Latest news with #BrendanHoffman
Fibre2Fashion
05-05-2025
- Business
- Fibre2Fashion
US' Vince's FY24 sales touches $293.5 mn, gross margin improves
American retailer of luxury apparel and accessories Vince Holding Corp has generated net sales of $293.5 million in full fiscal 2024 (FY24) ended February 1, 2025, an increase of 0.2 per cent year-over-year (YoY) driven by strength in its wholesale channel which offset lower performance in its direct-to-consumer (DTC) channel. The gross profit of the company reached $145.2 million, or 49.5 per cent of net sales. The increase in gross margin rate was driven by approximately 330 basis points (bps) related to lower promotional activity and discounting and approximately 320 bps due primarily to lower product costing and freight costs, Vince said in a press release. Vince Holding Corp has reported sales of $293.5 million in FY24 net, up 0.2 per cent YoY, driven by wholesale gains offsetting lower DTC performance. Gross profit rose to $145.2 million with margin gains from reduced promotions and costs. Q4 sales rose 6.2 per cent to $80 million. Despite FY24 strength, the company expects a 5 per cent sales decline in Q1 FY25 amid tariff and retail challenges. The adjusted net income for FY24 was $2.4 million or $0.19 per share. The company in the fourth quarter (Q4) recorded net sales of $80.0 million, an increase of 6.2 per cent YoY. The increase was driven by strength in its wholesale channel, which included a slight benefit from earlier shipments, and offset by the softness in the Vince DTC channel primarily related to retail stores. The gross profit in Q4 was $40.1 million, or 50.1 per cent of net sales. The increase in gross margin rate was primarily driven by approximately 320 bps related to lower promotional activity in the DTC segment and lower discounting and approximately 210 bps related to lower product costing and freight costs. These factors were partially offset by approximately 120 bps attributable to channel mix. The company ended the quarter with 57 company-operated Vince stores, a net decrease of 6 stores since Q4 FY23. Brendan Hoffman, chief executive officer (CEO) of Vince said, '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.' '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,' added Hoffman. '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.' For the first quarter (Q1) of fiscal 2025 (FY25), Vince Holding is expecting net sales to decline approximately 5 per cent and adjusted operating margin to decline approximately 500 bps compared to the prior year. Given the increased uncertainty related to the potential impact and duration of current tariff policy, the company has not provided guidance for the full FY25, added the release. Yuji Okumura, chief financial officer of Vince , commented, 'As a result of shift in timing of wholesale orders into the fourth quarter and the ongoing impact from planned store activity in our retail channel, including multiple closures, remodels and relocations, as well as ongoing efforts to reduce our promotional activity, we expect our first quarter fiscal 2025 sales to decline compared to the prior year. We continue to be pleased with the traction we have seen in product margin performance, however our adjusted operating margin expectations are impacted by the decline in sales, increased marketing spends incurred earlier in the quarter, and other expenses primarily related to the timing of store relocations and remodels.' Fibre2Fashion News Desk (SG)
Yahoo
05-05-2025
- Business
- Yahoo
Vince expects Q1 2025 sales dip as Q4 finishes strongly
Luxury apparel and accessories brand Vince (VNCE) has reported net sales of $293.45m for the fiscal 2024 (FY24), up 0.2% from $292.89m the fiscal 2023 (FY23). This growth was driven by company's wholesale channel, which experienced a 10.5% surge in sales, totalling $165.35m, while the direct-to-customer channel saw a 10.4% decline. Gross profit of Vince for the firm stood at $145.18m, representing 49.5% of net sales, an increase from the prior year's $133.29m, or 45.5% in FY23. The enhancement in gross margin was attributed to a roughly 330 basis point improvement due to reduced promotional activities and discounting, along with approximately 320 basis points owing to decreased product costs and freight expenses. However, these were partially counterbalanced by about 150 basis points in royalty expenditures linked to the Licensing Agreement. The company's selling, general, and administrative expenses climbed to $138.12m in FY24 from $134.48m in FY23, largely due to higher compensation costs and increased rent and occupancy expenses resulting from lease modifications initiated in fiscal 2023. Vince recorded an operating loss of $17.18, a significant shift from the operating income of $31.62m reported in the previous year. Net loss for the fiscal year stood at $19.0m, equating to a loss per share of $1.51. In the fourth quarter alone, Vince's net sales rose by 6.2% to $79.95m compared to $75.31m in the same quarter of fiscal 2023. Gross profit for the quarter also increased to $40.08m from the fourth quarter's gross profit of $34.17m in fiscal 2023. VNCE CEO Brendan Hoffman said: "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. '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.' Looking ahead to the first quarter of fiscal 2025, Vince anticipates a roughly 5% decrease in net sales and an approximate 500 basis point drop in adjusted operating margin compared to the previous year, not accounting for any significant impact from new tariff policies within the quarter. Due to uncertainties regarding current tariff policies' potential effects and duration, the company is not providing full-year fiscal 2025 guidance. Brendan Hoffman added: '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.' The retailer operates a network of 44 full-price retail stores, 14 outlet stores, and its e-commerce site. Earlier this year, P180 acquired Sun Capital's majority stake in Vince (VNCE), signalling new growth opportunities for the luxury apparel brand. "Vince expects Q1 2025 sales dip as Q4 finishes strongly" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Fashion Network
04-05-2025
- Business
- Fashion Network
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.
Fashion Network
04-05-2025
- Business
- Fashion Network
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.
Fashion Network
04-05-2025
- Business
- Fashion Network
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.
