Vince Holding Corp. Provides Holiday Sales Performance Update
January 10 2018 - 7:30AM
Business Wire
Direct-To-Consumer Comparable Sales Increased
8.8%
Vince Holding Corp. (NYSE: VNCE), a leading global luxury
apparel and accessories brand (“Vince” or the “Company”), today
announced that the Company’s full-price stores and eCommerce
business combined delivered a comparable sales increase of 15.9%
for the nine-week period ended December 30, 2017. Total
direct-to-consumer comparable sales, inclusive of Company-owned
outlets, increased 8.8% for the nine-week period. In addition,
merchandise margin for the direct-to-consumer segment slightly
increased as compared to the same period last year as a result of
improved full price sell-through. Wholesale segment shipments were
down slightly during the nine-week period ended December 30, 2017
as compared to the same period last year, largely as a result of
the timing of shipments.
Brendan Hoffman, Chief Executive Officer, commented, “We are
thrilled with our holiday sales performance, which continued the
strong trends that we saw towards the end of the third quarter. The
new product is resonating with our customers and driving double
digit comparable sales growth in our full price direct-to-consumer
channels. We were also pleased with improved sell-through at our
wholesale partners, which we believe bodes well for 2018
performance. We are working very closely with the wholesale
partners we are exiting to ensure a smooth transition while
protecting our brand equity. Overall, we are excited about the
momentum in our direct-to-consumer business and signs that we are
beginning to recapture market share in existing wholesale
doors.”
ABOUT VINCE
Established in 2002, Vince is a global luxury brand best known
for utilizing luxe fabrications and innovative techniques to create
a product assortment that combines urban utility and modern
effortless style. From its edited core collection of ultra-soft
cashmere knits and cotton tees, Vince has evolved into a global
lifestyle brand and destination for both women’s and men’s apparel
and accessories. As of October 28, 2017, Vince products were sold
in prestige distribution worldwide, including approximately 2,400
distribution locations across more than 40 countries. With
corporate headquarters in New York and its design studio in Los
Angeles, the Company operated 41 full-price retail stores, 14
outlet stores and its e-commerce site, vince.com. Please
visit www.vince.com for more information.
This press release is also available on the Vince Holding Corp.
website (http://investors.vince.com/).
Forward-Looking Statements: This document, and any statements
incorporated by reference herein, contains forward-looking
statements under the Private Securities Litigation Reform Act of
1995. Forward-looking statements include the statements regarding,
among other things, our current expectations about the Company's
future results and financial condition, revenues, store openings
and closings, margins, expenses and earnings and are indicated by
words or phrases such as "may," "will," "should," "believe,"
"expect," "seek," "anticipate," "intend," "estimate," "plan,"
"target," "project," "forecast," "envision" and other similar
phrases. Although we believe the assumptions and expectations
reflected in these forward-looking statements are reasonable, these
assumptions and expectations may not prove to be correct and we may
not achieve the results or benefits anticipated. These
forward-looking statements are not guarantees of actual results,
and our actual results may differ materially from those suggested
in the forward-looking statements. These forward-looking statements
involve a number of risks and uncertainties, some of which are
beyond our control, including, without limitation: our ability to
continue having the liquidity necessary to service our debt, meet
contractual payment obligations (including amortization payments
under the term loan as well as payments under the tax receivable
agreement) and fund our operations; our ability to comply with the
covenants under our credit facilities; our ability to successfully
operate the newly implemented systems, processes, and functions
recently transitioned from Kellwood Company; our ability to
remediate the identified material weaknesses in our internal
control over financial reporting; our ability to regain compliance
with the continued listing standards of the New York Stock
Exchange; our ability to ensure the proper operation of the
distribution facility by a third party logistics provider recently
transitioned from Kellwood; our ability to remain competitive in
the areas of merchandise quality, price, breadth of selection, and
customer service; our ability to anticipate and/or react to changes
in customer demand and attract new customers, including in
connection with making inventory commitments; our ability to
control the level of sales in the off-price channels; our ability
to manage excess inventory in a way that will promote the long-term
health of the brand; changes in consumer confidence and spending;
our ability to maintain projected profit margins; unusual,
unpredictable and/or severe weather conditions; the execution and
management of our retail store growth plans, including the
availability and cost of acceptable real estate locations for new
store openings; the execution and management of our international
expansion, including our ability to promote our brand and
merchandise outside the U.S. and find suitable partners in certain
geographies; our ability to expand our product offerings into new
product categories, including the ability to find suitable
licensing partners; our ability to successfully implement our
marketing initiatives; our ability to protect our trademarks in the
U.S. and internationally; our ability to maintain the security of
electronic and other confidential information; serious disruptions
and catastrophic events; changes in global economies and credit and
financial markets; competition; our ability to attract and retain
key personnel; commodity, raw material and other cost increases;
compliance with domestic and international laws, regulations and
orders; changes in laws and regulations; outcomes of litigation and
proceedings and the availability of insurance, indemnification and
other third-party coverage of any losses suffered in connection
therewith; tax matters; and other factors as set forth from time to
time in our Securities and Exchange Commission filings, including
under the heading "Item 1A—Risk Factors" in our Annual Report on
Form 10-K and our Quarterly Reports on Form 10-Q. We intend these
forward-looking statements to speak only as of the time of this
release and do not undertake to update or revise them as more
information becomes available, except as required by law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180110005232/en/
Investor Relations:ICR, Inc.Jean Fontana,
646-277-1200Jean.fontana@icrinc.com
Vince (NYSE:VNCE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Vince (NYSE:VNCE)
Historical Stock Chart
From Sep 2023 to Sep 2024