Exhibit 99.1

Vince Holding Corp. Reports Second Quarter 2017 Results

NEW YORK, New York – September 7, 2017 – Vince Holding Corp. (NYSE:VNCE), a leading global luxury apparel and accessories brand (“Vince” or the “Company”), today reported unaudited results for the second quarter of fiscal 2017 ended July 29, 2017.

 

Brendan Hoffman, Chief Executive Officer, commented, “We were pleased to see the stabilization in net sales during the second quarter, which showed significant sequential improvement versus our first quarter results. In our wholesale business, sales decreased slightly, due to a reduction in international sales.  We also saw disruption in receipt flows for pre-Fall and Fall deliveries.  In our direct-to-consumer segment, we saw sequential improvement in sales, with strong sales growth in our eCommerce business.  In addition, we were very pleased with the positive sell through that we have seen for our Fall product thus far in our retail channel.”  

 

Mr. Hoffman continued, “As we look ahead, we have taken steps to rationalize our department store distribution and made the strategic decision to enter into limited distribution arrangements for non-licensed products with two department store partners, Nordstrom and Neiman Marcus, beginning in fiscal 2018.  We expect that these partnerships will bring a number of benefits to our business, including driving improved profitability over the long-term.  Overall, we believe that we have the right initiatives and team in place for our brand, and expect to stabilize and ultimately drive growth in the business as we refine our wholesale distribution strategy, and enhance our direct-to-consumer segment.  In addition, we believe that our efforts to deliver product that is better aligned with customers’ needs and enhanced, targeted marketing initiatives, combined with our focus on reducing costs across the business while making investments in our infrastructure will support our long term growth objectives.”  

 

For the second quarter ended July 29, 2017:

 

 

Net sales increased 0.2% to $60.8 million from $60.7 million in the second quarter of fiscal 2016.  Wholesale segment sales decreased 0.9% to $39.3 million, primarily due to a reduction in sales internationally.  Direct-to-consumer segment sales increased 2.3% to $21.6 million compared to the second quarter of fiscal 2016. Comparable sales decreased 0.8%, including e-commerce sales, due to a decrease in average order value.

 

Gross profit was $25.6 million, or 42.0 % of net sales. This compares to gross profit of $27.4 million, or 45.1% of net sales, in the second quarter of fiscal 2016. The prior year results reflected a $1.9 million benefit from favorable adjustments to inventory reserves.  In addition, gross margin in the second quarter of fiscal 2017 was negatively impacted by a higher mix of markdowns in the Direct-to-consumer segment, as well as an unfavorable impact from higher product and supply chain costs, partially offset by decreased discounts and allowances in the Wholesale segment.

 

Selling, general, and administrative expenses were $34.4 million, or 56.6% of sales compared to $31.6 million, or 52.1% of sales, in the second quarter of fiscal 2016. The growth in SG&A expense for the second quarter of fiscal 2017 was primarily due to a net increase of $2.3 million reflecting investments related to the remediation and optimization of IT systems, severance, and other one-time investments as well as savings related to the Company’s previous consulting arrangement with its founders.

 

Operating loss was $8.9 million, compared to operating loss of $4.3 million for the second quarter of fiscal 2016.

 


The following information was filed by Vince Holding Corp. (VNCE) on Thursday, September 7, 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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