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Vince.(VNCE) - 2023 Q4 - Annual Report
2023-04-28 20:02
Part I [Business](index=4&type=section&id=Item%201.%20Business) Vince Holding Corp. is a contemporary retailer undergoing major restructuring, divesting brands and selling Vince IP - The company consists of three brands: Vince, Rebecca Taylor, and Parker, but is undergoing a major restructuring[18](index=18&type=chunk) - A significant portion of net sales comes from a single wholesale partner, **Nordstrom**, accounting for **16%** in fiscal 2022 and **20%** in fiscal 2021[19](index=19&type=chunk) - The company announced its decision to wind down the Rebecca Taylor business in September 2022 and completed the sale of its intellectual property in December 2022, with all Rebecca Taylor stores closed by January 28, 2023[30](index=30&type=chunk)[31](index=31&type=chunk) - The intellectual property for the Parker brand was sold on **February 17, 2023**[33](index=33&type=chunk) - Subsequent to the fiscal year-end, on **April 21, 2023**, the company agreed to sell the Vince brand's intellectual property to a subsidiary of Authentic Brands Group, LLC[22](index=22&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) Net Sales by Business Segment (Fiscal Years 2022 vs. 2021) | Segment | FY 2022 Net Sales (in thousands) | % of Total | FY 2021 Net Sales (in thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Vince Wholesale | $169,375 | 47.4% | $147,817 | 45.8% | | Vince Direct-to-consumer | $149,770 | 41.9% | $135,720 | 42.1% | | Rebecca Taylor and Parker | $38,297 | 10.7% | $39,146 | 12.1% | | **Total net sales** | **$357,442** | **100.0%** | **$322,683** | **100.0%** | [Risk Factors](index=9&type=section&id=Item%201A.%20Risk%20Factors) The company faces critical risks including potential failure of the IP sale, liquidity issues, internal control weaknesses, and foreign sourcing reliance - A primary risk is the potential failure to close the recently signed intellectual property asset sale to Authentic Brands Group, LLC, which is subject to closing conditions[69](index=69&type=chunk) - The company's ability to maintain liquidity to service debt and fund operations is a significant concern, dependent on generating sufficient cash flow and maintaining availability under its credit facilities[71](index=71&type=chunk)[72](index=72&type=chunk) - A material weakness in internal control over financial reporting, first identified in fiscal 2016, continued to exist in fiscal 2022, which could result in material misstatements in financial statements[87](index=87&type=chunk) - The company is heavily reliant on foreign sourcing, with **82%** of its products produced in China in fiscal 2022, exposing it to political, economic, and trade-related risks[117](index=117&type=chunk)[118](index=118&type=chunk) - The company is a "controlled company," with affiliates of Sun Capital owning approximately **69%** of outstanding common stock as of **March 31, 2023**, giving them significant influence over corporate matters[124](index=124&type=chunk) [Unresolved Staff Comments](index=20&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are no unresolved staff comments[127](index=127&type=chunk) [Properties](index=21&type=section&id=Item%202.%20Properties) The company leases all corporate facilities, showrooms, and 67 Vince retail stores, including 50 full-price and 17 outlet locations - The company leases all of its significant corporate facilities and showrooms, with locations in New York, NY; Los Angeles, CA; and Paris, France[129](index=129&type=chunk)[130](index=130&type=chunk) - As of **January 28, 2023**, the company operated **67** Vince retail stores, consisting of **50** full-price stores and **17** outlet stores[130](index=130&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk) [Legal Proceedings](index=23&type=section&id=Item%203.%20Legal%20Proceedings) Ongoing legal proceedings are not expected to materially impact the company's financial position or results - The company does not expect any ongoing legal proceedings to have a material adverse impact on its financial position, results of operations, or cash flows[134](index=134&type=chunk) [Mine Safety Disclosures](index=23&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[135](index=135&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=23&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Common stock trades on NYSE (VNCE); no cash dividends paid or anticipated due, partly due to debt restrictions - Common stock is traded on the NYSE under the symbol **"VNCE"**[137](index=137&type=chunk) - The company has never paid cash dividends and does not plan to in the foreseeable future, partly due to restrictions in its debt agreements[139](index=139&type=chunk) - No shares of common stock were repurchased in the three months ended **January 28, 2023**[141](index=141&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) FY2022 net sales increased 10.8% to **$357.4 million**, but gross margin declined, resulting in a **$25.4 million** operating loss and **$38.3 million** net loss Consolidated Statement of Operations Summary (Fiscal Year 2022 vs. 2021) | Metric (in thousands) | FY 2022 | FY 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $357,442 | $322,683 | $34,759 | 10.8% | | Gross Profit | $137,970 | $146,570 | ($8,600) | (5.9)% | | (Loss) Income from Operations | ($25,422) | $483 | ($25,905) | * | | Net Loss | ($38,346) | ($12,704) | ($25,642) | 201.8% | | Diluted Loss per Share | ($3.14) | ($1.07) | - | - | - Gross