Net Sales of $74.2 Million Gross Margin
Increased 80 basis points vs. Q2 FY2023 Updates Full Year FY2024
Outlook
Vince Holding Corp. (NYSE: VNCE) ("VNCE" or the "Company"), a
global contemporary retailer, today reported its financial results
for the second quarter ended August 3, 2024.
David Stefko, Interim Chief Executive Officer of VNCE said, "We
are pleased with our second quarter results driven by strong
performance in our wholesale channel, ongoing focus on full price
selling and disciplined expense management of our core operating
cost structure which helped to partially offset the expected
headwinds from ongoing royalty expenses as well as the
re-establishment of our incentive compensation program. The
strength in our wholesale channel was driven in part by our ability
to fulfill demand earlier than expected and helped to offset softer
performance in our direct-to-consumer channel which was impacted by
store closures and our strategic decision to continue to pull back
on promotional activity. As we look ahead to the remainder of the
year, while we are taking a more prudent approach to our outlook
for direct-to-consumer sales as we continue to execute our strategy
amidst an increasingly uncertain macroeconomic backdrop, our
outlook for our wholesale channel remains unchanged and our
increased expectations for profitability underscore our commitment
to operating a stronger full price business model."
In this press release, the Company is presenting its 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.
For the second quarter ended August 3, 2024:
- Total Company net sales increased 6.8% to $74.2 million
compared to $69.4 million in the second quarter of fiscal 2023. The
year-over-year increase was driven by a 7.0% increase in Vince
brand sales due to a 29.6% increase in the wholesale channel driven
by earlier than expected shipments of fall product as well as the
normalization of the off-price business within the channel. The
growth in the wholesale channel more than offset the 18.1% decline
in the direct-to-consumer channel which continued to be impacted by
the reduction in promotional activity as well as store closures.
The prior year period Total Company net sales included $0.1 million
in Rebecca Taylor and Parker segment sales.
- Gross profit was $35.1 million, or 47.4% of net sales, compared
to gross profit of $32.3 million, or 46.6% of net sales, in the
second quarter of fiscal 2023. The increase in gross margin rate
was primarily driven by approximately 510 basis points related to
lower product costing and freight costs. These factors were
partially offset by approximately 220 basis points attributable to
channel mix, and approximately 180 basis points of royalty expenses
associated with the Licensing Agreement (as defined below).
- Selling, general, and administrative expenses were $34.0
million, or 45.8% of sales, compared to $31.5 million, or 45.4% of
sales, in the second quarter of fiscal 2023. The increase in
SG&A dollars was primarily driven by a $2.0 million increase in
rent and occupancy costs due to lease adjustments in the prior year
as well as $1.8 million in increased compensation and benefits due
primarily to higher severance and bonuses, and was partially offset
by $2.0 million of expense favorability compared to last year given
the transaction-related expenses (the "Transaction Expenses")
associated with the Authentic Transaction (defined below).
- Income from operations was $1.1 million compared to income from
operations of $32.9 million in the same period last year. The
second quarter of fiscal 2023 included one-time items related to
the gain on sale of intangible assets relating to the Vince IP Sale
(the "Vince IP Sale Gain") and Transaction Expenses. Excluding the
$32.0 million Vince IP Sale Gain and the $2.0 million of
Transaction Expenses, Adjusted income from operations* in the
second quarter of fiscal 2023 was $2.8 million.
- Income tax benefit was $0.8 million due to the reversal of the
$0.8 million of ordinary tax expense recorded during the first
quarter of fiscal 2024 as the Company has year-to-date ordinary
pre-tax losses for the interim period and is anticipating annual
ordinary pre-tax income for the fiscal year. The Company has
determined that it is more likely than not that the tax benefit of
the year-to-date loss will not be realized in the current or future
years and as such, tax provisions for the interim periods should
not be recognized until the Company has year-to-date ordinary
pre-tax income. The tax benefit in the second quarter of fiscal
2024 compares to an income tax benefit of $0.6 million in the same
period last year.
- Net income was $0.6 million or $0.05 per diluted share compared
to net income of $29.5 million or $2.36 per share in the same
period last year. The prior year period includes the one-time item
noted above. Excluding these items, Adjusted net loss* in the
second quarter of fiscal 2023 was $0.5 million or $(0.04) per
share.
