Vince.(VNCE)
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Vince.(VNCE) - 2025 Q1 - Quarterly Report
2024-06-18 20:35
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 4, 2024 Or ☐ 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 registrant as specified in its charter) Delaware 75-3264870 (State or other jurisdiction ...
Vince.(VNCE) - 2024 Q1 - Earnings Call Transcript
2024-06-18 14:40
Financial Data and Key Metrics - Total company net sales for Q1 2024 decreased by 7.6% to $59.2 million compared to $64.1 million in Q1 2023 [22] - Gross profit in Q1 2024 was $29.9 million, or 50.6% of net sales, compared to $29.6 million, or 46.2% of net sales in Q1 2023 [26] - Operating income for Q1 2024 was $5.6 million, compared to an operating loss of $2.4 million in the same period last year [28] - Adjusted net loss for Q1 2024 was $3.3 million, or $0.26 per share, compared to an adjusted net loss of $4.4 million, or $0.36 per share in Q1 2023 [33] - Net inventory at the end of Q1 2024 was $56.7 million, down from $80 million at the end of Q1 2023 [34] Business Line Performance - Vince Brand sales declined by 7.5% year-over-year, driven by declines in both wholesale and direct-to-consumer (DTC) segments [23] - DTC channel, excluding store closures, slightly outperformed the wholesale channel [9] - Full-price sales penetration increased by almost 500 basis points compared to the prior year [25] - The company is on track to expand men's business to 30% of total revenues over the next three years [12] Market Performance - The company saw strong customer reception in women's knits and casual dresses, and men's linen fabrications [8] - Internationally, performance is similar to the U.S., with growth opportunities in Asia, though inconsistent performance in the two stores opened there [43] - The company is focusing on expanding brand awareness in key markets like New York, LA, and Miami through events and marketing efforts [14] Strategic Direction and Industry Competition - The company is reducing promotional activity in both wholesale and DTC channels to drive full-price sales [7][10] - The company is leveraging its customer data platform to enhance customer engagement and loyalty, particularly with top customers who drive 35% of demand in the full-price DTC business [15][16] - The company is expanding its men's business and enhancing customer acquisition efforts, including reengaging in brand awareness and marketing strategies [13] - The company is benefiting from its partnership with Authentic Brands Group (ABG) and its ownership stake in ABG Vince, which is expected to offset royalty expenses [17][18] Management Commentary on Operating Environment and Future Outlook - The company expects Q2 2024 total net sales to be relatively flat to down low single digits compared to the prior year period [35] - Operating margin for Q2 2024 is expected to decline by 500 to 750 basis points compared to last year's adjusted operating margin of 4.1% [36] - For the full year, the company expects total net sales to grow in the low single digits compared to fiscal 2023, with operating margin flat to up 25 basis points [39][40] - The company is confident in its long-term growth strategy, particularly in expanding its men's business and improving customer engagement [12][19] Other Important Information - The company completed the wind down of the Rebecca Taylor business, resulting in a one-time gain of $7.6 million [28] - The company is targeting over $30 million in savings over three years as part of its transformation plan, which remains on track [18] - The company is launching the Vince Taylor clothing line later this year and will introduce a collection of handbags, belts, and small leather goods under the Vince label in 2025 [18] Q&A Session Summary Question: International Market Performance and Opportunities - The company is seeing similar performance internationally as in the U.S., with growth opportunities in Asia, though inconsistent performance in the two stores opened there [43] Question: Store Closures and Long-Term Growth Strategy - Store closures impacted year-over-year sales, but the company sees stores as part of its long-term growth strategy, with potential expansion in markets like Chicago, Dallas, and Houston [44][45] Question: Pricing Strategy and Outlet Channel - The company has completed the reset period for pricing and off-price business, with a focus on normalizing wholesale off-price and managing inventory better going forward [47][48] Question: SG&A Normalization - The company expects SG&A to normalize as it progresses through the year, with the impact of short-term incentive compensation plans mitigating as sales build in the back half of the year [49][50] Question: Cost Initiatives and Margin Improvement - The company realized approximately 240 basis points of margin improvement in Q1 2024, with cost initiatives expected to build throughout the year, particularly in the back half [53][54] Question: Revenue Guidance and Challenges - The company expects a stronger performance in the second half of the year, driven by its key selling season in fall and holiday, and improved wholesale business [57][58] Question: Growth Opportunities in Men's Category - The company is focusing on a new planned program in the men's category, with expectations for growth in the back half of the year [60]
Vince.(VNCE) - 2025 Q1 - Quarterly Results
2024-06-18 11:00
Exhibit 99.1 VINCE HOLDING CORP. REPORTS FIRST QUARTER 2024 RESULTS Net Sales of $59.2 Million Gross Margin Increased 440 basis points vs. Q1 FY2023 Q1 Profitability Exceeds Prior Outlook Reaf irms Full Year FY2024 Outlook NEW YORK, New York – June 18, 2024 – Vince Holding Corp. (NYSE: VNCE) ("VNCE" or the "Company"), a global contemporary retailer, today reported its financial results for the first quarter ended May 4, 2024. David Stefko, Interim Chief Executive Officer of VNCE said, "Our first quarter res ...
