Vince Holding Corp., a leading contemporary fashion brand, reported unaudited results for the fourth quarter and fiscal year ended February 1, 2014.
- Net Sales increased 20.5% for fourth quarter and 19.9% for fiscal 2013
- Operating Income increased 21.0% for fourth quarter and 20.6% for fiscal 2013
- Adjusted diluted EPS increased 15.0% to $0.23 for fourth quarter and 21.7% to $0.73 for fiscal 2013
- Company provides guidance for fiscal 2014
On November 27, 2013, Vince Holding Corp. ("Vince" or the "Company"), formerly known as Apparel Holding Corp. and Kellwood Holding Corp., completed an initial public offering ("IPO") of its common stock. Prior to the IPO and the related restructuring transactions, Vince Holding Corp. was a diversified apparel company operating a broad portfolio of fashion brands, which included Vince.
As a result of the IPO and the related restructuring transactions, the non-Vince businesses were separated from the Vince business, and the Vince business became the sole operating business of Vince Holding Corp. In this press release, the Company is presenting its financial results in conformity with U.S. generally accepted accounting principles ("GAAP"), which include the historical financial information of the non-Vince businesses as discontinued operations until the separation of the non-Vince businesses on November 27, 2013.
In addition, the Company is also presenting results on an "adjusted" basis in order to exclude the impact of results of the non-Vince businesses, certain public company transition costs and other adjustments.
Adjusted results presented in this press release are non-GAAP financial measures. See "Non-GAAP Financial Measures" below for more information about the Company's use of non-GAAP financial measures and Exhibits (4) through (7) to this press release for a reconciliation of actual GAAP results to such adjusted results.
Jill Granoff, Chief Executive Officer of Vince, commented, "It was another great year for the Vince brand as we achieved many important milestones. We are particularly proud of our successful IPO last fall which is a testament to our strong track record and significant future potential.
“We are also pleased that we continued to deliver industry-leading results and record sales in fiscal 2013 with double-digit growth across all distribution channels. In wholesale, we remained the number one or number two contemporary brand with our key department store partners. In retail, we delivered 20% comparable store sales and just completed our 17th consecutive quarter of comp store increases, while our ecommerce business remained our fastest growing channel. These results reinforce the strength of our compelling product assortment and loyal customer following."