Vince fourth-quarter prelim sales soar on fresh product

By

Benjamin Fitzgerald

Published
Feb 27, 2018

Vince Holdings is gaining momentum. The luxury apparel and accessories brand announced its preliminary fourth-quarter sales results on Monday, revealing net sales reached $73 million, or a 14% increase compared to the same period last year.

The New York-based company said direct-to-consumer segment sales increased 17.5% to $34.5 million on last year, excluding sales from the additional 14th week attributed to this year.

For the three months ending February 3, comparable sales surged 16% on a 13-week basis, which also took into account e-commerce sales.

Wholesale segment sales lifted 11.5% to $38.5 million. Vince CEO, Brendan Hoffman, praised the brand's fresh product offerings.

“We are pleased to have delivered strong sales growth in the fourth quarter as our new product continued to resonate well with customers. We saw strong comparable sales performance in our direct-to-consumer business with double digit growth in both full price retail stores and our e-commerce business as well as higher full-price sell through," said Hoffman.

The company also recorded a smooth transition from department stores to direct consumer sale channels, which helped lift comparable store sales in store.

"We believe we are making good progress in transitioning customers from the department store partners we exited to our own retail stores," said Hoffman.

"In fact, the largest comparable sales increase was generated in stores located near locations that we exited. We also expect improvement in operating income versus last year, excluding potential asset impairment charges."

The company added that it expects an improvement in operating income on last year, "excluding potential asset impairment charges."

The company plans to release fiscal fourth quarter and full year 2017 financial results on April 19.

Founded in 2002, Vince has developed in to a fully fledged luxury lifestyle brand for both men and women. The brands products are sold across some 2,400 multi-brand locations within 40 countries.

The firm is based in New York and houses a design studio in Los Angeles. Vince operates 41 namesake stores, and 14 outlet store, as well as an online site.