Exhibit 99.1

 

 

Vince Holding Corp. Reports Second Quarter 2018 Results

NEW YORK, New York – September 13, 2018 – 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 year 2018 ended August 4, 2018.

 

Highlights for the second quarter ended August 4, 2018:

 

 

Net sales increased 3.8% to $63.1 million

 

Direct-to-Consumer sales increased 17.2%; comparable sales grew 14.4%

 

Gross margin rate increased 190 basis points to 43.9%

 

$6.5 million improvement in operating loss to $2.4 million

 

Net loss was $3.8 million or $0.33 per share compared to a net loss of $10.1 million or $2.05 per share

 

Brendan Hoffman, Chief Executive Officer, commented, “Our second quarter results illustrate the excellent progress we have made in repositioning Vince for long term growth.  We once again delivered strong performance in our direct-to-consumer channel as our summer deliveries were met with favorable response and provided continuity of product flow throughout the season.  Our best performing stores remain those in close proximity to department store doors that we exited. We also saw another quarter of strong sell-through within the department store channel positioning us for continued momentum and improved profitability in this segment. We remain encouraged by the overall trends in our business and look forward to building on our successes as we work towards returning Vince to consistent profitable growth over the long term.”

 

For the second quarter ended August 4, 2018:

 

 

Net sales increased 3.8% to $63.1 million compared to $60.8 million in the second quarter of fiscal 2017. Wholesale segment sales decreased 3.6% to $37.8 million as compared to the same period last year, as expected, due to the streamlining of the Company’s full-price department store business. Direct-to-consumer segment sales increased 17.2% to $25.3 million compared to the second quarter of fiscal 2017. Comparable sales increased 14.4%, including e-commerce.

 

 

Gross profit was $27.7 million, or 43.9% of net sales, compared to gross profit of $25.6 million, or 42.0% of net sales in the second quarter of fiscal 2017, a 190 basis point increase. The gross profit rate benefited from lower supply chain costs and the favorable impact of channel mix; partially offset by an unfavorable impact from year-over-year adjustments to inventory reserves.  

 

Selling, general, and administrative expenses were $30.1 million, or 47.7% of sales, compared to $34.4 million, or 56.6% of sales, in the second quarter of fiscal 2017. The lower SG&A spend for the second quarter of fiscal 2018 was primarily the result of the non-recurrence of investments made last year related to the remediation and optimization of the systems implemented during fiscal 2016, a decrease in severance costs, and a reduction in product development costs.

 


The following information was filed by Vince Holding Corp. (VNCE) on Thursday, September 13, 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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