Home / Knowledge / News / Apparel/Garments / Vince Q1'FY14 operating income skyrockets 174%
Vince Q1'FY14 operating income skyrockets 174%
05
Jun '14
Vince Holding Corp., a leading contemporary fashion brand, reported unaudited results for the first quarter ended May 3, 2014.

Highlights:

-Net Sales increased 32.4%

-Operating Income increased 174%

-Diluted EPS increased to $0.04

-Company raises guidance for fiscal 2014

For the first quarter ended May 3, 2014:

Net sales for the first quarter of fiscal 2014 were $53.5 million, up 32.4% over the $40.4 million achieved during the first quarter of fiscal 2013. Comparable store sales for the first quarter of fiscal 2014 increased 11.1% over the first quarter of fiscal 2013.

Gross profit in the first quarter of fiscal 2014 increased 50.8% to $26.4 million from $17.5 million in the first quarter of fiscal 2013. Gross profit as a percentage of net sales increased to 49.4% from 43.4% in fiscal 2013. This increase was driven primarily by the year-over-year cycling on the additional inventory reserves taken in the first quarter of fiscal 2013 which contributed 370 basis points of the 600 basis point improvement in gross margin in the first quarter fiscal 2014.

Selling, general, and administrative expenses in the first quarter of fiscal 2014 were $21.2 million or 39.7% of sales compared to $15.6 million or 38.7% of sales in the first quarter of fiscal 2013 including public company transition costs. Excluding these costs, selling, general and administrative expenses as a percent of sales were 35.5% in the first quarter of fiscal 2013.

Operating income for the first quarter of fiscal 2014 increased 174% to $5.2 million compared to $1.9 million for the first quarter of fiscal 2013. Excluding public company transition costs from operating income for the first quarter of fiscal 2013, operating income for the first quarter of fiscal 2014 increased 64.1% compared to the same period in fiscal 2013 and, as a percent of sales, was 9.7% for the first quarter of fiscal 2014 compared to 7.9% for the same period in fiscal 2013.

Net income for the first quarter of fiscal 2014 was $1.4 million compared to a net loss of ($15.1) million for the first quarter of fiscal 2013, which includes the impact of public company transition costs and results of the non-Vince businesses that were separated on November 27, 2013. On an adjusted basis, net income was $0.1 million in the first quarter of fiscal 2013.

Diluted earnings per share for the first quarter of fiscal 2014 was $0.04 compared to a net loss per share for the first quarter of fiscal 2013 of ($0.58). On an adjusted basis, first quarter diluted earnings per share was $0.00 in the first quarter of fiscal 2013.

Click here to view full results.

VINCE HOLDING


Must ReadView All

Textiles | On 25th May 2016

CAIT for joint coalition of trade & industry on GST

Proposing a joint coalition of trade and industry bodies, the...

Apparel/Garments | On 25th May 2016

New GS1 US rule blends e-commerce fulfillment methods

A new guideline focused on e-commerce and omni-channel fulfillment...

Courtesy- PVH Corp

Apparel/Garments | On 25th May 2016

PVH Corp & Grupo Axo announces joint venture in Mexico

PVH Corp, one of the largest apparel companies in the world and Grupo ...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

What are the latest technological innovations in the spinning industry?...

Victor Chao
Esmetex

Could you describe the global market for sportswear? Which are the...

Shawn Honeycutt
Bolger & O'Hearn

Which chemicals are likely to dominate the sustainable textiles industry?...

Paolo Ocleppo
Sandvik Hyperion

<b><i>Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion...

Kevin Nelson
TissueGen

<b><i>Kevin Nelson, Chief Scientific Officer, TissueGen discusses the...

Eamonn Tighe
Nature Works LLC

<b><i>Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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
May 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search