VINCE SEES SALES INCREASE IN THIRD QUARTER
Global luxury apparel and accessories brand Vince Holding Corp. is reporting an uptick in sales for the third quarter.
Net sales for the third quarter increased 4.1 percent to $79.1 million from $76 million in the third quarter of fiscal 2016. Wholesale segment sales increased 3.5 percent to $53 million, primarily driven by an increase in off-price sales. This was partially offset by the expected reduced sell-in to the full-price wholesale channel. Direct-to-consumer segment sales increased 5.3 percent to $26.1 million compared to the third quarter of fiscal 2016. Comparable sales increased 4.4 percent, including e-commerce sales, due to an increase in average unit retail.
“We are pleased with our results in the third quarter, which reflected double-digit comparable store sales growth in both our full price stores and our e-commerce channel,” said Brendan Hoffman, chief executive officer of Vince. “Customers responded favorably to our recent collections and to enhancements that we have made in both of these channels. In addition to the momentum we gained in our direct-to-consumer channel we also began to take steps to drive increased profitability in our wholesale segment by focusing on fewer department store partners. Our teams have already begun to collaborate with the teams at Nordstrom and Neiman Marcus, and we are pleased with the progress that we are making thus far as we move towards our focused distribution arrangements.”
Hoffman continued, “As we look ahead, we will work to drive continued momentum in our direct-to-consumer business as well as to execute a more focused and profitable wholesale business. We plan to accomplish this by further refining our merchandise offering, investing in marketing programs with a focus on building brand awareness and deepening customer engagement, and growing our retail and e-commerce presence. Overall, we are excited about the inflection points in our business and we believe we are on the right track to deliver sustainable profitable growth over the long term.”