- The Company ended the quarter with 61 company-operated Vince
stores, a net decrease of 5 stores since the second quarter of
fiscal 2023.
Vince Second Quarter Review
- Net sales increased 7.0% to $74.2 million as compared to the
second quarter of fiscal 2023.
- Wholesale segment sales increased 29.6% to $47.2 million
compared to the second quarter of fiscal 2023.
- Direct-to-consumer segment sales decreased 18.1% to $27.0
million compared to the second quarter of fiscal 2023.
- Income from operations excluding unallocated corporate expenses
was $15.3 million compared to income from operations of $12.5
million in the same period last year.
Rebecca Taylor and Parker Second Quarter Review
- On September 12, 2022, the Company announced the strategic
decision to wind down its Rebecca Taylor business to focus its
resources on the Vince brand. The wind down of the Rebecca Taylor
business was completed in Q2 Fiscal 2023.
- Following the completion of the wind down of the Rebecca Taylor
business in Fiscal 2023, in the first quarter of Fiscal 2024, the
Company completed a nominal sale of all outstanding shares of
Rebecca Taylor, which prior to the sale was in a net liability
position, resulting in a gain of $7.6 million ("Gain on Sale of
Subsidiary").
- Given the completion of the wind down of the Rebecca Taylor and
Parker segment, in the second quarter of fiscal 2024 there was no
income from operations associated with the segment. In the second
quarter of fiscal 2023, the Rebecca Taylor and Parker segment had
income from operations of $1.3 million.
Net Sales and Operating Results by Segment:
Three Months Ended
August 3,
July 29,
(in thousands)
2024
2023
Net Sales:
Vince Wholesale
$
47,184
$
36,407
Vince Direct-to-consumer
26,985
32,930
Rebecca Taylor and Parker
—
110
Total net sales
$
74,169
$
69,447
Income (loss) from operations:
Vince Wholesale
$
16,663
$
11,360
Vince Direct-to-consumer
(1,398
)
1,098
Rebecca Taylor and Parker
—
1,257
Subtotal
15,265
13,715
Unallocated corporate (1)
(14,135
)
19,135
Total income from operations
$
1,130
$
32,850
(1) Unallocated corporate expenses are related to the Vince
brand and are comprised of selling, general and administrative
expenses attributable to corporate and administrative activities
(such as marketing, design, finance, information technology, legal
and human resource departments), and other charges that are not
directly attributable to the Company's Vince Wholesale and Vince
Direct-to-consumer reportable segments. In addition, for the three
months ended July 29, 2023, unallocated corporate expenses includes
the $32.0 million from the Vince IP Sale Gain as well as $2.0
million in Transaction Expenses.
Balance Sheet
At the end of the second quarter of fiscal 2024, total
borrowings under the Company's debt agreements totaled $54.6
million and the Company had $41.1 million of excess availability
under its revolving credit facility.
Net inventory at the end of the second quarter of fiscal 2024
was $66.3 million compared to $85.1 million at the end of the
second quarter of fiscal 2023. The year-over-year decrease in
inventory was driven by a decline in Vince as the Company sold
through higher levels of inventory from the prior year and
rebalanced its inventory purchases for the current season.
During the quarter ended August 3, 2024, the Company did not
issue shares of common stock under the ATM program. The Company
continues to have shares available under the program to exercise
with proceeds to be used as sources, along with cash from
operations, to fund future growth.
Stock Repurchase Program
On September 16, 2024, the Company announced that its Board of
Directors has authorized a stock repurchase program of up to $1
million of VNCE common stock, par value $0.01 per share. The stock
repurchase program does not obligate the Company to acquire any
particular amount of common stock, and it may be modified, extended
or terminated by the Board of Directors at any time. The Company
expects to fund the repurchases through cash on hand and future
cash flow from operations.
