Business
Vince Holding Corp. Reports Third Quarter 2022 Results
NEW YORK--(BUSINESS WIRE)-- Vince Holding Corp. (NYSE: VNCE), a global contemporary retailer led primarily by the Vince Brand (“Vince” or the “Company”),
About this update from Vince Holding Corp.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nVince Holding Corp. (NYSE: VNCE), a global contemporary retailer led primarily by the Vince Brand (“Vince” or the “Company”), today reported its financial results for the third quarter 2022 ended October 29, 2022.\n\nHighlights for the third quarter ended October 29, 2022:\n\n\nNet sales increased 12.7% to $98.6 million as compared to $87.5 million in the same period last year reflecting a 14.4% increase in Vince brand sales and a 2.2% decrease in Rebecca Taylor and Parker sales, combined.\n\n\nLoss from operations was $9.4 million compared to income from operations of $3.1 million in the same period last year. Loss from operations for the third quarter 2022 includes $11.1 million of costs associated with the wind down of the Rebecca Taylor business. See Summary of Rebecca Taylor Wind Down Charges table in Exhibit 3.\n\n\nNet loss was $5.2 million or $(0.43) per share compared to a net income of $2.2 million or $0.18 per diluted share in the same period last year.\n\n\nJack Schwefel, Chief Executive Officer, commented, “Our third quarter performance reflects continued growth from our Vince brand as we saw nice reception across our men’s and women’s assortment particularly as we transitioned into the cooler fall season. In addition, during the quarter, we were very pleased to have celebrated our 20th anniversary with capsule collections that focused on our rich brand heritage that continues to support our growth especially as we navigate the ongoing challenging consumer environment.”\n\nMr. Schwefel continued, “Like many other retailers, we have taken aggressive actions to reduce our inventory balance to better position us as we move into preparing for our next fiscal year. We believe these actions combined with our previously announced strategic decision to exit the Rebecca Taylor business, as well as our focus on driving further efficiencies and enhanced disciplines across our organization, will position Vince for long-term profitable growth.”\n\nFor the Third quarter ended October 29, 2022:\n\n\nTotal Company net sales increased 12.7% to $98.6 million compared to $87.5 million in the third quarter of fiscal 2021.\n\n\nGross profit was $29.8 million, or 30.2% of net sales, compared to gross profit of $42.1 million, or 48.2% of net sales, in the third quarter of fiscal 2021. The decrease in the gros...