NEW YORK, June 12, 2025 /PRNewswire/ -- The Bank of New York Mellon Corporation ("BNY") (NYSE: BK), a global financial services company, today announced that Chief Executive Officer Robin Vince was unanimously elected by the Board of Directors ("the Board") to the additional position of Chairman, and Joe Echevarria, the current Chairman, as lead independent director, effective September 1, 2025. Joe Echevarria previously held the lead independent director role from 2016 to 2019."Since stepping into his role ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K New York, New York 10110 (Address of principal executive offices) (Zip code) (323) 421-5980 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 1, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36212 VINCE HOLDING CORP. (Exact name of reg ...

Vince Holding (VNCE) Q4 2025 Earnings Call May 02, 2025 08:30 AM ET Company Participants Akiko Okuma - Chief Administrative Officer & General CounselBrendan Hoffman - CEO & DirectorYuji Okumura - CFOMichael Kupinski - Director of Research, Managing Director, Head of Technology Research Conference Call Participants Eric Beder - CEO & Senior Research Analyst Akiko Okuma Thank you, and good morning, everyone. Welcome to Vince Holding Corp. Fourth quarter and full year fiscal twenty twenty four results conferen ...

Vince Holding (VNCE) Q4 2025 Earnings Call May 02, 2025 08:30 AM ET Company Participants Akiko Okuma - Chief Administrative Officer & General CounselBrendan Hoffman - CEO & DirectorYuji Okumura - CFOMichael Kupinski - Director of Research, Managing Director, Head of Technology Research Conference Call Participants Eric Beder - CEO & Senior Research Analyst Akiko Okuma Thank you, and good morning, everyone. Welcome to Vince Holding Corp. Fourth quarter and full year fiscal twenty twenty four results conferen ...

Financial Data and Key Metrics Changes - The company reported a net sales increase of 6.2% in Q4 fiscal 2024, reaching $80 million compared to $75.3 million in Q4 fiscal 2023, with a 9% increase when excluding the impact of an extra week in the prior year [15][16] - Adjusted operating margin improved by 100 basis points despite relatively flat sales performance year-over-year [14] - The net loss for Q4 was $28.3 million, or a loss per share of $2.24, compared to a net loss of $4.7 million, or a loss per share of $0.37, in the same period last year [20] Business Line Data and Key Metrics Changes - The wholesale segment saw a significant increase of 26.7%, which offset an 8.1% decrease in the direct-to-consumer segment [16] - The direct-to-consumer business was impacted by store closures, remodels, and relocations, leading to inconsistent store sales performance [8][16] - Gross profit for Q4 was $40.1 million, representing 50.1% of net sales, an increase from 45.4% in the prior year, driven by lower promotional activity and reduced product costs [17] Market Data and Key Metrics Changes - As of the end of fiscal 2024, over 60% of the company's cost of goods sold were sourced from China, highlighting significant exposure to tariff impacts [9][21] - The company is actively working on diversifying its sourcing base to mitigate tariff risks, planning to move about one-third of its exposure outside of China for fall products [9][21] Company Strategy and Development Direction - The company is focused on navigating evolving tariff policies and managing consumer behavior changes due to the dynamic market environment [8][10] - A transformation plan implemented over the past year has delivered $10 million in savings, which will now assist in managing tariff mitigation strategies [10] - The company is enthusiastic about expanding its product categories, particularly in accessories, and is planning new store openings in the U.S. and internationally [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate current challenges due to the strong foundation built over the past year [10][12] - The company will not provide full-year guidance due to increased uncertainty regarding tariffs and consumer behavior [10][22] - For Q1 fiscal 2025, the company expects a sales decline of approximately 5% compared to the prior year, primarily due to planned store activities and shifts in wholesale shipments [23] Other Important Information - A non-cash goodwill impairment charge of $32 million was recorded in Q4 due to a change in control of ownership [18][19] - The company is evaluating strategic price increases to absorb increased costs associated with tariffs [10][21] Q&A Session Summary Question: Potential for new product categories and store expansion - Management is excited about the evolution of product categories, particularly in accessories, and is planning new store openings in the U.S. and London [30][31] Question: Marketing to core customers and price increases - The company has focused on full-price customers, which will support potential price increases due to tariffs [34] Question: Revenue shift in wholesale - The revenue shift in wholesale to Q4 was not material, as Q4 is a larger business compared to Q1 [40] Question: Impact of tariffs on product introductions - There will be some SKU reduction due to tariffs, but the company is confident in changing sourcing to protect key items [42] Question: Strategy on freight methods - The company is balancing between air and boat freight to maintain flexibility in response to tariff changes [45]

