Dive Brief:
- Torrid on Thursday announced Mark Mizicko has been appointed its new chief commercial officer, effective immediately.
- Mizicko comes to Torrid with more than 25 years of retail experience in planning, merchandising, operations, marketing and e-commerce, according to a company press release.
- Mizicko has held roles at various retailers, including Belk, Hot Topic, Gymboree, Gap. Inc., the Limited Brands and even Torrid, as its chief operating officer for nine months in 2016, according to his LinkedIn profile.
Dive Insight:
Mizicko is returning to Torrid after holding various roles within the retailer and former parent company Hot Topic.
“I am very pleased to welcome Mark back as a member of the Torrid Leadership team. Mark is an exceptional retailer and has great experience and knowledge of our business and the industry,” CEO Lisa Harper said in a statement. “Mark’s expertise, in conjunction with the design talent of Liz Muñoz, our Chief Creative Officer, and the marketing and e-commerce expertise of Vivian Alhorn, our Chief Marketing Officer, will be a highly effective combination which will help us deliver world-class fit and life-changing products to our customers.”
As chief commercial officer, Mizicko will be responsible for merchandising, merchandise planning and allocation, marketing and e-commerce. The company noted that Muñoz will maintain responsibility for all product development and tactical design, and Alhorn will continue to oversee marketing and e-commerce.
Torrid has experienced a number of C-suite changes over the past year. In May of last year, the company appointed Harper as CEO and Muñoz (who previously held the chief executive role) as chief creative officer. At the same time, Torrid appointed Tanner MacDiarmid as its interim chief financial officer and PVH Corp. veteran Michael Shaffer to its board of directors. Then in August, the company appointed Tim Martin as its COO and CFO, effective a month later, and Hyon Park as its chief technology officer.
The appointment of Mizicko came as Torrid reported fourth quarter and year-end earnings. Net sales in Q4 fell 5.5% year over year to $301.2 million, while comparable sales fell 5.4%. Operating income fell 84.5% to $2.5 million, but net loss narrowed to $3.8 million from $22.8 million in the year-ago period. For the full year, net sales fell 0.7% to $1.3 billion, while comps fell 3.4%. The company swung to a profit for the full year, reporting a net income of $50.2 million from a loss of $29.9 million last year.
For the year ahead, Torrid expects first-quarter net sales to be between $305 million and $313 million and full-year net sales to be between $1.27 billion and $1.32 billion. Capital expenditures for the year are projected to be up to $45 million as a result of tech investments and 30 to 40 new store openings.
