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Q3FY17 net income slips steeply at Vince Holdings

10 Dec '16
1 min read

In the three months ended October 29, 2016, net income at luxury apparel brand Vince Holding slipped steeply by 42.37 per cent year on year to $3.4 million, or $0.07 per diluted share. In the third quarter of fiscal 2017, net sales declined 6.0 per cent to $76.0 million, compared to $80.9 million in the previous fiscal's comparable quarter.

However, comparable sales, which include ecommerce sales, fell higher at 11.7 per cent, as a result of a decline in the average order value as well as the decline in the number of transactions, due to lower traffic and a reduction in promotional activity.

Gross profit for the quarter under review was $38.0 million, or 50.0 per cent of net sales as against gross profit of $40.0 million, or 49.5 per cent in the prior fiscal's third quarter.

Operating income in the third quarter of fiscal 2017 halved to $6.1 million vis-à-vis operating income of $12.3 million in the fiscal ago quarter. (AR)

Fibre2Fashion News Desk – India

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