Under the stock repurchase program, the Company may repurchase
shares of common stock from time to time in open market
transactions or in privately negotiated transactions as permitted
under applicable rules and regulations of the Securities and
Exchange Commission and subject to market conditions and other
relevant factors. Open market repurchases will be conducted in
accordance with the limitations set forth in Rule 10b-18 under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"),
and applicable legal requirements. The timing, volume and nature of
such purchases will be determined at the sole discretion of the
Company's management at prices the Company considers attractive and
in the best interests of the Company, subject to the availability
of stock, general market conditions, trading price, alternate uses
for capital, the Company's financial performance, both present and
anticipated, and to partially offset dilution from events such as
vesting of stock-based compensation and secondary offerings and/or
distribution of stock by the Company's majority stockholder, as
well as applicable securities laws. No assurance can be given that
any particular amount of common stock will be repurchased. All or
some portion of the repurchases may be made pursuant to trading
plans under Rule 10b5-1 under the Exchange Act, which will permit
shares to be repurchased when the Company might otherwise be
precluded from doing so because of self-imposed trading blackout
periods or other regulatory restrictions.
Transformation Program
On October 31, 2023, the Company announced its Transformation
Program focused on driving enhanced profitability through an
improved gross margin profile and an optimized expense structure.
The Transformation Program is expected to result in over $30
million in savings over the next three years, including
approximately $10 million of savings in fiscal 2024. As of the end
of the second quarter of fiscal 2024, the Company is ahead of its
mid-year fiscal 2024 target.
Strategic Partnership with Authentic
Brands Group
On May 25, 2023, the Company announced that it completed the
previously announced transaction (the "Authentic Transaction") with
Authentic Brands Group ("Authentic").
In connection with the Authentic Transaction, VNCE entered into
an exclusive, long-term license agreement (the "License Agreement")
with Authentic for usage of the contributed intellectual property
for VNCE's existing business in a manner consistent with the
Company's current wholesale, retail and e-commerce operations. The
License Agreement contains an initial ten-year term and eight
ten-year renewal options allowing VNCE to renew the agreement.
Outlook
For the third quarter of fiscal 2024 the Company expects total
company net sales to be flat to down low single digits compared to
$84.1 million in the third quarter of fiscal 2023. The Company
expects third quarter fiscal 2024 total company operating margin to
increase 350 basis points to 450 basis points compared to total
company adjusted operating margin of 3.7% in the third quarter of
fiscal 2023. Starting with the third quarter of fiscal 2024, the
Company has anniversaried periods of non-comparable royalty
expenses and non-comparable expense favorability due to the wind
down of Rebecca Taylor and therefore, the third quarter of fiscal
2024 is the Company's first full quarter in which it is comparing
to a more like-for-like business model. In addition, this guidance
takes into account the earlier than expected timing of wholesale
shipments which benefitted the second quarter of fiscal 2024, as
well as the expected ongoing impact of more disciplined promotional
activity in the Company's direct-to-consumer channel.
For full year fiscal 2024 the Company now expects total company
net sales to decrease in the low-single-digit range compared to
$292.9 million in fiscal 2023. The updated guidance reflects
revised expectations for the Company's direct-to-consumer
performance, while expectations for the wholesale business has
remained unchanged. The Company now expects full year fiscal 2024
total company operating margin, excluding the $7.6 million Gain on
Sale of Subsidiary recorded in the first quarter, to increase 25
basis points to 50 basis points compared to total company adjusted
operating margin of 1.4% in fiscal 2023. This outlook includes an
approximate 140 basis point negative impact from non-comparable
royalty expenses through May 2024.
As a reminder, fiscal 2023 included a 53rd week which
represented approximately $2.2 million in net sales. The outlook
for fiscal 2024 incorporates the impact from the comparison of a
52-week fiscal year to a 53-week fiscal year.
*Non-GAAP Financial
Measures
In addition to reporting financial results in accordance with
GAAP, the Company has provided, with respect to the financial
results relating to the three and six months ended August 3, 2024
and July 29, 2023, respectively, adjusted income (loss) from
operations, adjusted income (loss) before income taxes and equity
in net income (loss) of equity method investment, adjusted income
(loss) before equity in net income (loss) of equity method
investment, adjusted net income (loss), and adjusted earnings
(loss) per share, which are non-GAAP measures, in order to
eliminate the effect of the Gain on Sale of Subsidiary, Gain on
Sale of Vince Intangible Assets, Transaction Expenses, the Gain on
Sale of Parker Intangible Assets and the Discrete Tax Benefit
Associated with Classification Change. The Company believes that
the presentation of these non-GAAP measures facilitates an
understanding of the Company's continuing operations without the
impact associated with the aforementioned items. While these types
of events can and do recur periodically, they are excluded from the
indicated financial information due to their impact on the
comparability of earnings across periods. Non-GAAP financial
measures should not be considered in isolation from, or as a
substitute for, financial information prepared in accordance with
GAAP. A reconciliation of GAAP to non-GAAP results has been
provided in Exhibit 3 to this press release.
