Vince narrows losses as sales lift across all brands
Vince Holdings announce on Friday revenues for the first quarter increased by more than 30%, as both the fashion company's brands witnessed double-digit growth for the three months ending April 30.
The New York-based company said total revenues for the quarter surged 36.2% to $78.4 million, compared to $57.5 million in the first quarter of fiscal 2021. By brand, Vince sales increased 34.5%, while Rebecca Taylor and Parker sales had a combined increase of 48.9%.
Inline with the uptick in sales, the company narrowed its net loss to $7.2 million or $0.60 per share, compared to a net loss of $11.6 million or $0.98 per share in the same period last year.
Jack Schwefel, chief executive officer, Vince Holdings said the company's first quarter performance was in-line with expectations, "despite the continued challenging macro environment."
"At Vince, the ongoing momentum is very encouraging, particularly in men’s, with growth this quarter aided by an increase in store traffic," said Schwefel.
"As product continues to resonate with customers quarter after quarter, we will continue to leverage our strong brand equity and deep customer connections to drive long-term profitable growth."
The company ended the quarter with 86 company-operated Vince and Rebecca Taylor stores, a net increase of 14 stores since last year.
"As we head into the second quarter, we remain focused on advancing our strategic initiatives at both Vince and Rebecca Taylor, while simultaneously working to mitigate the impact of supply chain disruptions and inflationary pressures," added Schwefel.
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