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Vince continues to lose sales in the fourth quarter

Vince Holding Corporation announced its interim financial results for the fourth quarter on Thursday, reporting a 28.4% year-on-year decrease in net sales as the Covid-19 pandemic continued to hurt the New York-based fashion group’s business. did.

Sales of the company’s flagship brand, the Vince brand, fell by more than 20% in the fourth quarter-Instagram: @vince

In the fourth quarter, which ended January 30, 2021, the company announced net sales of $ 74.8 million, up from $ 104.4 million in the year-ago quarter.

This decline reflects a 20.4% year-on-year decrease in Group sales of the Vince brand of the same name of $ 69.5 million and a 68.9% decrease in Rebecca Taylor and Parker business revenue of $ 5.3 million. ..

Wholesale sales of the Vince brand were down 12.9% year-on-year to $ 39.1 million, while direct sales were down 28.4% to $ 30.4 million.

However, Vince Holding CFO Dave Stefko was keen to point out that the company’s sales continue to improve, despite a year-on-year decline.

“In the fourth quarter, Vince improved over time, driven by the wholesale business,” he said in a release. “Within the wholesale channel, we believe we are gaining market share in the modern luxury category, so retail sales continue to improve. At Rebecca Taylor, the decline in sales is one of our seasonal collections. It reflects the brand reset, such as removing it. “

Vince Holding’s operating loss was $ 3.9 million, compared with $ 3.3 million in the year-ago quarter.

Overall net sales for fiscal year 2020 were $ 219.9 million, down 41.4% from $ 375.2 million in 2019. The Vince brand’s annual sales were down 36.0% to $ 192.1 million, while Rebecca Taylor and Parker’s sales were $ 27.8 million. , Reflects a 62.9% decrease.

The company had an annual operating loss of $ 61.1 million, compared to an operating loss of $ 20.4 million in 2019.

Looking to the future, Stefko made an optimistic note when talking about the company’s plans for the near future.

“We are enthusiastic about the popular spring renewal,” he explained. “We will continue to recover the macro environment, maintain disciplined cost control, and continue to focus on optimizing liquidity when positioning our brand for the future.”

“As the world recovers from the COVID pandemic and lives begin to normalize, we are excited about the brand’s future,” he added. Recently appointed CEO Jack SchwefelEmphasizes the potential of both the Vince and Rebecca Taylor and Parker brands.

“We look forward to working with our team to implement an omni-channel strategy and a data-driven merchandising and marketing approach to enable each of these brands to realize their long-term potential.” Said the executive.

Due to continued uncertainty surrounding the coronavirus pandemic, Vince Holding, which closed at 71 retail stores in the fourth quarter, did not provide financial guidance for 2021. The company plans to report its financial results for the fourth quarter of 2020 and the full year. Along with that annual report.

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Vince continues to lose sales in the fourth quarter

Source link Vince continues to lose sales in the fourth quarter

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