Plus-size clothing brand Torrid has reported higher profit despite a decline in sales for the first quarter of FY24.

The company’s net sales fell 4.8 per cent to $279.8 million from $293.9 million in the first quarter of last year.

Meanwhile, gross profit margin was 41.3 per cent, up from 37.7 per cent year on year. The firm said the improvement was primarily driven by decreased product costs achieved through “strategic pricing renegotiations” with vendors, as well as an increase in normal-priced product sales.

On the bottom line, net income rose to $12.2 million from $11.8 million in the prior-year period.

In the first quarter, the business opened six new locations while closing three. The overall number of stores at the end of the quarter was 658.

For fiscal year 2024, the company intends to open 15 to 20 new stores while closing 10 to 15, with net sales expected to range from $1.135 billion to $1.155 billion.

Torrid has also named Hyon Park and Ashlee Wheeler as new chief operating officer and chief planning officer, respectively. Meanwhile, Torrid’s chief commercial officer, Mark Mizicko, will leave the company this week.

Park joined Torrid in 2022 as chief technology officer from Belk, while Wheeler has been with the company for 13 years in a variety of roles.