margin rate decreased to **38.6%** from **45.4%** in the prior year, with key negative impacts from increased promotional activity (**-440 bps**), higher inventory reserves (**-320 bps**), and Rebecca Taylor wind-down costs (**-270 bps**)[156](index=156&type=chunk)[158](index=158&type=chunk) Income (Loss) from Operations by Segment (Fiscal Year 2022 vs. 2021) | Segment (in thousands) | FY 2022 | FY 2021 | | :--- | :--- | :--- | | Vince Wholesale | $43,592 | $45,839 | | Vince Direct-to-consumer | $2,397 | $10,873 | | Rebecca Taylor and Parker | ($21,255) | ($9,213) | | Unallocated corporate | ($50,156) | ($47,016) | | **Total (Loss) Income from Operations** | **($25,422)** | **$483** | - The Rebecca Taylor and Parker segment's loss from operations increased by **130.7%** to **$21.3 million**, primarily driven by costs associated with the wind-down of the Rebecca Taylor business and impairment charges[171](index=171&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity relies on cash and credit facilities; FY2022 saw **$19.3 million** net cash used in operations, with the pending IP sale expected to strengthen liquidity - The company expects the Authentic Transaction to strengthen its liquidity position by using the proceeds to prepay its Term Loan Credit Facility in full and repay a portion of its Revolving Credit Facility[174](index=174&type=chunk) Summary of Cash Flows (Fiscal Year 2022 vs. 2021) | Cash Flow Activity (in thousands) | FY 2022 | FY 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | ($19,261) | ($221) | | Net cash provided by (used in) investing activities | $1,468 | ($5,055) | | Net cash provided by financing activities | $17,811 | $2,514 | - As of **January 28, 2023**, there were **$58.5 million** of borrowings outstanding under the 2018 Revolving Credit Facility, with **$24.0 million** available[208](index=208&type=chunk) - The Third Lien Credit Facility is with SK Financial Services, LLC, an affiliate of Sun Capital, the company's majority stockholder[210](index=210&type=chunk)[211](index=211&type=chunk) [Critical Accounting Estimates](index=36&type=section&id=Critical%20Accounting%20Estimates) Critical accounting estimates include revenue reserves, inventory valuation, goodwill/intangible asset impairment, and deferred tax asset valuation allowances - Estimates for revenue reserves are significant; a hypothetical **1%** change would have impacted net sales by **$81 thousand** as of **January 28, 2023**[225](index=225&type=chunk)[227](index=227&type=chunk) - Inventory valuation is highly subjective; a hypothetical **1%** change in the inventory obsolescence reserve would have changed inventory value by **$65 thousand** as of **January 28, 2023**[228](index=228&type=chunk)[230](index=230&type=chunk) - In Q2 2022, a triggering event led to a quantitative impairment test, resulting in a **$1.7 million** impairment charge for the Rebecca Taylor tradename[235](index=235&type=chunk) - The company maintained a full valuation allowance on all definite-lived deferred tax assets in fiscal 2022, as it does not believe it is more likely than not that they will be recognized[251](index=251&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is not required to provide this information as it qualifies as a "smaller reporting company" - The company is not required to provide this information as it qualifies as a "smaller reporting company"[254](index=254&type=chunk) [Financial Statements and Supplementary Data](index=40&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section refers to the index of audited consolidated financial statements, located on page F-1 - This item directs the reader to the consolidated financial statements included at the end of the Annual Report[255](index=255&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=40&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None reported[256](index=256&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%209A.%20Controls%20and%20Procedures) Disclosure controls were ineffective as of January 28, 2023, due to a material weakness in IT general controls, with remediation ongoing - The Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were not effective as of **January 28, 2023**[259](index=259&type=chunk) - A material weakness in internal control over financial reporting related to IT general controls (inadequate user access controls and segregation of duties) continues to exist[265](index=265&type=chunk)[266](index=266&type=chunk) - Management is implementing a remediation plan, which includes routine reviews of user system access and ensuring timely removal of access upon termination[270](index=270&type=chunk) [Other Information](index=42&type=section&id=Item%209B.%20Other%20Information) The company reports no other information under this item - None[274](index=274&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=42&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the company's 2023 definitive proxy statement - Information is incorporated by reference from the company's definitive proxy statement[277](index=277&type=chunk) [Executive Compensation](index=42&type=section&id=Item%2011.