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Vince Holding reports 3.7% sales growth in FY19

Jul '20
Pic: Vince Holding
Pic: Vince Holding
Vince Holding Corp, a global contemporary group, posted 3.7 per cent sales growth to $375.2 million in fiscal 2019 ended on February 1, 2020 compared to sales of $361.6 million in previous year. Group’s net income for the year rose to $30.3 million compared to net loss of $1.9 million in FY18. Gross profit for FY19 were $178.4 million ($169.4 million).
During the year, net sales of Vince segment increased 7.6 per cent to $300.2 million as compared to fiscal 2018. Wholesale segment sales grew 4.5 per cent to $166.8 million ($159.3 million). Direct-to-consumer segment sales increased 11.8 per cent to $133.4 million ($119.3 million).
However, sales for Rebecca Taylor and Parker decreased 9.4 per cent to $75.0 million ($82.7 million).
“Looking back on our fourth quarter and full year earnings results, we exceeded our expectations. We were pleased to see the momentum continue at the Vince brand driven by strong performance at both our direct-to-consumer business and wholesale channel,” Brendan Hoffman, Chief Executive Officer at Vince Holding, said in a press release. "We had also made meaningful progress with the integration of our Rebecca Taylor and Parker acquisition.”
Group’s sales during the fourth quarter (Q4) FY19 increased 6 per cent to $104.4 million (Q4 FY18: $98.5 million). Vince brand direct-to-consumer segment sales grew 13.1 per cent during the quarter. While Vince brand wholesale segment jumped 11.5 per cent to $45.0 million during Q4 FY19.

Fibre2Fashion News Desk (JL)

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July 2020

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