Exhibit 99.1

 

Vince Holding Corp. Reports First Quarter 2017 Results

 

NEW YORK, New York – June 8, 2017 – Vince Holding Corp. (NYSE: VNCE), a leading global luxury apparel and accessories brand (“Vince” or the “Company”), today reported unaudited results for the first quarter of fiscal 2017 ended April 29, 2017.

 

Brendan Hoffman, Chief Executive Officer, commented, “Our first quarter results were largely in line with our expectations.  As anticipated, our wholesale business was negatively impacted primarily due to the elimination of our summer delivery.  We saw sequential improvement in our direct-to-consumer business, led by ecommerce, and we are seeing this momentum continue into the second quarter.  Looking ahead, we will remain focused on strengthening our direct-to-consumer business as well as take steps to optimize our wholesale business as we look to engage consumers across channels.  In addition, we have recently strengthened our design and product development leadership and are excited about the product refinements and planned brand enhancements we have underway.  Overall, we believe the Vince brand remains strong and we are making progress toward driving improved performance.”

For the first quarter ended April 29, 2017:

 

 

Net sales decreased 14.2% to $58.0 million from $67.6 million in the first quarter of fiscal 2016.  Wholesale segment sales decreased 20.9% to $35.4 million, primarily due to a reduction in full-price orders as a result of the elimination of the Company’s summer delivery.  Direct-to-consumer segment sales decreased 1.0% to $22.6 million compared to the first quarter of fiscal 2016. Comparable sales decreased 5.7%, including e-commerce sales, due to a decrease in average order value.

 

Gross profit was $25.6 million, or 44.1% of net sales. This compares to gross profit of $28.3 million, or 41.8% of net sales, in the first quarter of fiscal 2016. The increase in the gross profit rate for the first quarter of 2017 reflected a favorable channel mix shift and decreased discounts from the liquidation of excess inventory in the first quarter of fiscal 2016, partially offset by higher allowances and supply chain costs.

 

Selling, general, and administrative expenses were $33.8 million, or 58.2% of sales compared to $31.8 million, or 47.0% of sales, in the first quarter of fiscal 2016. The growth in SG&A expense for the first quarter of fiscal 2017 was due to increased costs associated with the remediation of the Company’s new systems, and higher product development, marketing, and new stores costs, partially offset by a decrease in incentive compensation, consulting, and temporary labor costs, in addition to transition, severance, and other strategic costs that did not reoccur in the first quarter of fiscal 2017.

 

Operating loss was $8.2 million, compared to operating loss of $3.5 million for the first quarter of fiscal 2016.

 

Net loss was $9.3 million, or $0.19 per share, compared to a net loss of $1.9 million, or $0.05 per share, for the first quarter of fiscal 2016.  The net loss for the first quarter of 2017 does not include a benefit from income taxes due to the offsetting impact of the tax valuation allowance.

 

The Company ended the quarter with 54 company-operated stores, an increase of three stores since the first quarter of fiscal 2016.

 


The following information was filed by Vince Holding Corp. (VNCE) on Thursday, June 8, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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