Business
Vince Holding Corp. Reports Second 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 second quarter 2022 ended July 30, 2022.\n\nHighlights for the second quarter ended July 30, 2022:\n\n\nNet sales increased 13.4% to $89.2 million as compared to $78.7 million in the same period last year reflecting a 20.5% increase in Vince brand sales and a 27.9% decrease in Rebecca Taylor and Parker sales, combined.\n\n\nGross margin rate was 40.8% compared to 45.0% in the same period last year.\n\n\nLoss from operations was $5.2 million compared to income from operations of $2.6 million in the same period last year. Loss from operations for the second quarter of fiscal 2022 includes a $1.7 million impairment charge associated with the Rebecca Taylor indefinite-lived tradename and a $0.9 million impairment charge associated with property and equipment of certain Rebecca Taylor retail stores.\n\n\nNet loss was $15.0 million or $(1.23) per share compared to a net loss of $0.6 million or $(0.05) per share in the same period last year.\n\n\nJack Schwefel, Chief Executive Officer, commented, “During the second quarter we saw momentum in Vince across both our women’s and men’s businesses as customers have returned to more normalized activities and events and are gravitating to the versatility of our sophisticated high-quality assortment. While we are operating in a challenging macro environment with increased pressure on profitability, we remain focused on executing against our strategic initiatives for Vince, including the upcoming relaunch of the brand’s e-commerce platform.”\n\nMr. Schwefel continued, “Given the increased headwinds from the range of macroeconomic and pandemic related issues in the industry that Rebecca Taylor in particular has faced over the past two years, we have made the difficult decision to exit our Rebecca Taylor business. The closure of Rebecca Taylor will allow the company to focus on Vince’s core businesses and our overall financial foundation for the long-term.”\n\nFor the second quarter ended July 30, 2022:\n\n\nTotal Company net sales increased 13.4% to $89.2 million compared to $78.7 million in the second quarter of fiscal 2021.\n\n\n\n\nGross profit was $36.4 million, or 40.8% of net sales, compared to gross profit of $35.4 mill...