Exhibit 99.1

 

 

Vince Holding Corp. Reports Preliminary Fourth Quarter and Fiscal Year 2020 Results

NEW YORK, New York – April 29, 2021 – Vince Holding Corp. (NYSE:VNCE), a leading global contemporary group (“Vince” or the “Company”), today reported its preliminary financial results for the fourth quarter and fiscal year 2020 ended January 30, 2021.

 

In this press release, the Company is presenting its preliminary as well as historical financial results in conformity with U.S. generally accepted accounting principles ("GAAP") as well as on an "adjusted" basis.  Adjusted results presented in this press release are non-GAAP financial measures.  See "Non-GAAP Financial Measures" below for more information about the Company's use of non-GAAP financial measures and Exhibit 3 to this press release for a reconciliation of GAAP measures to such non-GAAP measures.

 

Preliminary highlights for the fourth quarter ended January 30, 2021:

 

Net sales decreased 28.4% to $74.8 million as compared to $104.4 million in the same period last year reflecting a 20.4% decrease in Vince brand sales and a 68.9% decrease in Rebecca Taylor and Parker.

 

Gross margin rate was 36.9% compared to 44.2% in the same period last year.

 

Loss from operations was $3.9 million compared to a loss from operations of $3.3 million in the same period last year. Excluding costs associated with the acquisition of Rebecca Taylor and Parker and non-cash asset impairment charges, adjusted loss from operations in the fourth quarter of fiscal 2019 was $0.3 million.

 

As described below, the Company has not yet completed its financial closing procedures with respect to the analysis of a non-cash deferred tax item, which we expect will have an impact of increasing our provision for income taxes and net loss, resulting in an increase in loss per share between $0.10 and $0.15 for the fourth quarter.  Excluding the impact of such item, net loss was $5.7 million or $0.48 per share compared to a net income of $51.7 million or $4.29 per diluted share in the same period last year. Excluding a TRA adjustment of $56.0 million, transaction and related costs associated with the acquisition of Rebecca Taylor and Parker and non-cash asset impairment charges, adjusted net loss in the fourth quarter of fiscal 2019 was $1.2 million or $0.10 per share.  

 

Subsequent to the fourth quarter, the Company entered into a Sixth Amendment to its existing term loan credit facility thereby extending the waiver of the fixed charge coverage ratio measurement until January 28, 2023 in order to create more flexibility as the Company recovers from the pandemic.

 

“As the world recovers from the COVID pandemic and life begins to normalize, we are excited about the future of our brands” commented Jack Schwefel, Chief Executive Officer. “Vince is distinctly positioned as a brand that embodies effortless sophisticated style. We will continue to leverage Vince’s brand equity and deep consumer connections to expand awareness and drive growth with an increased focus on the direct-to-consumer channel.  Rebecca Taylor also possesses a strong DNA and as we return to the brand’s heritage in a modernized way, we believe we can achieve a similar level of recognition that was recaptured by Vince.  I look forward to working with the teams as we execute an omni-channel strategy and data-driven merchandising and marketing approach to enable each of these brands to achieve their long term potential.”


The following information was filed by Vince Holding Corp. (VNCE) on Thursday, April 29, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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