Wed. Nov 13th, 2019

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VNCE: Vince Holding Corp. (NYSE:VNCE)

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Vince Holding Corp. (NYSE:VNCE), a leading global luxury apparel and accessories brand (“Vince” or the “Company”), newly stated unaudited results for the 2nd-quarter of financial year 2k19 finished August 3, 2k19.

Highlights for the 2nd-quarter finished August 3, 2k19:

  • Net sales raised 13.00 percent to $71.40M as contrast to $63.10M in the similar duration previous year.
  • Direct-to-Consumer comparable sales grew 7.10 percent.
  • Gross margin rate raised 480 basis points to 48.70 percent.
  • Operating performance improved $4.40M to $2.00M contrast to an operating loss of $2.40M in the similar duration previous year.
  • Net earnings improved $4.80M to net income of $1.00M or $0.080 for each diluted share contrast to a net loss of $3.80M or $0.330 for each share in the similar duration previous year.

 

For the 2nd-quarter finished August 3, 2k19:

  • Net sales raised 13.00 percent to $71.40M contrast to $63.10M in the 2nd-quarter of fiscal 2k18. Wholesale segment sales raised 14.70 percent to $43.40M as contrast to $37.80M in the similar duration previous year due mainly to the acceleration of seasonal wholesale shipments. Direct-to-consumer segment sales raised 10.60 percent to $28.00M contrast to the 2nd-quarter of fiscal 2k18. Comparable sales raised 7.10 percent, counting e-commerce sales, mainly because of a boost in transactions and average dollar sale.
  • Gross profit was $34.70M, or 48.70 percent of net sales, contrast to gross profit of $27.70M, or 43.90 percent of net sales, in the 2nd-quarter of fiscal 2k18. The 480 basis point incline in gross margin rate was mainly because of product mix, efficiencies in the product development cycle and sourcing programs.
  • Selling, general, and administrative costs were $32.80M, or 45.90 percent of sales, contrast to $30.10M, or 47.70 percent of sales, in the 2nd-quarter of fiscal 2k18. The growth in SG&A dollars was mainly the result of raised compensation and benefits partially related to growth in stores, raised marketing investments, costs associated with enhancements to our ecommerce and Vince Unfold platforms, in addition to higher occupancy costs related to new stores.
  • Operating income was $2.00M, or 2.80 percent of net sales. Operating loss was $2.40M for the 2nd-quarter of fiscal 2k18.
  • Net income was $1.00M or $0.080 for each diluted share contrast to a net loss of $3.80M or $0.330 for each share in the similar duration previous year.
  • The Company finished the quarter with 60 company-operated stores, a net incline of 2 stores since the 2nd-quarter of fiscal 2k18.

Balance Sheet

The Company finished the 2nd-quarter of fiscal 2k19 with $52.10M of borrowings under its debt agreements, reflecting a decline of $12.30M since the similar duration previous year. The decline was because of a $9.40M decline in net borrowings under the revolving credit facilities and $2.90M of net repayments to the term loan facilities.

Net inventory at the end of the 2nd-quarter of fiscal 2k19 was $59.70M contrast to $61.60M at the end of the 2nd-quarter of fiscal 2k18.

Capital expenditures for the 2nd-quarter of fiscal 2k19 totalled about $1.00M.

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