New York-based fashion group Vince Holding Corporation announced on Thursday that first-quarter net sales were $ 57.5 million, up 47.5% from $ 57.5 million in the year-ago quarter. This allowed the company to significantly reduce its net loss.
In the first quarter, which ended May 1, 2021, net sales of the group’s Vince brand of the same name were $ 50.7 million, up 76.3% from the year-ago quarter. Brand wholesale segment sales were up 150.6% year-on-year to $ 26.8 million, and direct sales segment sales were up 32.3% to $ 23.9 million.
The brand’s operating profit totaled $ 7.2 million, compared to a loss of $ 17.5 million in the year-ago quarter.
The Group’s Rebecca Taylor and Parker business for the quarter saw sales decrease 33.6% year-on-year to a total of $ 6.8 million. According to the company, development of new products for Parker has been suspended, and this fact contributes to about two-thirds of the decline in revenue for the entire segment.
Segment operating losses were $ 3.3 million, compared with $ 6.1 million in the year-ago quarter.
Overall, the Vince Group’s quarterly net loss was $ 11.6 million, or $ 0.98 per share, while last year’s first quarter loss was $ 48.2 million, or $ 4.12 per share.
In the release, Jack Schwefel, CEO of Vince Holding Corporation, said, “We are pleased with the pace of business recovery as we break out of the pandemic and begin to improve significantly.” I have commented. “The strong consumer demand for the hassle-free, sophisticated luxury of the Vince brand is reflected in both retail and wholesale sales rates.”
The company does not provide financial guidance for the second quarter or full year of 2021, but Schwefer said he was “excited about the brand’s long-term potential” and responded positively to Rebecca Taylor’s resumption. Was emphasized.
Vince Holding Corp., which opened three new locations since the first quarter of last year, currently operates 72 Vince and Rebecca Taylor stores.
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Vince surges and returns to sales growth, reducing losses
Source link Vince surges and returns to sales growth, reducing losses