Business
Vince Holding Corp. Reports First Quarter 2022 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 2022 ended April 30, 2022.\n\nHighlights for the first quarter ended April 30, 2022:\n\n\nNet sales increased 36.2% to $78.4 million as compared to $57.5 million in the same period last year reflecting a 34.5% increase in Vince brand sales and a 48.9% increase in Rebecca Taylor and Parker sales, combined.\n\n\nGross margin rate was 45.5% compared to 44.3% in the same period last year.\n\n\nLoss from operations was $5.3 million compared to a loss from operations of $7.1 million in the same period last year.\n\n\nNet loss was $7.2 million or $(0.60) per share compared to a net loss of $11.6 million or $(0.98) per share in the same period last year.\n\n\nJack Schwefel, Chief Executive Officer, commented, “We are very pleased with our first quarter performance, which was in-line with expectations despite the continued challenging macro environment. At Vince, the ongoing momentum is very encouraging, particularly in men’s, with growth this quarter aided by an increase in store traffic. As product continues to resonate with customers quarter after quarter, we will continue to leverage our strong brand equity and deep customer connections to drive long-term profitable growth. As we head into the second quarter, we remain focused on advancing our strategic initiatives at both Vince and Rebecca Taylor, while simultaneously working to mitigate the impact of supply chain disruptions and inflationary pressures.”\n\nFor the first quarter ended April 30, 2022:\n\n\nTotal Company net sales increased 36.2% to $78.4 million compared to $57.5 million in the first quarter of fiscal 2021.\n\n\n\n\nGross profit was $35.6 million, or 45.5% of net sales, compared to gross profit of $25.5 million, or 44.3% of net sales, in the first quarter of fiscal 2021. The increase in the gross margin rate was primarily due to leveraging of distribution and other overhead costs, a non-recurring insurance recovery as well as favorable channel and product mix, partially offset by higher product and freight costs.\n\n\n\n\nSelling, general, and administrative expenses, were $40.9 million, or 52.2% of sales, compared to $32.6 million, or 56.6% of sales, in the first quarter of fiscal 2...