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Q3FY17 net income slips steeply at Vince Holdings
Dec '16
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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