Home / Knowledge / News / Fashion / Vince Q4 2017 sales up 16.9% to $74.6 million
Vince Q4 2017 sales up 16.9% to $74.6 million
16
Apr '18
Courtesy: Vince
Courtesy: Vince
The net sales of Vince Holding, a leading luxury apparel and accessories brand, for the fourth quarter of 2017, went up 16.9 per cent to $74.6 million, including $1.6 million in sales from the 14th week, compared to $63.9 million in the Q4 of 2016. The wholesale segment sales rose 11.7 per cent to $38.5 million as compared to the same period last year.

For fiscal 2017, the net sales increased 1.6 per cent to $272.6 million from $268.2 million during fiscal year 2016, including $1.6 million from the 53rd week.

For the fourth quarter of fiscal 2017, selling, general, and administrative expenses were $40.5 million, or 54.3 per cent of sales, compared to $39.1 million, or 61.1 per cent of sales, in the fourth quarter of fiscal 2016.

Gross profit was $34.0 million, or 45.5 per cent of net sales, compared to gross profit of $29.2 million, or 45.7 per cent of net sales, in the fourth quarter of fiscal 2016. The decrease in gross margin rate was largely due to a mix shift in the wholesale channel and an unfavourable adjustment to inventory reserves, partially offset by lower supply chain costs and a favorable adjustment to reserves related to the cost of executing the company’s wholesale distribution strategy.

Net income was $74.5 million, or $6.41 per diluted share, compared to a net loss of $162.1 million, or $32.81 per share, for the fourth quarter of fiscal 2016. Full year net income was $58.6 million, or $7.70 per diluted share.

"We were pleased with our fourth quarter results, which reflect the significant progress we’ve made toward regaining market share. Our strong comparable sales results illustrate that our product is resonating with consumers and that the demand for the Vince brand remains strong. Our largest comp increase came from locations in proximity to department stores that we have exited, demonstrating that our efforts to capture these customers in our own stores are working. As we place greater emphasis on our Direct-to-Consumer growth strategy, we plan to opportunistically open stores in key street and mall locations that are appropriate for the Vince brand. In our wholesale business, our partnerships with Nordstrom and Neiman Marcus are progressing very well and we are beginning to see our collaborative efforts yield benefits," Brendan Hoffman, chief executive officer, said.

The company ended the quarter with 55 company-operated stores, an increase of one store since the fourth quarter of fiscal 2016

"We are pleased with the continued momentum in our direct to consumer channel and sell thru at the department store thus far in the first quarter. There is great enthusiasm surrounding the Vince product, which is highly encouraging as we look ahead. We will continue to execute our strategic initiatives and believe that we are on the right track to deliver sustainable profitable growth over the long term," Hoffman concluded. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Pexels

Fashion | On 23rd Jun 2018

Nigerian bank launches N1 bn fund for fashion entrepreneur

Nigeria’s Bank of Industry has set aside 1 billion Naira (N) to...

Courtesy: Tayal

Textiles | On 23rd Jun 2018

Tayal textile factory in Algeria starts exports to Turkey

Algeria’s largest textile factory, the joint Algerian-Turkish company ...

Courtesy: Manhattan Beachwear

Fashion | On 23rd Jun 2018

Manhattan Beachwear in global partnership with BCBG Group

Manhattan Beachwear, the largest swimwear manufacturer in the US, has ...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Urmil Arya

Sushila International, a well established textile organisation established ...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search