Vince release preliminary Q2 results amidst turnaround
Vince announced on Wednesday its preliminary second quarter results, following tumultuous months that included a notice from the New York Stock Exchange that the company could be removed if it does not increase its share price.
The American contemporary label spoke of “substantial doubt” heading into the fiscal year, and spent most of the year turning its business around and paying down its debts.
Sun Capital Partners said that it would provide Vince with $30 million in cash proceeds if the company conducted a Rights Offering of its common stock to stockholders, which Vince filed in July. In addition, Vince in June reported a decrease in net sales and earnings that met its expectations.
In its second quarter, Vince expects net sales to be in range of $60 million and $62 million, compared to net sales of $60.7 million in the prior year, and loss from operations is expected to be between $8.5 million and $9.5 million, compared to a loss of $4.3 million in the previous year.
Vince expects to report its second quarter results on September 7, 2017.
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