Conference Call
A conference call to discuss the second quarter results will be
held today, September 16, 2024, at 4:30 p.m. ET, hosted by Vince
Holding Corp. Interim Chief Executive Officer, Dave Stefko, and
Chief Financial Officer, John Szczepanski. During the conference
call, the Company may make comments concerning business and
financial developments, trends and other business or financial
matters. The Company's comments, as well as other matters discussed
during the conference call, may contain or constitute information
that has not been previously disclosed.
Those who wish to participate in the call may do so by dialing
(833) 470-1428, conference ID 726141. Any interested party will
also have the opportunity to access the call via the Internet at
http://investors.vince.com/. To listen to the live call, please go
to the website at least 15 minutes early to register and download
any necessary audio software. For those who cannot listen to the
live broadcast, a recording will be available for 12 months after
the date of the event. Recordings may be accessed at
http://investors.vince.com.
ABOUT VINCE HOLDING CORP.
Vince Holding Corp. is a global retail company that operates the
Vince brand women's and men's ready to wear business. Vince,
established in 2002, is a leading global luxury apparel and
accessories brand best known for creating elevated yet understated
pieces for every day effortless style. Vince Holding Corp. operates
47 full-price retail stores, 14 outlet stores, and its e-commerce
site, vince.com and through its subscription service Vince Unfold,
www.vinceunfold.com, as well as through premium wholesale channels
globally. Please visit www.vince.com for more information.
Forward-Looking Statements: This document, and any statements
incorporated by reference herein contain forward-looking statements
under the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include the statements under “Outlook”
above as well as statements regarding, among other things, our
current expectations about possible or assumed future results of
operations of the Company 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 maintain the license
agreement with ABG Vince, a subsidiary of Authentic Brands Group;
ABG Vince's expansion of the Vince brand into other categories and
territories; ABG Vince's approval rights and other actions; our
ability to maintain adequate cash flow from operations or
availability under our revolving credit facility to meet our
liquidity needs; restrictions on our operations under our credit
facilities, our ability to realize the benefits of our strategic
initiatives; our ability to improve our profitability; the
execution of our customer strategy; our operating experience and
brand recognition in international markets; the execution and
management of our direct-to-consumer business growth plans; our
ability to make lease payments when due; our ability to maintain
our larger wholesale partners; our ability to anticipate and/or
react to changes in customer demand and attract new customers,
including in connection with making inventory commitments; actual
or perceived general economic conditions; our ability to remediate
the identified material weakness in our internal control over
financial reporting; our ability to comply with domestic and
international laws, regulations and orders; increased scrutiny
regarding our approach to sustainability matters and environmental,
social and governance practices; our ability to remain competitive
in the areas of merchandise quality, price, breadth of selection
and customer service; the transition associated with the
appointment of an interim chief executive officer; our ability to
attract and retain key personnel; seasonal and quarterly variations
in our revenue and income; further impairment of our goodwill; the
protection and enforcement of intellectual property rights relating
to the Vince brand; our ability to complete the wind down of the
Rebecca Taylor business; our ability to mitigate system security
risk issues, such as cyber or malware attacks, as well as other
major system failures; our ability to optimize our systems,
processes and functions; our ability to comply with privacy-related
obligations; our ability to ensure the proper operation of the
distribution facilities by third-party logistics providers;
fluctuations in the price, availability and quality of raw
materials; the extent of our foreign sourcing; our reliance on
independent manufacturers; the ethical business and compliance
practices of our independent manufacturers; our status as a
“controlled company”; our status as a “smaller reporting company”;
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.
