×
71 911
Fashion Jobs
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time, Metro Pointe
Permanent · COSTA MESA
BLOOMINGDALE'S
Asset Protection Detective, Part Time - ny 59th st
Permanent · NEW YORK
BLOOMINGDALE'S
Registry Consultant, Full Time, 59th Street
Permanent · NEW YORK
UNDER ARMOUR
Stock Lead, ft
Permanent · BALTIMORE
UNDER ARMOUR
Stock Lead, ft
Permanent · OKLAHOMA CITY
UNDER ARMOUR
Stock Lead, ft
Permanent · NASHVILLE
MARSHALLS
Weekend Loss Prevention Specialist
Permanent · Philadelphia
HOMEGOODS
lp Detective 822
Permanent · Cobb
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · Lawrence Township
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Lebanon
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Leominster
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · Santa Rosa
FOOT LOCKER
Creative Director
Permanent · St. Petersburg
FOOT LOCKER
Tax Manager, us Federal Tax Accounting & Compliance
Permanent · New York
FOOT LOCKER
sr. Director Creative Lockers & North America
Permanent · New York
FOOT LOCKER
Human Resources Generalist - Hybrid
Permanent · St. Petersburg
FOOT LOCKER
Senior Digital Marketing Manager
Permanent · New York
JCPENNEY
Asset Protection Associate - Fashion Valley Mall
Permanent · San Diego
JCPENNEY
Asset Protection Associate - Sun Valley Mall
Permanent · Concord
JCPENNEY
Asset Protection Associate - Mall of Georgia
Permanent · Buford
JCPENNEY
Sales Floor Supervisor - Rosedale s/c
Permanent · Roseville
JCPENNEY
Asset Protection Associate - Four Seasons Town ct
Permanent · Greensboro
Published
Jun 18, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Vince revenues drop 47% in Q1

Published
Jun 18, 2020

New York-based fashion group Vince Holding Corp announced its preliminary first-quarter financial results on Tuesday, reporting a 47.3% decline in net sales due to the Covid-19 pandemic, as well as a significantly widened operating loss.


Vince has refocused on its e-commerce operations during the pandemic - Instagram: @vince

 
For the first quarter ended May 2, 2020, the company’s net sales totaled $39.0 million, down from $74.0 million in the prior-year period.
 
Sales at the group’s namesake Vince brand fell 47.7% to $28.8 million, reflecting a 60.8% decrease in the business’ wholesale revenues and a 34.9% decline in the direct-to-consumer segment.

At the company’s recently acquired Rebecca Taylor and Parker business, net sales decreased 45.8% to $10.2 million.
 
Vince’s preliminary operational loss for the quarter came to $21.9 million, compared to a loss of $6.2 million in the same period in the previous year.
 
“The momentum in the Vince brand full-price retail and e-commerce channels continued into February 2020,” said Vince CEO Brendan Hoffman in a release. “Beginning in March, at the onset of the Covid pandemic and subsequent temporary store closures, we had to respond quickly to the downturn in our business.”
 
The executive explained that the company’s focus has since shifted to cost reductions, as well as e-commerce operations. According to Hoffman, since the closure of its brick-and-mortar stores, the company has been proactive in its production of content for Instagram and other social media platforms in order to drive traffic to its e-commerce platform.
 
The group finished Q1 with 69 company-operated Vince and Rebecca Taylor stores, four more than in the first quarter of fiscal 2019. The company has begun reopening these locations and currently has 10 stores in operation.  
 
Due to the uncertainty related to the impact of the Covid-19 pandemic, Vince did not provide financial guidance for fiscal 2020.

Copyright © 2023 FashionNetwork.com All rights reserved.