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

Jalila Essaïdi working with cow dung to create fabrics. Courtesy: Mike Roelofs

Fashion | On 29th Aug 2016

From dung to fashion

Dutch designer Jalila Essaïdi has developed a new material using cow...

Textiles | On 29th Aug 2016

India to build China’s Keqiao like mega textiles city

NITI Aayog’s proposal to build a mega textile city on the lines of...

Apparel/Garments | On 29th Aug 2016

NRF welcomes release of online sales tax bill draft

The National Retail Federation (NRF), an apex body of US retailers,...

Interviews View All

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Urs Stalder
Sanitized AG

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Bani Batra

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

Karan Arora
Karan Arora

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

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
August 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search