Vince sales up 3.8%, narrows second-quarter loss

Vince Holdings reported on Thursday a jump in net sales for the second quarter of fiscal 2018, with strong direct-to-consumer sales and comparable sales growth. 

Vince sales up 3.8%, narrows Q2 loss. - Facebook: Vince

The New York-based contemporary brand said net sales were up 3.8 percent to $63.1 million, compared to $60.8 million in the second quarter of fiscal 2017. 
 
Wholesale segment sales decreased 3.6 percent to $37.8 million, in line with expectations as the company is streamlining its full-price department store business. 
 
For the quarter ended August 4, 2018, direct-to-consumer segment sales increased 17.2 percent to $25.3 million, while comparable sales grew 14.4 percent. 
 
The company’s net loss narrowed at $3.8 million or $0.33 per share, compared to a net loss of $10.1 million or $2.05 per share, for the second quarter last year. 
 
Vince Holding CEO, Brendan Hoffman said the company’s summer deliveries drove direct-to-consumer sales, as they were well received by customers, adding that, “our second quarter results illustrate the excellent progress we have made in repositioning Vince for long term growth.”
 
“We also saw another quarter of strong sell-through within the department store channel positioning us for continued momentum and improved profitability in this segment. We remain encouraged by the overall trends in our business and look forward to building on our successes as we work towards returning Vince to consistent profitable growth over the long term,” he added. 
 
For fiscal 2018, the company maintained its previous guidance and expects net sales to be between $273 million and $280 million. This compared to net sales of $272.6 million in fiscal 2017, while operating income is expected to be between $3 million and $6 million. 
 
Founded in 2002, Vince has developed in to a fully fledged contemporary lifestyle brand for both men and women. The brands products are sold across some 2,400 multi-brand locations within 40 countries.

The firm is based in New York and houses a design studio in Los Angeles. Vince operates 43 namesake stores, and 14 outlet stores, as well as an online global store. 

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