%20Executive%20Compensation) Information for this item is incorporated by reference from the company's 2023 definitive proxy statement - Information is incorporated by reference from the company's definitive proxy statement[278](index=278&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=42&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information for this item is incorporated by reference from the company's 2023 definitive proxy statement - Information is incorporated by reference from the company's definitive proxy statement[279](index=279&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=42&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information for this item is incorporated by reference from the company's 2023 definitive proxy statement - Information is incorporated by reference from the company's definitive proxy statement[280](index=280&type=chunk) [Principal Accountant Fees and Services](index=42&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information for this item is incorporated by reference from the company's 2023 definitive proxy statement - Information is incorporated by reference from the company's definitive proxy statement[281](index=281&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=42&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and all exhibits filed as part of the Annual Report on Form 10-K - This item provides an index to the audited consolidated financial statements and a list of all exhibits filed with the report[284](index=284&type=chunk) [Form 10-K Summary](index=46&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no Form 10-K summary - None[289](index=289&type=chunk)
Vince.(VNCE) - 2023 Q3 - Quarterly Report
2022-12-13 14:02
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 29, 2022 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) (State or other jurisdiction of incorporatio ...
Vince.(VNCE) - 2023 Q2 - Quarterly Report
2022-09-12 21:01
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 July 30, 2022 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) (State or other jurisdiction of incorporation o ...
Vince.(VNCE) - 2022 Q1 - Earnings Call Transcript
2022-06-09 18:56
Financial Data and Key Metrics Changes - Total company net sales for Q1 2022 increased 36.2% to $78.4 million compared to $57.5 million in Q1 2021 [26] - Vince brand consolidated net sales increased 34.5% to $68.2 million compared to $50.7 million in the same prior year period [26] - Gross profit in Q1 was $35.6 million or 45.5% of net sales, up from $25.5 million or 44.3% of net sales in Q1 2021 [28] - Net loss for Q1 was $7.2 million or $0.60 loss per share compared to a net loss of $11.6 million or $0.98 loss per share in Q1 2021 [31] Business Line Data and Key Metrics Changes - Direct-to-consumer segment sales increased 45.3% to $34.8 million in Q1, exceeding 2019 levels [27] - Wholesale segment net sales increased 24.9% and also exceeded Q1 2019 sales levels [27] - Rebecca Taylor and Parker combined net sales increased 48.9% to $10.1 million compared to the same period last year, primarily driven by sales growth in Rebecca Taylor retail locations [27] Market Data and Key Metrics Changes - International business showed growth in full price sales, particularly in Korea and Australia, both of which grew double digits during the quarter [17] - The company opened one shop-in-shop in El Corte Inglés in Madrid and plans to open an initial location in Shanghai in Q3 [17] Company Strategy and Development Direction - The company is focused on driving growth in the everyday luxury category with a strong assortment of sophisticated casual items [7] - Plans to continue enhancing brand messaging and merchandising assortment for both Vince and Rebecca Taylor [23] - The company is investing in digital transformation and marketing strategies, including influencer marketing and social media campaigns [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's positioning despite ongoing supply chain challenges and inflationary pressures [5][12] - Anticipated gross margin pressure in Q2 due to unfavorable channel mix and supply chain cost inflation, but expects improvement in the back half of the year [34][35] - Management remains optimistic about the international business and plans for expansion in key markets [47] Other Important Information - The company announced the retirement of the CIO and the appointment of a new CIO effective July 5 [24] - Inventory levels increased to $83.3 million, reflecting higher pre-fall product and increased product costs [32] Q&A Session Summary Question: Can you tell us about product performance differences between men's and women's categories? - Management noted strong performance in men's return-to-work products and casual styles in women's, with similar sales trends in-store and online [39][40] Question: What are the expectations for inventory levels and price increases? - Management indicated an investment in inventory for Q2 to avoid missed sales opportunities and mentioned price increases for the fall season [42][43] Question: How is the company dealing with conservatism in wholesale orders? - Management acknowledged conservatism in wholesale but expressed confidence in relationships with key partners and ongoing collaboration [44] Question: What is the outlook for the international business? - Management reported solid growth in international markets, particularly in Spain, Australia, and Korea, with plans for further expansion [47]
Vince.(VNCE) - 2023 Q1 - Quarterly Report
2022-06-09 13:00
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 30, 2022 Or (State or other jurisdiction of incorporation or organization) Delaware 75-3264870 (I.R.S. Employer Identification No.) 500 5th Avenue—20th Floor New York, New York 10110 (Address of principal executive offices) (Zip code) (212) 944-2600 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 ...
