Vince annual sales inch forward on strong quarterly finish to year
Vince Holding announced on Friday sales for the fourth quarter increased 6.2% to $80 million, with the U.S. luxury fashion firm ending the year strong.
The New York-based company said the quarterly sales gain was driven by the Vince wholesale channel, up 26.7%, which included a slight benefit from earlier shipments. This segment was partially offset by a softness in the brand's direct-to-consumer channel, in particular, retail stores, falling 8.1%.
Net loss was $28.3 million or $2.24 per share, compared to a net loss of $4.7 million or $0.37 per share in the same period last year.
Given the strong quarterly end to the year, annual sales inched forward 0.2%, to $293.5 million.
"Since returning to the CEO role earlier this year, my initial observations of the company have been reinforced. I've been impressed by the resilience and depth of our leadership team and by the progress that has been made in strengthening the foundation and overall business model," said Brendan Hoffman, chief executive officer of Vince Holding.
"The stronger-than-expected end to the year is also a testament to the team, the quality product offerings that they have delivered that have continued to resonate with customers, as well as improvements in operational efficiencies from our transformation initiatives. As we look ahead, we will be shifting the focus and goals of our transformation plan to align with today's environment and needs as we work to mitigate the impact of the evolving tariff policies. Despite the increased uncertainty with respect to the macro-environment, I remain confident in the business' long-term trajectory and our team's ability to adjust and react accordingly to deliver customers the product and experience they expect from us."
Last month, Vince Holdings announced that Yuji Okumura, the company's interim chief financial officer since March, and controller since September 2020, had been named chief financial officer, effective April 14.
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