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Net sales fall 21.5% in Q3 FY15 at Vince Holding
18
Dec '15
Vince Holding, a leading menswear, womenswear and kidswear fashion brand based in US, reported a fall of 21.5 per cent in its net sales in the third quarter of fiscal 2015, ending on October 31, according to a press statement released by the company.

The net sales stood at $80.9 million in the third quarter of fiscal 2015 as compared to $102.9 million in the corresponding quarter last fiscal at Vince Holding.

Gross profit for the third quarter of fiscal 2015 stood at $38 million, which represented 47 per cent of the net sales. The gross profit for the third quarter of fiscal 2014 stood at $50.6 million, which represented 49.2 per cent of the net sales.

The net income decreased by 55.6 per cent in the third quarter of fiscal 2015 to $5.9 million as compared to the net income of $13.3 million in the third quarter of fiscal 2014. Earnings per diluted share for the third quarter of fiscal 2015 decreased by 54.2 per cent to $0.16 as compared to $0.35 per diluted share in the third quarter of fiscal 2014.

Commenting on the results, Brendan Hoffman, CEO of Vince Holding said, “Our third quarter results were largely in line with our expectations. We saw continued challenges in the wholesale channel and less traffic in our direct-to-consumer business, along with deeper discounts, which is consistent with what we are seeing in the overall retail environment.”

“Looking ahead, I am excited to be leading the Vince brand and I look forward to working with our founders, Rea and Christopher, as well as the rest of the team to recapture the brand DNA and position the company for long-term sales and profitability growth,” he said.

The company announced net sales of $285 million to $290 million for fiscal 2015 in its outlook. (MCJ)

Fibre2Fashion News Desk – India

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