Business
Vince Holding Corp. Reports Fiscal Third 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 third quarter 2021 ended October 30, 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 third quarter ended October 30, 2021:\n\n\nNet sales increased 26.7% to $87.5 million as compared to $69.0 million in the same period last year reflecting a 27.3% increase in Vince brand sales and a 22.0% increase in Rebecca Taylor and Parker.\n\n\nGross margin rate was 48.2% compared to 45.9% in the same period last year.\n\n\nIncome from operations was $3.1 million compared to income from operations of $6.3 million in the same period last year.\n\n\nNet income was $2.2 million or $0.18 per diluted share compared to a net income of $5.0 million or $0.42 per diluted share in the same period last year.\n\n\nJack Schwefel, Chief Executive Officer, commented, “Our third quarter performance reflects the ongoing strength in our Vince brand. Product and engagement continue to resonate with customers, and although we are facing challenges to our supply chain, our strong brand equity and high customer demand demonstrate the long-term opportunity of this brand. As we head into the fourth quarter and fiscal 2022, we remain focused on building out our e-commerce capabilities, enhancing our marketing strategies, and accelerating growth in the men’s business and in international markets. At Rebecca Taylor, with the reset now complete, we are encouraged by the progress being made and remain focused on enhancing full price selling and establishing margin-healthy growth strategies.”\n\nFor the third quarter ended October 30, 2021:\n\n\nTotal Company net sales increased 26.7% to $87.5 million compared to $69.0 million in the third quarter of fiscal 2020.\n\n\nGross profit was $42.1 million, or 48.2% of net sales, compared t...