Vince Holding Corp. and
Subsidiaries
Exhibit (1)
Condensed Consolidated Statements of
Operations
(Unaudited, amounts in thousands except
percentages, share and per share data)
Three Months Ended
Six Months Ended
August 3,
July 29,
August 3,
July 29,
2024
2023
2024
2023
Net sales
$
74,169
$
69,447
$
133,340
$
133,503
Cost of products sold
39,038
37,099
68,296
71,563
Gross profit
35,131
32,348
65,044
61,940
as a % of net sales
47.4
%
46.6
%
48.8
%
46.4
%
Gain on sale of intangible assets
—
(32,043
)
—
(32,808
)
Gain on sale of subsidiary
—
—
(7,634
)
—
Selling, general and administrative
expenses
34,001
31,541
65,944
64,274
as a % of net sales
45.8
%
45.4
%
49.5
%
48.1
%
Income from operations
1,130
32,850
6,734
30,474
as a % of net sales
1.5
%
47.3
%
5.1
%
22.8
%
Interest expense, net
1,647
4,137
3,293
7,427
(Loss) income before income taxes and
equity in net income (loss) of equity method investment
(517
)
28,713
3,441
23,047
Benefit for income taxes
(794
)
(592
)
(1,681
)
(5,877
)
Income before equity in net income (loss)
of equity method investment
277
29,305
5,122
28,924
Equity in net income (loss) of equity
method investment
292
207
(173
)
207
Net income
$
569
$
29,512
$
4,949
$
29,131
Earnings per share:
Basic earnings per share
$
0.05
$
2.37
$
0.39
$
2.35
Diluted earnings per share
$
0.05
$
2.36
$
0.39
$
2.34
Weighted average shares
outstanding:
Basic
12,569,488
12,428,339
12,538,695
12,385,347
Diluted
12,617,085
12,479,667
12,606,575
12,470,085
Vince Holding Corp. and
Subsidiaries
Exhibit (2)
Condensed Consolidated Balance
Sheets
(Unaudited, amounts in
thousands)
August 3,
February 3,
July 29,
2024
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
711
$
357
$
869
Trade receivables, net
35,054
20,671
20,859
Inventories, net
66,343
58,777
85,079
Prepaid expenses and other current
assets
6,564
4,997
11,148
Total current assets
108,672
84,802
117,955
Property and equipment, net
6,298
6,972
8,345
Operating lease right-of-use assets
79,659
73,003
75,286
Goodwill
31,973
31,973
31,973
Equity method investment
24,727
26,147
26,232
Other assets
2,294
2,252
2,595
Total assets
$
253,623
$
225,149
$
262,386
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
36,736
$
31,678
$
39,170
Accrued salaries and employee benefits
6,442
3,967
2,764
Other accrued expenses
9,545
8,980
9,022
Short-term lease liabilities
14,787
16,803
18,250
Total current liabilities
67,510
61,428
69,206
Long-term debt
54,401
43,950
67,204
Long-term lease liabilities
75,704
67,705
72,901
Deferred income tax liability and other
liabilities
3,567
4,913
2,976
Stockholders' equity
52,441
47,153
50,099
Total liabilities and stockholders'
equity
$
253,623
$
225,149
$
262,386
Vince Holding Corp. and
Subsidiaries
Exhibit (3)
Reconciliation of GAAP to Non-GAAP
measures
(Unaudited, amounts in thousands except
share and per share amounts)
For the Three Months ended
August 3, 2024
As Reported (GAAP)
Gain on sale of subsidiary
As Adjusted (Non-GAAP)
Income from operations
$
1,130
$
—
$
1,130
Interest expense, net
1,647
—
1,647
Loss before income taxes and equity in net
income of equity method investment
(517
)
—
(517
)
Benefit for income taxes
(794
)
—
(794
)
Income before equity in net income of
equity method investment
277
—
277
Equity in net income of equity method
investment
292
—
292
Net income
$
569
$
—
$
569
Earnings per share (1)
$
0.05
$
—
$
0.05
For the Six Months ended
August 3, 2024
As Reported (GAAP)
Gain on sale of subsidiary
As Adjusted (Non-GAAP)
Income (loss) from operations
$
6,734
$
7,634
$
(900
)
Interest expense, net
3,293
—
3,293
Income (loss) before income taxes and
equity in net loss of equity method investment
3,441
7,634
(4,193
)
Benefit for income taxes
(1,681
)
—
(1,681
)
Income (loss) before equity in net loss of
equity method investment
5,122
7,634
(2,512
)
Equity in net loss of equity method
investment
(173
)
—
(173
)
Net income (loss)
$
4,949
$
7,634
$
(2,685
)
Earnings (loss) per share (1)
$
0.39
$
0.61
$
(0.21
)
For the Three Months ended
July 29, 2023
As Reported (GAAP)
Gain on Sale of Vince Intangible
Assets
Transaction Related Expenses
Associated with the Authentic Transaction
Gain on Sale of Parker Intangible
Assets
Transaction Related Expenses
Associated with the sale of Parker Intangible Assets
Discrete Tax Benefit Associated
with Classification Change
As Adjusted (Non-GAAP)
Income (loss) from operations
$
32,850
$
32,043
$
(2,041
)
$
—
$
—
$
—
$
2,848
Interest expense, net
4,137
—
—
—
—
—
4,137
Income (loss) before income taxes and
equity in net loss of equity method investment.
