Last10K.com

Vince Holding Corp. (VNCE) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, January 29, 2022

SEC Filings

Vince Holding Corp.

CIK: 1579157 Ticker: VNCE

Exhibit 99.1

 

 

VINCE HOLDING CORP. REPORTS FOURTH QUARTER AND FISCAL YEAR 2021 RESULTS

 

NEW YORK, New York – April 29, 2022 – Vince Holding Corp. (NYSE:VNCE), a leading global contemporary group (“Vince” or the “Company”), today reported its financial results for the fourth quarter and fiscal 2021 ended January 29, 2022.

 

In this press release, the Company is presenting its 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.

 

Highlights for the fourth quarter ended January 29, 2022:

 

Net sales increased 32.4% to $99.0 million as compared to $74.8 million in the same period last year reflecting a 25.6% increase in Vince brand sales and a 121.3% increase in Rebecca Taylor and Parker.

 

Gross margin rate was 44.0% compared to 36.9% in the same period last year.

 

Income from operations was $1.8 million compared to a loss from operations of $3.9 million in the same period last year.

 

Net loss was $2.7 million or $(0.23) per share compared to a net loss of $7.4 million or $(0.62) per share in the same period last year.

 

Jack Schwefel, Chief Executive Officer, commented, “Although there are currently many headwinds beyond our control, we are very encouraged with the ongoing strength in our Vince brand. We have a solid foundation with strong brand equity and deep customer connections, which we will continue to leverage to further expand awareness and drive long-term growth. As we head into 2022, while we remain focused on executing our strategies including the expansion of our omni-channel capabilities, digital transformation and growing our men’s and international businesses, we will continue to employ measures to mitigate the impact of supply chain challenges and cost inflation by pulling forward inventory and instituting additional prices increases. Longer term, we continue to see ample opportunity to grow our brands and look forward to driving market share gains as we capitalize on the increasing white space in the contemporary luxury category.”

 

For the fourth quarter ended January 29, 2022:

 

 

Total Company net sales increased 32.4% to $99.0 million compared to $74.8 million in the fourth quarter of fiscal 2020.

 

Gross profit was $43.6 million, or 44.0% of net sales, compared to gross profit of $27.6 million, or 36.9% of net sales, in the fourth quarter of fiscal 2020. The increase in the gross margin rate was primarily due to lower year-over-year adjustments to inventory reserves and lower promotional activity in the direct-to-consumer channel, partially offset by higher freight costs.

 

Selling, general, and administrative expenses, were $41.8 million, or 42.2% of sales, compared to $31.5 million, or 42.1% of sales, in the fourth quarter of fiscal 2020. The increase in SG&A dollars was primarily the result of higher payroll and compensation expense, increased investments in marketing, as well as higher occupancy costs due to landlord rent concessions


The following information was filed by Vince Holding Corp. (VNCE) on Friday, April 29, 2022 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.

View differences made from one year to another to evaluate Vince Holding Corp.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Vince Holding Corp..

Continue

Assess how Vince Holding Corp.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Vince Holding Corp.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
Revenue
Other
Filter by Subcategory:
All
Expense
Income
Product
Earnings
Cash Flow
Debt
Dividend
Other
Inside Vince Holding Corp.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (Loss)
Consolidated Statements Of Stockholders' Equity
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Defined Contribution Plan
Defined Contribution Plan - Additional Information (Detail)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
Description Of Business And Summary Of Significant Accounting Policies - Additional Information (Detail)
Description Of Business And Summary Of Significant Accounting Policies - Schedule Of Property And Equipment (Detail)
Earnings (Loss) Per Share
Earnings (Loss) Per Share - Schedule Of Reconciliation Of Weighted Average Basic Shares To Weighted Average Diluted Shares Outstanding (Detail)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Summary Of Non-Financial Assets Measured At Fair Value On Nonrecurring Basis (Detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Detail)
Goodwill And Intangible Assets - Schedule Of Expected Amortization Expense For Identifiable Intangible Assets (Detail)
Goodwill And Intangible Assets - Summary Of Goodwill Balances (Detail)
Goodwill And Intangible Assets - Summary Of Identifiable Intangible Assets (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Reconciliation Of Beginning And Ending Amount Of Gross Unrecognized Tax Benefits, Excluding Interest And Penalties (Detail)
Income Taxes - Schedule Of Deferred Income Tax Assets And Liabilities (Detail)
Income Taxes - Schedule Of Provision For Income Taxes (Detail)
Income Taxes - Schedule Of Reconciliation Of Federal Statutory Income Tax Rate To Effective Tax Rate (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Schedule Of Supplemental Cash Flow And Non-Cash Information Related To Leases (Detail)
Leases - Summary Of Future Maturity Of Lease Liabilities (Detail)
Leases - Summary Of Lease Cost (Detail)
Long-Term Debt And Financing Arrangements
Long-Term Debt And Financing Arrangements (Tables)
Long-Term Debt And Financing Arrangements - Additional Information (Detail)
Long-Term Debt And Financing Arrangements - Additional Information 1 (Detail)
Long-Term Debt And Financing Arrangements - Additional Information 2 (Detail)
Long-Term Debt And Financing Arrangements - Additional Information 3 (Detail)
Long-Term Debt And Financing Arrangements - Schedule Of Maturities Of Term Loan Credit Facility (Detail)
Long-Term Debt And Financing Arrangements - Summary Of Debt Obligations (Detail)
Related Party Transactions
Related Party Transactions - Additional Information (Detail)
Schedule Ii - Valuation And Qualifying Accounts (Detail)
Schedule Ii - Valuation And Qualifying Accounts (Parenthetical) (Detail)
Schedule Ii Valuation And Qualifying Accounts
Segment And Geographical Financial Information
Segment And Geographical Financial Information (Tables)
Segment And Geographical Financial Information - Additional Information (Detail)
Segment And Geographical Financial Information - Summary Of Reportable Segments Information (Detail)
Segment And Geographical Financial Information - Summary Of Reportable Segments Information (Parenthetical) (Detail)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Detail)
Share-Based Compensation - Schedule Of Restricted Stock Units Activity (Detail)
Share-Based Compensation - Summary Of Stock Option Activity (Detail)
Stockholders' Equity
Stockholders' Equity - Additional Information (Detail)
Ticker: VNCE
CIK: 1579157
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-016640
Submitted to the SEC: Fri Apr 29 2022 9:21:35 AM EST
Accepted by the SEC: Fri Apr 29 2022
Period: Saturday, January 29, 2022
Industry: Retail Apparel And Accessory Stores

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/vnce/0001564590-22-016640.htm