Financial Performance - Q4 FY2024 net sales increased 6.2% to $80.0 million compared to $75.3 million in Q4 FY2023, driven by strength in the wholesale channel[3] - FY2024 net sales totaled $293.5 million, a slight increase of 0.2% from $292.9 million in FY2023, primarily due to the wholesale channel performance[6] - Q4 FY2024 gross profit was $40.1 million, representing a gross margin of 50.1%, up from 45.4% in Q4 FY2023, with a 320 basis point improvement from lower promotional activity[3] - FY2024 gross profit increased to $145.2 million, or 49.5% of net sales, compared to $133.3 million, or 45.5% of net sales in FY2023[6] - The company reported a net loss of $28.3 million, or $(2.24) per share, in Q4 FY2024, compared to a net loss of $4.7 million, or $(0.37) per share, in the same period last year[6] - Adjusted income from operations for FY2024 was $7.3 million, compared to $4.0 million in FY2023, despite a loss from operations of $(17.2) million[6] Future Outlook - The company expects Q1 FY2025 net sales to decline approximately 5% and adjusted operating margin to decrease by approximately 500 basis points compared to the prior year[15] - Forward-looking statements indicate potential risks including changes in trade policies, cash flow maintenance, and competition in the apparel industry[25] Cost Management and Savings - The Transformation Program yielded over $10 million in savings during FY2024, with ongoing adjustments to mitigate tariff impacts[14] Debt and Equity - The company ended FY2024 with total borrowings of $19.2 million and $39.8 million of excess availability under its revolving credit facility[12] - Long-term debt stood at $19,156,443, a slight increase from $9,950,000[27] - Total equity was reported at $222,735,000, down from $225,149,000[27] Segment Reporting - The company has identified two reportable segments: Vince Wholesale and Vince Direct-to-consumer, following the winddown of Rebecca Taylor and Parker[10] Recent Performance Metrics - Net sales for the three months ended February 1, 2025, were $79.95 million, an increase from $75.31 million for the same period in 2024, representing a growth of 3.5%[26] - Gross profit for the three months ended February 1, 2025, was $40.08 million, with a gross margin of 50.1%, compared to a gross profit of $34.17 million and a margin of 45.4% in the prior year[26] - The company reported a net loss of $28.35 million for the three months ended February 1, 2025, compared to a net loss of $4.67 million for the same period in 2024[26] - Selling, general and administrative expenses were $37.78 million, accounting for 47.2% of net sales, slightly down from 47.6% in the previous year[26] - The impairment of goodwill amounted to $31.97 million for the three months ended February 1, 2025, which was not present in the same period of the previous year[26] - The company experienced a loss from operations of $29.67 million, compared to a loss of $1.68 million in the prior year, indicating a significant decline in operational performance[26] - Basic and diluted loss per share for the three months ended February 1, 2025, was $2.24, compared to a loss of $0.37 per share in the same period of 2024[26] - The weighted average shares outstanding for the three months ended February 1, 2025, were 12,636,277, compared to 12,503,472 in the prior year[26] Asset and Liability Management - Total current assets increased to $96,576,684 from $80,202,000[27] - Cash and cash equivalents rose to $607,000 from $357,000[27] - Total liabilities and stockholders' equity amounted to $222,735,000 compared to $225,149,000[27] - Current liabilities decreased to $73,546,661 from $42,828,000[27] - Accounts payable decreased to $35,090 from $31,678[27] - Accrued salaries and employee benefits increased to $87,093 from $96,967[27] - Total current liabilities decreased from $73,546,661 to $42,828,000[27] - Goodwill reported at $31,973,000, unchanged from previous figures[27] Year-End Financial Results - For the three months ended February 1, 2025, the net loss was $28,345,000, compared to a loss of $31,973,000 for the same period last year, reflecting an improvement of approximately 11%[29] - The loss from operations for the year ended February 1, 2025, was $17,176,000, while the adjusted loss was $7,318,000, indicating a significant reduction in operational losses[29] - The company reported a net income of $25,446,000 for the year ended February 3, 2024, with earnings per share of $2.04, compared to $2.57 in the previous year[31] - The interest expense for the year ended February 1, 2025, was $6,569,000, consistent with the previous year's figures, indicating stable financing costs[29] - The company recognized a goodwill impairment charge of $31,973,000 for the year ended February 1, 2025, which significantly impacted the reported income[29] - The equity in net income of equity method investments was $606,000 for the three months ended February 1, 2025, showing stable performance from these investments[29] - The company experienced a tax benefit of $3,006,000 due to the reversal of a non-cash deferred tax liability associated with the goodwill impairment[30] - The adjusted loss per share for the three months ended February 1, 2025, was $0.06, compared to a loss of $2.53 per share as reported[29] - The company reported a gain on the sale of a subsidiary amounting to $7,634,000 for the year ended February 3, 2024, contributing positively to the overall financial results[31] - The total transaction-related expenses for the year ended February 3, 2024, were $5,030,000, reflecting costs associated with strategic initiatives[31]