28,713
32,043
(2,041
)
—
—
—
(1,289
)
Benefit for income taxes
(592
)
—
—
—
—
—
(592
)
Income (loss) before equity in net income
of equity method investment
29,305
32,043
(2,041
)
—
—
—
(697
)
Equity in net income of equity method
investment
207
—
—
—
—
—
207
Net income (loss)
$
29,512
$
32,043
$
(2,041
)
$
—
$
—
$
—
$
(490
)
Earnings (loss) per share (2)
$
2.36
$
2.57
$
(0.16
)
$
—
$
—
$
—
$
(0.04
)
For the Six Months ended July
29, 2023
As Reported (GAAP)
Gain on Sale of Vince Intangible
Assets
Transaction Related Expenses
Associated with the Authentic Transaction
Gain on Sale of Parker Intangible
Assets
Transaction Related Expenses
Associated with the sale of Parker Intangible Assets
Discrete Tax Benefit Associated
with Classification Change
As Adjusted (Non-GAAP)
Income (loss) from operations
$
30,474
$
32,043
$
(4,782
)
$
765
$
(150
)
$
—
$
2,598
Interest expense, net
7,427
—
—
—
—
—
7,427
Income (loss) before income taxes and
equity in net income of equity method investment.
23,047
32,043
(4,782
)
765
(150
)
—
(4,829
)
(Benefit) Provision for income taxes
(5,877
)
—
—
—
—
(6,127
)
250
Income (loss) before equity in net income
of equity method investment
28,924
32,043
(4,782
)
765
(150
)
6,127
(5,079
)
Equity in net income of equity method
investment
207
—
—
—
—
—
207
Net income (loss)
$
29,131
$
32,043
$
(4,782
)
$
765
$
(150
)
$
6,127
$
(4,872
)
Earnings (loss) per share (2)
$
2.34
$
2.57
$
(0.38
)
$
0.06
$
(0.01
)
$
0.49
$
(0.39
)
(1) As reported and as adjusted are based on diluted
weighted-average shares outstanding of 12,617,085 for the three
months ended August 3, 2024. As reported is based on diluted
weighted-average shares outstanding of 12,606,575 and as adjusted
is based on basic weighted average shares outstanding of 12,538,695
for the six months ended August 3, 2024. Accordingly, the sum of
the as reported earnings (loss) per share and the reconciling items
may not equal the as adjusted earnings (loss) per share.
(2) As reported is based on diluted weighted-average shares
outstanding of 12,479,667 and as adjusted is based on basic
weighted average shares outstanding of 12,428,339 for the three
months ended July 29, 2023. As reported is based on diluted
weighted-average shares outstanding of 12,470,085 and as adjusted
is based on basic weighted average shares outstanding of 12,385,347
for the six months ended July 29, 2023. Accordingly, the sum of the
as reported earnings (loss) per share and the reconciling items may
not equal the as adjusted earnings (loss) per share.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240916094392/en/
Investor Relations: ICR, Inc. Caitlin Churchill,
646-277-1274 Caitlin.Churchill@icrinc.com
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