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Vince Holding Q2 FY20 sales decline to $37 mn
15 Sep 20 2 min read
Vince Holding Corp, a leading global contemporary group, has reported financial results for the second quarter (Q2) of fiscal 2020 ended on August 1, 2020. Net sales during Q2 FY20 fell 59.9 per cent to $37.0 million compared to $92.2 million in the same period previous fiscal. However, company’s net loss improved to $15.0 million (Q2 FY19: $19.5 million).
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“Looking back on our second quarter results, we began to rebuild momentum at Vince, following the initial impact of the pandemic, as consumer buying shifted to e-commerce and stores slowly re-opened. E-commerce sales for the Vince Brand grew over 60 per cent, driven by heightened promotions as we move through inventory as well as a positive response to our merchandise assortment as our casual luxury offerings across categories are well-suited for the stay-at-home lifestyle,” David Stefko, interim chief executive officer and chief financial officer at Vince Holding, said in a press release.
Gross profit for the quarter was down to $13.3 million ($43.3 million). Selling, general and administrative expenses for the quarter were $27.3 million ($41.6 million). Company’s loss from operations was $14.0 million ($18.4 million).
Sales of Vince wholesale segment during Q2 FY20 slipped 60.5 per cent to $17.1 million ($43.3 million). While, Vince direct-to-consumer sales declined 46.2 per cent to $15.0 million ($27.9 million). Rebecca Taylor and Parker sales for the period plunged 76.9 per cent to $4.8 million ($20.8 million).
“We have reprioritised our growth strategies to align with the near-term environment with a focus on e-commerce initiatives, maintaining our strong connection with our customers and expanding our reach through our direct-to-consumer and wholesale presence. For Rebecca Taylor, we are excited about the anticipation among our wholesale partners as we prepare to relaunch the brand and return to our elevated casual and feminine flirty roots,” Stefko said.
Fibre2Fashion News Desk (JL)
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