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.

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VINCE HOLDING