Business
Vince Holding Corp. Reports Fourth Quarter and Fiscal Year 2019 Results
Provides Update on COVID-19 Related Actions NEW YORK--(BUSINESS WIRE)-- Vince Holding Corp. (NYSE:VNCE), a leading global contemporary group (“Vince” or the
About this update from Vince Holding Corp.
[{"type":"text","content":"\nProvides Update on COVID-19 Related Actions\n\n NEW YORK--(BUSINESS WIRE)--\nVince Holding Corp. (NYSE:VNCE), a leading global contemporary group (“Vince” or the “Company”), today reported financial results for the fourth quarter and fiscal year 2019 ended February 1, 2020.\n\n\nIn 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.\n\n\nHighlights for the fourth quarter ended February 1, 2020:\n\n\n\nTotal Company net sales increased 6.0% to $104.4 million as compared to the fourth quarter last year.\n\n\nVince brand direct-to-consumer segment sales grew 13.1% as compared to the fourth quarter last year; comparable sales increased 7.7%.\n\n\nVince brand wholesale segment sales increased 11.5% to $45.0 million compared to the same period last year.\n\n\nLoss from operations for the total Company was $3.3 million.\n\n\nExcluding transaction and related costs associated with the acquisition of Rebecca Taylor and Parker (“Acquired Businesses”) and non-cash asset impairment charges total Company loss from operations was $0.3 million.\n\n\n\nBrendan Hoffman, Chief Executive Officer, commented, “The first half of 2020 has been challenged by a global pandemic and social unrest related to racial injustice. We hope for a meaningful path to recovery, equality and unity. While much has changed since the end of our fourth quarter, we believe the strong momentum in our Vince brand prior to the pandemic and the steps we have since taken to protect our business will prepare us to navigate the evolving retail landscape.\n\n\nMr. Hoffman continued, “Looking back on our fourth quarter and full year earnings results, we exceeded our expectations. We were pleased to see the momentum continue at the Vince brand driven by strong performance at both our direct-to-consumer business and wholesale channel. We had also made meaningful progress with the integration of our Rebecca Taylor and Parker acquisition.\n\n\n“We saw strong re...