Business
Vince Holding Corp. Reports First Quarter 2023 Results
NEW YORK--(BUSINESS WIRE)-- Vince Holding Corp. (NYSE: VNCE) (“VNCE” or the “Company”), a global contemporary retailer, today reported its financial results
About this update from Vince Holding Corp.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nVince Holding Corp. (NYSE: VNCE) (“VNCE” or the “Company”), a global contemporary retailer, today reported its financial results for the first quarter 2023 ended April 29, 2023.\n\n\nIn this press release, the Company is presenting its financial results for the first quarter ended April 29, 2023 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\n\nHighlights for the first quarter ended April 29, 2023:\n\n\n\nNet sales were $64.1 million compared to $78.4 million in the same period last year reflecting a 6.3% decrease in Vince brand sales and a 99.2% decrease in Rebecca Taylor and Parker sales, combined, driven by the previously announced wind down of the Rebecca Taylor business.\n\n\n\nLoss from operations was $2.4 million compared to loss from operations of $5.3 million in the same period last year. Adjusted loss from operations* in the first quarter of fiscal 2023, which excludes the Transaction Expenses and the Parker IP Sale Gain (each as defined below), was $0.3 million.\n\n\n\nNet loss was $0.4 million or $(0.03) per share compared to a net loss of $7.2 million or $(0.60) per share in the same period last year. Excluding the Transaction Expenses, the Parker IP Sale Gain and the Discrete Tax Benefit (as defined below), adjusted net loss* for the first quarter of fiscal 2023 was $4.4 million or $(0.36) per share.\n\n\n\nJack Schwefel, Chief Executive Officer of VNCE said, “Our first quarter results were largely in line with our expectations supported by our efforts to streamline our organization to focus on our core strengths while maintaining a disciplined approach to expense management as we continued to navigate a challenging macro environment. As we look to the remainder of fiscal 2023, while we are maintaining a cautious outlook with respect to the environment, particularly in our wholesale channel, we will continue to focus on driving improved margin performance. With our strengthened balance sheet in place driven by our recent tr...