Business
Vince Holding Corp. Reports First Quarter 2021 Results
NEW YORK--(BUSINESS WIRE)-- Vince Holding Corp. (NYSE:VNCE), a leading global contemporary group (“Vince” or the “Company”), today reported its financial
About this update from Vince Holding Corp.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nVince Holding Corp. (NYSE:VNCE), a leading global contemporary group (“Vince” or the “Company”), today reported its financial results for the first quarter 2021 ended May 1, 2021.\n\nIn 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.\n\nHighlights for the first quarter ended May 1, 2021:\n\n\nNet sales increased 47.5% to $57.5 million as compared to $39.0 million in the same period last year reflecting a 76.3% increase in Vince brand sales and a 33.6% decrease in Rebecca Taylor and Parker. The Company has paused the development of new product for Parker, which contributed to approximately two-thirds of the sales decline.\n\n\nGross margin rate was 44.3% compared to 41.0% in the same period last year.\n\n\nLoss from operations was $7.1 million compared to a loss from operations of $49.4 million in the same period last year. Excluding costs associated with non-cash asset impairment charges, adjusted loss from operations in the first quarter of fiscal 2020 was $22.5 million.\n\n\nNet loss was $11.6 million or $0.98 per share compared to a net loss of $48.2 million or $4.12 per share in the same period last year. Excluding costs associated with non-cash asset impairment charges and a TRA adjustment of $2.3 million, adjusted net loss in the first quarter of fiscal 2020 was $23.6 million or $2.02 per share.\n\n\nJack Schwefel, Chief Executive Officer, commented, “We are pleased with the pace of recovery in our business as we begin to emerge from the pandemic with significant sequential improvement in our financial performance. Strong consumer demand for the Vince brand’s effortless sophisticated luxury is reflected in both our retail and wholesale sell-through rates. Looking ahead, we will leverage the momentum in the brand as we continue to advance our global growth strategies. At Rebecca Taylor, we are highly encouraged by the positive response to the relaunch themed...