Home / Knowledge / News / Apparel/Garments / Net sales drop 13.6% at Vince Holding in Q4FY16
Net sales drop 13.6% at Vince Holding in Q4FY16
31
Mar '16
Courtesy: Vince Clothing
Courtesy: Vince Clothing
Net sales dropped 13.6 per cent to $81.8 million in the three months to January 30, 2016 at Vince Holding from $94.7 million in the fourth quarter of fiscal 2015. But comparable store sales rose 10.7 per cent.

Of which, wholesale segment sales decreased 30.2 per cent year on year to $48.1 million, while direct-to-consumer segment sales soared 30.5 per cent to $33.7 million over the fiscal ago quarter.

For the fourth quarter of fiscal 2016, gross profit was $41.0 million, or 50.1 per cent of net sales, which includes a $2.2 million benefit from the recovery on inventory write-downs taken in the second quarter.

Excluding this benefit, gross profit was $38.8 million, or 47.5 per cent of net sales, which compares to gross profit of $45.8 million, or 48.3 per cent of net sales in the prior fiscal's fourth quarter.

Selling, general, and administrative expenses were $36.2 million, or 44.2 per cent of sales, which includes a $0.3 million favourable adjustment to management transition costs taken in the second quarter.

“Excluding this favourable impact, selling, general and administrative costs were $36.5 million, or 44.6 per cent of net sales in the reporting quarter,” the company explained in a press release.

As against this, selling, general and administrative costs were $25.5 million, or 26.9 per cent of sales in the fourth quarter of fiscal 2015.

Operating income for the quarter under review stood at $4.8 million, compared to operating income of $20.3 million for the fourth quarter of fiscal 2015.

Excluding the benefit from the recovery on the inventory write-down and a favourable adjustment to management transition costs, operating income for the fourth quarter of fiscal 2016 was $2.3 million.

Net income slid steeply to $1.8 million, or $0.05 per diluted share, compared to net income of $10.5 million, or $0.28 per diluted share, for the previous fiscal's fourth quarter.

Again, excluding the benefit from the recovery on the inventory write-down and a favourable adjustment of the transition costs, fourth quarter of fiscal 2016 net income was $0.3 million, or $0.01 per diluted share.

During the fourth quarter of 2015, the company opened two new stores, ending the quarter with 48 company-operated stores. (AR)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 9th Dec 2016

ACIMIT signs MoU with Pakistan textile bodies

In a bid to strengthen the trading in garments and textiles between...

Textiles | On 9th Dec 2016

‘Less demand may make it hard to achieve export target’

The $48 billion target for textiles and garment exports for 2016-17...

Textiles | On 9th Dec 2016

GST Council may decrease tax rates in future: CBEC

The goods and services tax (GST) Council might reduce the proposed...

Interviews View All

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search