Valuation and Performance - Vince Holding Corp. (VNCE) is trading at a forward 12-month price-to-sales (P/S) ratio of 0.11, significantly lower than the industry average of 2.2 and the sector average of 1.82, indicating an attractive valuation [1] - Over the past three months, VNCE's stock has surged 63.5%, outperforming the industry growth of 3.5% and the sector's decline of 0.6%, while the S&P 500 dipped 1% [4] Investment Appeal - VNCE appears undervalued relative to its peers, with a Value Score of A, suggesting a favorable risk-reward profile for investors [2] - The company's outperformance reflects growing investor confidence in its ability to drive profitability through margin expansion and cost efficiencies [5] Brand and Operational Strengths - Vince Holding benefits from strong brand equity as a premium contemporary fashion label, maintaining pricing power and strong margins through high-quality materials and sophisticated designs [7] - The company has transitioned to a full-price selling model, improving its gross margin to 50% in Q3 2024 from 44.2% in the previous year [8] Sales and Growth Opportunities - Wholesale partnerships, particularly with Nordstrom, are a key strength, with the men's category contributing over 20% of total sales [9] - The company is expanding into new retail locations, including a new store in Nashville and a second store in London, to strengthen its direct-to-consumer presence [10] Challenges and Strategic Considerations - The direct-to-consumer segment experienced an 8.3% year-over-year sales decline in Q3 2024, attributed to reduced promotional activities and economic uncertainty [11] - Currency fluctuations, particularly a stronger U.S. dollar, may impact international wholesale demand and profitability [12]

Core Viewpoint - Vince Holding Corp. (VNCE) has seen an impressive 85.9% increase in stock price over the past three months, outperforming the Zacks Textile - Apparel industry and the broader Consumer Discretionary sector [1][2] Group 1: Stock Performance - VNCE stock closed at $3.67, which is 46.7% below its 52-week high of $6.89 reached on December 23 [3] - The stock is currently trading above both its 50-day and 200-day moving averages, indicating a bullish trend [3] - Vince's forward 12-month price-to-sales ratio is 0.15, significantly lower than the industry average of 2.25, suggesting an attractive valuation [3] Group 2: Strategic Initiatives - Vince is making significant progress with its Transformation Program, which aims to enhance profitability through improved gross margins and optimized expense management [8] - The Transformation Program is projected to deliver over $30 million in savings over the next three years, with the company already ahead of its annual targets [9] - The focus on strengthening the full-price business is leading to an increase in the full-price customer file through both physical stores and e-commerce channels [12] Group 3: Market Position and Expansion - Vince has outperformed key competitors like Lululemon, Under Armour, and G-III Apparel Group, with Lululemon gaining 27.2% while Under Armour and G-III saw declines of 13.7% and 8.4%, respectively [2] - The company is expanding its physical store footprint, including a second store in London, as part of its market expansion strategy [14] - Strong partnerships with key wholesale players, including recognition from Nordstrom as a leading brand in women's apparel, bolster Vince's market position [13] Group 4: Challenges and Outlook - Concerns about consumer sentiment and a slower-than-expected recovery in the Direct-to-Consumer segment pose challenges to Vince's performance [15] - Despite these challenges, the company's strategic initiatives and growth potential suggest that momentum could continue into 2025 [16] - Vince's strong fundamentals and attractive valuation make it an appealing investment opportunity in the apparel sector [16]

Group 1 - Vince Holding Corp. is part of the Consumer Discretionary group, which consists of 267 companies and currently ranks 5 in the Zacks Sector Rank [2] - The Zacks Rank system focuses on earnings estimates and revisions, with Vince Holding Corp. holding a Zacks Rank of 1 (Strong Buy) [3] - Over the past 90 days, the Zacks Consensus Estimate for Vince Holding Corp.'s full-year earnings has increased by 14.6%, indicating improved analyst sentiment [4] Group 2 - Vince Holding Corp. has achieved a year-to-date return of approximately 13.5%, outperforming the Consumer Discretionary sector's average return of 11.4% [4] - The company operates within the Textile - Apparel industry, which includes 21 individual stocks and currently ranks 56 in the Zacks Industry Rank [6]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investors often face challenges in determining the right entry point for fast-moving stocks, which can lose momentum if future growth does not justify high valuations [2] - Investing in bargain stocks that have recently shown price momentum can be a safer strategy, utilizing tools like the Zacks Momentum Style Score to identify potential opportunities [3] Group 2: Vince Holding Corp. (VNCE) Analysis - Vince Holding Corp. (VNCE) has demonstrated significant price momentum with a four-week price change of 141.5% and a 12-week gain of 106.3% [4][5] - VNCE has a beta of 1.47, indicating it moves 47% more than the market, suggesting strong momentum [5] - The stock has a Momentum Score of A, indicating a favorable time to invest [6] - VNCE has received a Zacks Rank 1 (Strong Buy) due to upward revisions in earnings estimates, which typically attract more investor interest [7] - The stock is currently trading at a Price-to-Sales ratio of 0.18, indicating it is undervalued at 18 cents for each dollar of sales [7] Group 3: Additional Investment Opportunities - Besides VNCE, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, suggesting a broader opportunity for investors [8] - Investors can explore over 45 Zacks Premium Screens tailored to different investing styles to identify potential winning stocks [9]