Business
Vince Holding Corp. Reports Third Quarter 2023 Results
Q3 Fiscal 2023 Total Company Net Sales of $84.1 Million Q3 Fiscal 2023 Total Company Income from Operations of $2.8 Million NEW YORK--(BUSINESS WIRE)-- Vince
About this update from Vince Holding Corp.
[{"type":"text","content":"\nQ3 Fiscal 2023 Total Company Net Sales of $84.1 Million\n\n\nQ3 Fiscal 2023 Total Company Income from Operations of $2.8 Million\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 third quarter 2023 ended October 28, 2023.\n\n\nJack Schwefel, Chief Executive Officer of VNCE said, \"We are pleased with our third quarter performance and the sequential improvement we delivered compared to the prior quarter despite incurring the first full period of royalty expenses. We are in the early stages of implementing our transformation program which we expect to yield significant cost savings over the next three years to help to offset the changes to our cost structure given the royalty fees with our partnership with Authentic Brands Group. As we look ahead, we remain encouraged by the trends that we are seeing in the business as we continue to focus on driving improved profitability and positioning the company for long-term success.\"\n\n\nYear-to-Date Business and Financial Highlights for Vince Holding Corp.:\n\n\n\nAnnounced Transformation Program targeting $30 million of cost savings over the next three years to help offset changes to the Company’s cost structure given the royalty fees now incurred with the Authentic Brands Group (“Authentic”) partnership.\n\n\n\n\nStrengthened balance sheet through successful closing of previously announced transaction with Authentic (\"Authentic Transaction\") on May 25, 2023 and refinancing of the Company’s ABL Credit Facility on June 26, 2023.\n\n\n\n\nDelivered income from operations of $33.3 million for the nine-months ended October 28, 2023 compared to loss from operations of $19.9 million in the prior year. The fiscal 2023 period includes a $32.0 million benefit from the Vince IP Sale Gain, $6.3 million in royalty expenses, and $5.2 million in Transaction Expenses (each as defined below) that were not incurred in the prior year period.\n\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...