Vince Holding Corp. Provides Holiday Sales Performance Update
January 14 2019 - 7:00AM
Business Wire
Net Sales Increased 11.9%
Vince Holding Corp. (NYSE: VNCE), a leading global luxury
apparel and accessories brand (“Vince” or the “Company”), today
announced net sales results for the nine-week period ended January
5, 2019.
Net sales grew 11.9% as compared to the same period last year.
Direct-to-Consumer segment sales increased 13.2% driven by
comparable sales growth of 8.2% for the nine-week period as
compared to the same period last year and the opening of four net
new stores since the end of the same period last year. On a shifted
basis, comparable sales increased 6.3%.
Brendan Hoffman, Chief Executive Officer, commented, “We saw
solid sales performance during the holiday season as new product
continues to be well-received by customers in our
Direct-to-Consumer and Wholesale segments. In our Wholesale
segment, we are seeing market share gains within our accounts as
evidenced by double-digit sales growth at the retail level. We
remain focused on advancing the strategic initiatives that we
believe will enable us to deliver long term sustainable
growth.”
ABOUT VINCE
Established in 2002, Vince is a leading global luxury apparel
and accessories brand best known for creating elevated yet
understated pieces for every day. The collections are inspired by
the brand’s California origins and embody a feeling of warm and
effortless style. Vince designs uncomplicated yet refined
pieces that approach dressing with a sense of ease. Known for
its range of luxury products, Vince offers women’s and men’s
ready-to-wear and footwear as well as capsule collections of
handbags and home for a global lifestyle. Vince products are
sold in prestige locations worldwide. As of January 14, 2019, the
Company operated 45 full-price retail stores, 14 outlet stores and
its e-commerce site, vince.com. The Company is headquartered in New
York and operates a design studio in Los Angeles. 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. These amounts are
based on currently available information, are subject to change
following the completion of any customary financial closing
procedures for the fiscal quarter ending February 2, 2019 and are
not indicative of any actual results of such quarter, which
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, 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 transitioned from Kellwood Company;
our ability to remediate the identified material weaknesses in our
internal control over financial reporting; further impairment of
our goodwill and indefinite-lived intangible assets; our ability to
realize the benefits of our strategic initiatives; the execution
and management of our retail store growth plans; our ability to
make lease payments when due; our ability to ensure the proper
operation of the distribution facility by a third-party logistics
provider; 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 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; 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; effect of the U.S. federal income tax law reform; other
tax matters; and other factors as set forth from time to time in
our Securities and Exchange Commission filings, including
those described under “Item 1A—Risk Factors” in our Annual Report
on Form 10-K and 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: https://www.businesswire.com/news/home/20190114005194/en/
Investor Relations:ICR, Inc.Jean Fontana,
646-277-1214Jean.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