VINCE OFFERS MIXED FIRST QUARTER RESULTS
Vince Holding Corp. has announced results for the first quarter of fiscal 2016 ended April 30, 2016. Net sales increased 13 percent to $67.6 million from $59.8 million in the first quarter of fiscal 2015, while comparable sales decreased 12 percent, including e-commerce sales.
Gross profit was $28.3 million, or 41.8 percent of net sale, as compared to gross profit of $30.7 million, or 51.4 percent of net sales, in the first quarter of fiscal 2015. The decrease in gross profit rate was primarily attributable to a change in product mix and continued strategic investments.
Operating loss was $3.5 million, compared to operating income of $5.1 million for the first quarter of fiscal 2015. Net loss was $1.9 million, or $0.05 per share, compared to net income of $2.5 million, or $0.06 per diluted share, for the first quarter of fiscal 2015.
For fiscal 2016, the Company expects total net sales between $290 million and $305 million, including revenues from six new retail stores and comparable sales growth inclusive of e-commerce sales in the flat to low-single digit range. The Company expects sales to decrease in the mid- to high-single digit range for the first half of the year and to be flat or increase in the mid-single digit range in the second half of the year as compared to the same prior year periods. It also predicts diluted EPS of $0.00 to $0.06.
Our first quarter results came in largely as expected, despite the difficult retail environment, and we remain on track to meet our expectations for the year,” said CEO Brendan Hoffman. “We will continue to move forward with strategic actions and investments that support recapturing the Vince DNA as we strive to position the company for improved results in the second half of Fiscal 2016 and for long-term profitable growth.”
