Business
Vince Holding Corp. Reports Second 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 second quarter 2023 ended July 29, 2023.\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 second quarter ended July 29, 2023:\n\n\n\nNet sales were $69.4 million compared to $89.2 million in the same period last year reflecting a 14.3% decrease in Vince brand sales and a 98.7% decrease in Rebecca Taylor and Parker segment sales, combined, driven by the previously announced wind down of the Rebecca Taylor business.\n\n\n\nIncome from operations was $32.9 million compared to loss from operations of $5.2 million in the same period last year. Adjusted income from operations* in the second quarter of fiscal 2023, which excludes the $32.0 million Vince IP Sale Gain as well as $2.0 million of Transaction Expenses (each as defined below) was $2.8 million.\n\n\n\nNet income was $29.5 million or $2.36 per diluted share compared to a net loss of $15.0 million or $(1.23) per share in the same period last year. Excluding the Vince IP Sale Gain and the Transaction Expenses, adjusted net loss* for the second quarter of fiscal 2023 was $0.5 million or $(0.04) per share.\n\n\n\nJack Schwefel, Chief Executive Officer of VNCE said, \"The second quarter marked an important chapter for Vince. We successfully closed the previously announced transaction with Authentic Brands Group and swiftly took actions to strengthen our balance sheet while enhancing our focus on our strategic growth initiatives and maintaining a disciplined approach to inventory management and expenses. Our second quarter sales performance was impacted by the ongoing macro-related headwinds as well as our strategic decision to pull back on the off-price wholesale business as our inventory balance has normalized compared to last year. We are encouraged by the...