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Vince Holding net sales up 13% to $71.4 million in Q2

Sep '19
Pic: Vince Holding
Pic: Vince Holding
Net sales of Vince Holding Corp increased 13 per cent to $71.4 million in Q2 ending August 3, 2019, as compared to $63.1 million in the same period last year. The direct-to-consumer comparable sales grew 7.1 per cent. Net earnings improved $4.8 million to net income of $1 million compared to a net loss of $3.8 million in the same period last year.

The company ended the quarter with 60 company-operated stores, a net increase of 2 stores since the second quarter of fiscal 2018, according to a press release by Vince Holding.

"We were very pleased with the exceptional top and bottom line performance in the second quarter reflecting double digit sales growth in both our direct-to-consumer and wholesale channels. Our results are evidence that the multiple initiatives that we have been undertaking are coming together to deliver strong performance in all areas of the business, said Brendan Hoffman, chief executive officer of Vince Holding.

"We are excited about the momentum in our business as we continue to make progress across our strategic initiatives which include driving global expansion across our retail, e-commerce and wholesale channels as well as increasing brand awareness globally. We believe that we are well positioned within the luxury market to deliver consistent long term profitable growth and enhance shareholder value.”

For fiscal 2019 the company expects the net sales to be between $295-$305 million. This compares to net sales of $279 million in fiscal 2018.

Vince is a leading global luxury apparel and accessories brand best known for creating elevated yet understated pieces for every day. Known for its range of luxury products, Vince offers women's and men's ready-to-wear and footwear as well as capsule collections of handbags, fragrance, and home for a global lifestyle (PC)

Fibre2Fashion News Desk – India

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