Vince.(VNCE) - 2022 Q4 - Annual Report
2022-04-29 13:21
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 January 29, 2022 ☐ 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 inc ...
Vince.(VNCE) - 2022 Q3 - Quarterly Report
2021-12-09 22:07
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 30, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 VINCE HOLDING CORP. For the transition period from to Commission File Number: 001-36212 (State or other jurisdiction of incorporation or organization) Delaware 75-3264870 (I.R.S. Employer ...
Vince.(VNCE) - 2021 Q2 - Earnings Call Transcript
2021-09-10 01:39
Vince Holding Corp. (NYSE:VNCE) Q2 2021 Earnings Conference Call September 9, 2021 4:30 PM ET Company Participants Amy Levy - VP, IR Jack Schwefel - CEO David Stefko - CFO Conference Call Participants Dana Telsey - Telsey Advisory Group Operator Ladies and gentlemen, thank you for standing by and welcome to the Vince Q2 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Opera ...
Vince.(VNCE) - 2022 Q2 - Quarterly Report
2021-09-09 20:06
[FORM 10-Q Filing Information](index=1&type=section&id=FORM%2010-Q) This section provides key details regarding the company's Form 10-Q filing, including its filer status and outstanding common stock [Filing Details](index=1&type=section&id=Filing%20Details) This Quarterly Report on Form 10-Q for Vince Holding Corp. details its status as a **non-accelerated, smaller reporting company** with **11.9 million shares outstanding** - The registrant is a **non-accelerated filer** and a **smaller reporting company**[3](index=3&type=chunk)[4](index=4&type=chunk) - As of August 31, 2021, the registrant had **11,926,443 shares of common stock**, $0.01 par value per share, outstanding[4](index=4&type=chunk) Securities Registered Pursuant to Section 12(b) of the Exchange Act | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :---------------------------- | :---------------- | :---------------------------------------- | | Common Stock, $0.01 par value | VNCE | New York Stock Exchange | [Table of Contents](index=2&type=section&id=TABLE%20OF%20CONTENTS) [Part I. Financial Information](index=2&type=section&id=Part%20I.%20Financial%20Information) This section presents condensed financial statements, management's discussion and analysis, market risk disclosures, and controls [Part II. Other Information](index=2&type=section&id=Part%20II.%20Other%20Information) This section details legal proceedings, risk factors, equity sales, senior security defaults, mine safety disclosures, and exhibits [Disclosures Regarding Forward-Looking Statements](index=3&type=section&id=DISCLOSURES%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section outlines the inherent risks and uncertainties associated with forward-looking statements within the report [Forward-Looking Statements and Risks](index=3&type=section&id=Forward-Looking%20Statements%20and%20Risks) This section identifies forward-looking statements and outlines key risks, including COVID-19 impacts, asset impairment, economic conditions, and operational challenges - **Forward-looking statements are identified by words like 'may,' 'will,' 'should,' 'believe,' 'expect,' 'seek,' 'anticipate,' 'intend,' 'estimate,' 'plan,' 'target,' 'project,' 'forecast,' 'envision' and similar phrases**[8](index=8&type=chunk) - **Key risks include the impact of the COVID-19 pandemic on business, results of operations and liquidity; ability to service debt and meet obligations; further impairment of goodwill and intangible assets; general economic conditions; ability to realize benefits of strategic initiatives; ability to maintain wholesale partners; and managing new CEO transition**[8](index=8&type=chunk) - **The company does not undertake to update or revise forward-looking statements unless required by law**[8](index=8&type=chunk) [PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=4&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides unaudited condensed consolidated financial statements, including balance sheets, income statements, equity statements, cash flows, and accompanying notes [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) This presents the company's financial position, detailing