Vince Holding Corp. Provides Unaudited Preliminary Sales Results for Fourth Quarter Fiscal 2017
February 26 2018 - 4:15PM
Business Wire
Vince Holding Corp. (NYSE: VNCE), a leading global luxury
apparel and accessories brand (“Vince” or the “Company”), today
announced unaudited preliminary sales results for the fourth
quarter ended February 3, 2018. For the quarter, net sales
increased approximately 14.0% to $73.0 million, excluding an
estimated $1.5 million from the 14th week, compared to $63.9
million in the fourth quarter of fiscal 2016. Direct-to-consumer
segment sales increased approximately 17.5% to $34.5 million as
compared to the same period last year, excluding sales from the
14th week. Comparable sales increased approximately 16.1% on a
13-week basis, including e-commerce sales. Wholesale segment sales
increased approximately 11.5% to $38.5 million as compared to the
prior year fourth quarter. The 14th week had an immaterial impact
on the wholesale segment.
Brendan Hoffman, Chief Executive Officer, commented, “We are
pleased to have delivered strong sales growth in the fourth quarter
as our new product continued to resonate well with customers. We
saw strong comparable sales performance in our direct-to-consumer
business with double digit growth in both full price retail stores
and our e-commerce business as well as higher full-price sell
through. We believe we are making good progress in transitioning
customers from the department store partners we exited to our own
retail stores. In fact, the largest comparable sales increase was
generated in stores located near locations that we exited. We also
expect improvement in operating income versus last year, excluding
potential asset impairment charges. We are highly encouraged by
both our partner and customer response to product and will remain
focused on driving forward with our strategic initiatives. We look
forward to providing detailed fourth quarter results and our plans
for fiscal 2018 on our fourth quarter conference call.”
Earnings Conference Call
The Company plans to release fiscal fourth quarter and full year
2017 financial results on or about Thursday, April 19, 2018 and
host a conference call on that day at 8:30 a.m. ET to discuss
results. The Company will announce the details of the conference
call separately.
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/).
The amounts reported in this press release
are unaudited and preliminary. They also are subject
to the Company’s management completing its customary closing
procedures and the Company’s independent auditor completing
the year-end audit for fiscal 2017, among other factors,
and actual results may differ significantly from
these unaudited preliminary amounts.
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/20180226006355/en/
Investor Relations:ICR, Inc.Jean Fontana,
646-277-1200Jean.fontana@icrinc.com
Vince (NYSE:VNCE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vince (NYSE:VNCE)
Historical Stock Chart
From Apr 2023 to Apr 2024