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Vince reduces losses as sales skyrocket

New York-based fashion group Vince Holding Corporation reported Thursday’s second-quarter sales growth of 112.5% ​​year-on-year. This has allowed the company to make significant strides in reducing net losses.

Vince cut net losses in the second quarter-Instagram: @vince

In the second quarter, which ended July 31, 2021, the Group achieved net sales of $ 78.7 million, up from $ 37 million in the year-ago quarter.

Sales of the Vince brand of the same name increased 108.5% to $ 67.2 million compared to the second quarter of 2020. Sales in the brand’s wholesale channel were up 105.0% to $ 35.2 million, while sales in the direct sales segment were up 112.5% ​​to $ 32 million.

The Group’s Rebecca Taylor and Parker business saw quarterly sales growth of 139.4% to a total of $ 11.5 million.

The company’s net loss was $ 600,000 ($ 0.05 per share), compared to $ 15.1 million ($ 1.28 per share) in the year-ago quarter.

“We are pleased with the results this quarter, and we are particularly pleased that the Vince brand is approaching pre-pandemic levels with the power of our direct sales business,” Vince CEO Jack Schwefel commented in the release. bottom. “We will continue to focus on accelerating direct sales to consumers and our growth strategy. E-commerce We will strengthen brand awareness through functions and marketing and accelerate the growth of men. “

Vince’s net revenue for the first half was $ 136.2 million, an increase of 79.1% from $ 76 million in the year-ago quarter. The company’s six-month net loss was $ 12.2 million ($ 1.03 per diluted share), compared to a loss of $ 63.2 million a year ago ($ 5.39 per diluted share).

The company closed 78 stores in the second quarter, with Vince and Rebecca Taylor 10 more stores than in the same period last year.

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Vince reduces losses as sales skyrocket

Source link Vince reduces losses as sales skyrocket

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