assets, liabilities, and equity at specific points in time Condensed Consolidated Balance Sheets (in thousands) | Assets/Liabilities & Equity | July 31, 2021 | January 30, 2021 | | :-------------------------- | :------------ | :--------------- | | **Assets** | | | | Cash and cash equivalents | $1,524 | $3,777 | | Trade receivables, net | $31,158 | $31,878 | | Inventories, net | $74,336 | $68,226 | | Total current assets | $112,632 | $110,584 | | Total assets | $331,192 | $332,944 | | **Liabilities** | | | | Accounts payable | $50,789 | $40,216 | | Total current liabilities | $94,114 | $82,220 | | Long-term debt | $84,759 | $84,485 | | Total liabilities | $276,289 | $265,537 | | **Stockholders' Equity** | | | | Total stockholders' equity | $54,903 | $66,207 | | Total liabilities and equity| $331,192 | $332,944 | - Total assets decreased slightly from **$332,944 thousand** at January 30, 2021, to **$331,192 thousand** at July 31, 2021[11](index=11&type=chunk) - **Total stockholders' equity decreased from $66,207 thousand to $54,903 thousand**, indicating a reduction in equity over the period[11](index=11&type=chunk) [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) This section details the company's financial performance, including net sales, gross profit, and net income or loss Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended July 31, 2021 | Three Months Ended August 1, 2020 | Six Months Ended July 31, 2021 | Six Months Ended August 1, 2020 | | :-------------------------- | :------------------------------- | :-------------------------------- | :----------------------------- | :------------------------------ | | Net sales | $78,673 | $37,022 | $136,206 | $76,040 | | Gross profit | $35,378 | $13,340 | $60,861 | $29,340 | | Income (loss) from operations | $2,635 | $(14,008) | $(4,466) | $(63,426) | | Net loss | $(590) | $(15,062) | $(12,212) | $(63,240) | | Basic loss per share | $(0.05) | $(1.28) | $(1.03) | $(5.39) | | Diluted loss per share | $(0.05) | $(1.28) | $(1.03) | $(5.39) | - **Net sales for the three months ended July 31, 2021, increased by 112.5% to $78,673 thousand from $37,022 thousand in the prior year, and for the six months, increased by 79.1% to $136,206 thousand from $76,040 thousand**[12](index=12&type=chunk) - **The company reported a reduced net loss of $(590) thousand for the three months ended July 31, 2021, compared to $(15,062) thousand in the prior year, and a reduced net loss of $(12,212) thousand for the six months, compared to $(63,240) thousand in the prior year**[12](index=12&type=chunk) [Unaudited Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) This section outlines changes in the company's equity, reflecting net income, share-based compensation, and other adjustments Changes in Stockholders' Equity (in thousands) | Item | Six Months Ended July 31, 2021 | | :------------------------------------ | :----------------------------- | | Balance as of January 30, 2021 | $66,207 | | Net loss | $(12,212) | | Foreign currency translation adjustment | $9 | | Share-based compensation expense | $889 | | Restricted stock unit vestings | $1 | | Tax withholdings related to vesting | $(62) | | ESPP common stock issuance | $72 | | Balance as of July 31, 2021 | $54,903 | - **Total stockholders' equity decreased from $66,207 thousand at January 30, 2021, to $54,903 thousand**, primarily due to a **net loss of $12,212 thousand**[15](index=15&type=chunk) - **Share-based compensation expense contributed $889 thousand to equity** during the six months ended July 31, 2021[15](index=15&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents the company's cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (in thousands) | Activity | Six Months Ended July 31, 2021 | Six Months Ended August 1, 2020 | | :---------------------------- | :----------------------------- | :------------------------------ | | Net cash used in operating activities | $(290) | $(21,252) | | Net cash used in investing activities | $(1,919) | $(1,597) | | Net cash (used
Vince.(VNCE) - 2022 Q1 - Quarterly Report
2021-06-10 21:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 1, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 incorporation or organization) (I.R.S. Employer Iden ...