Business
Vince Holding Corp. Reports Fourth Quarter and Fiscal Year 2023 Results
Q4 Fiscal 2023 Total Company Net Sales of $75.3 Million Q4 Fiscal 2023 Total Company Gross Margin Increased 580 basis points vs. Q4 Fiscal 2022 Q4 Fiscal
About this update from Vince Holding Corp.
[{"type":"text","content":"\nQ4 Fiscal 2023 Total Company Net Sales of $75.3 Million\n\n\nQ4 Fiscal 2023 Total Company Gross Margin Increased 580 basis points vs. Q4 Fiscal 2022\n\n\nQ4 Fiscal 2023 Total Company Operating Margin Improved 390 basis points vs. Q4 Fiscal 2022\n\n\n NEW YORK--(BUSINESS WIRE)--\nVince Holding Corp. (NYSE: VNCE) (\"VNCE\" or the \"Company\"), a global contemporary retailer, today reported its financial results for the fourth quarter and fiscal year ended February 3, 2024, both of which contained one additional week (\"53rd week\") versus the comparable periods.\n\n\nDavid Stefko, Interim Chief Executive Officer of VNCE said, \"Fiscal 2023 was a transformative year for Vince as we completed the wind down of the Rebecca Taylor business, entered into a strategic partnership with Authentic Brands Group, successfully refinanced our credit facilities, and launched a cost savings plan to improve our gross margin profile and align our expense structure with our go-forward operating model. In addition, we enhanced our focus on driving improved profitability through disciplined inventory management, lower promotional activity and a pullback in the off-price channel. While these actions impact topline results, as reflected in our fourth quarter performance and expectations for fiscal 2024, they help to support strong margin expansion, and we believe they are the right steps to take to further strengthen our foundation and enable long-term profitable growth.\"\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\nFor the fourth quarter ended February 3, 2024:\n\n\n\nTotal Company net sales decreased 17.5% to $75.3 million compared to $91.3 million in the fourth quarter of fiscal 2022. The year-over-year decline was driven by a 100.0% decrease in Rebecca Taylor and Parker segment sales, combined, due to the previously announced wind down of the Rebecca Taylor business, and to a lesser extent a 6.3% decrease ...