Exhibit 99.1

 

Vince Holding Corp. Reports First Quarter 2018 Results

NEW YORK, New York – June 14, 2018 – 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 year 2018 ended May 5, 2018.

 

Highlights for the first quarter ended May 5, 2018:

 

 

Direct-to-Consumer sales increased 14.9%; comparable sales grew 12.3%

 

Gross margin rate increased 270 basis points to 46.8%

 

Operating loss improved $3.8 million to $4.4 million from $8.2 million

 

Net loss was $5.6 million or $0.49 per share compared to a net loss of $9.3 million or $1.88 per share

 

Brendan Hoffman, Chief Executive Officer, commented, “We were pleased with the strong response to our women’s and men’s product assortments in the first quarter which drove a double digit comparable sales increase in our full price stores, and more than 25% growth in our eCommerce business. In addition, we are highly encouraged by our three recent store openings, all of which are exceeding our sales expectations.  In the wholesale channel, we saw better than expected performance at both Nordstrom and Neiman Marcus as well as strong sell-through across all accounts, indicating a favorable response to our product offering. Sales in our wholesale segment declined, consistent with our expectations, primarily as the result of our planned reduction in partners in this channel. Given our increased confidence and visibility in the business, we have reinstituted annual guidance. With the building enthusiasm for our brand, we are more confident than ever that we are on the right path to delivering consistent profitable growth over the long term.”  

 

For the first quarter ended May 5, 2018:

 

 

Net sales decreased 6.1% to $54.5 million compared to $58.0 million in the first quarter of fiscal 2017. Wholesale segment sales decreased 19.5% to $28.5 million, in line with expectations, as compared to the same period last year primarily due to the planned reduction in full-price wholesale partners. Direct-to-consumer segment sales increased 14.9% to $26.0 million compared to the first quarter of fiscal 2017. Comparable sales increased 12.3%, including e-commerce sales, primarily due to an increase in transactions.

 

 

Gross profit was $25.5 million, or 46.8% of net sales, compared to gross profit of $25.6 million, or 44.1% of net sales, in the first quarter of fiscal 2017. The 270 basis point increase in gross margin rate was largely due to lower sales allowances in the wholesale channel and a favorable shift in channel mix, partially offset by the unfavorable impact of adjustments to inventory reserves.

 

Selling, general, and administrative expenses were $29.9 million, or 54.8% of sales, compared to $33.8 million, or 58.2% of sales, in the first quarter of fiscal 2017. The decline in SG&A dollars was primarily the result of lower product development costs and the non-recurrence of


The following information was filed by Vince Holding Corp. (VNCE) on Thursday, June 14, 2018 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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