6,416
Interest income, net of other (income) expense	(882)		(28)		(90)
Other expenses (D)	2,002		8,210		3,729
Net (loss) income	$	(7,034)	$	16,318	$	11,619

(A)Cost of goods sold as provided to the CODM excludes depreciation and amortization and share-based compensation, which are presented separately.

(B)Selling, general and administrative expenses as provided to the CODM exclude depreciation and amortization, share-based compensation and other expenses, which are presented separately.

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

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Torrid Holdings Inc. Segments Disclosure

About Segments Disclosures

Other Available Disclosures