Vince.(VNCE) - 2024 Q4 - Annual Report
2024-05-02 20:44
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 3, 2024 ☐ 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 registrant as specified in its charter) Delaware 75-3264870 (State or other jurisdiction of (I. ...
Vince.(VNCE) - 2023 Q4 - Earnings Call Transcript
2024-04-30 15:29
Vince Holding Corp. (NYSE:VNCE) Q4 2023 Earnings Conference Call April 30, 2024 8:30 AM ET Company Participants Caitlin Churchill - Investor Relations Dave Stefko - Interim Chief Executive Officer John Szczepanski - Chief Financial Officer Operator Ladies and gentlemen, thank you for standing by. Welcome to the Vince Fourth Quarter 2023 Earnings Conference Call. All lines have been placed on muted during the presentation portion of this call. I would now like to hand the conference call over to our host, Ca ...
Vince.(VNCE) - 2024 Q3 - Quarterly Report
2023-12-07 21:40
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 28, 2023 Or ☐ 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 registrant as specified in its charter) Delaware 75-3264870 (State or other jurisdic ...
Vince.(VNCE) - 2023 Q3 - Earnings Call Transcript
2023-12-06 15:37
Vince Holding Corp. (NYSE:VNCE) Q3 2023 Results Conference Call December 6, 2023 8:30 AM ET Company Participants Caitlin Churchill - Senior Vice President Investor Relation Jack Schwefel - CEO & Director Michael Hand - Interim Chief Financial Officer Operator Hello, everyone, and welcome to the Vince Holding Corp Third Quarter Fiscal 2023 Earnings Conference Call. My name is Bruno, and I'll be your operator for today. I would now like to hand over the call to Caitlin Churchill from Investor Relations. Pleas ...
Vince.(VNCE) - 2024 Q2 - Quarterly Report
2023-09-15 20:40
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 29, 2023 Or ☐ 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 registrant as specified in its charter) Delaware 75-3264870 (State or other jurisdictio ...
Vince.(VNCE) - 2023 Q2 - Earnings Call Transcript
2023-09-12 14:42
Vince Holding Corp. (NYSE:VNCE) Q2 2023 Earnings Call Transcript September 12, 2023 8:30 AM ET Company Participants Caitlin Churchill - Investor Relations Jack Schwefel - Chief Executive Officer Michael Hand - Interim Chief Financial Officer Operator Hello, and welcome to today's Vince Q2 2023 Earnings Conference Call. I'm now going to hand over to Caitlin Churchill, Investor Relations, to begin. Catlin, please go ahead. Caitlin Churchill Thank you, and good morning, everyone. Welcome to Vince Holding Corp ...
Vince.(VNCE) - 2024 Q1 - Quarterly Report
2023-06-13 12:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 29, 2023 Or ☐ 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 registrant as specified in its charter) Delaware 75-3264870 (State or other jurisdicti ...