- Huw Hughes
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Luxury apparel and accessories brand Vince has reported a 3.4 percent
increase in net sales to 86.4 million US dollars in the third quarter.
The New York-based brand reported 8 million US dollars in net income –
or 0.67 US dollars per diluted share – up from 6.8 million US dollars in
the same period the year before.
Excluding costs associated with the brand’s acquisition of Rebecca Taylor and Parkerin
November, adjusted net income was 8.7 million US dollars or 0.73 US dollars
per diluted share.
Direct-to-Consumer comparable sales grew a strong 9.5 percent
year-on-year.
Wholesale segment sales were down 3.6 percent to 51.1 million US dollars
compared to 53 million US dollars in the same period last year. The company
said this was due to “lower shipments to the off-price channel, the
acceleration of seasonal wholesale deliveries into the second quarter and
the seasonal timing of return reserves.”
At the end of the quarter, Vince had 63 company-operated stores, a net
increase of 4 stores since the same period in fiscal 2018.
Brendan Hoffman, chief executive officer, said in a statement: “Our
strong performance in the third quarter further demonstrates the continued
momentum in the Vince brand. The growth in our direct-to-consumer business
was led by our e-commerce channel and we remain pleased with the
performance of our retail stores. In our wholesale channel, we continue to
see evidence of market share gains and are excited to have expanded floor
space in key doors.
“As we look ahead, we remain focused on advancing our strategic
initiatives, which include growing our direct-to-consumer business through
the expansion of our store base globally, driving market share gains within
the wholesale channel, testing new product categories, and refining our
marketing efforts to drive traffic and conversion.
“We are also very excited about the recently announced acquisition of
Rebecca Taylor and Parker, which enabled us to form a global contemporary
fashion group. We believe that the successful strategic initiatives
employed by Vince will allow us to significantly grow these two brands on a
global scale. We are well positioned to be leaders in the global
contemporary space, which will allow us to drive long-term profitable and
sustainable growth.”
Photo credit: Vince, Facebook
