US luxury clothing company Vince Holdings posts triple-digit sales increase

Second quarter (Q2) sales of Vince Holding Corp, one of the world’s leading contemporary US-based groups, increased 112.5% ​​to $ 78.7 million from sales of $ 37.0 million dollars in the corresponding quarter of the previous fiscal year. The company’s net loss fell from $ 15.1 million in the second quarter of 2020 to $ 0.6 million in the reported quarter ended July 31, 2021.

“We are pleased with our performance during the quarter, particularly with the Vince brand approaching pre-pandemic levels thanks to the strength of our direct-to-consumer business. The brand continues to resonate with women and men with sophisticated and high quality assortments ”, Jack Schwefel, Managing Director of Vince Holding, said in a press release.

Second quarter (Q2) sales of Vince Holding Corp, one of the world’s leading contemporary US-based groups, increased 112.5% ​​to $ 78.7 million from sales of $ 37.0 million dollars in the corresponding quarter of the previous fiscal year. The company’s net loss for the period ended July 31, 2021 has been reduced to $ 0.6 million (Q2 FY20: $ 15.1 million).

Vince segment sales increased 108.5% to $ 67.2 million from 2020, while sales of Rebecca Taylor and Parker accelerated 139.4% to $ 11.5 million.

The company’s gross profit for the second quarter of fiscal 21 was $ 35.4 million ($ 13.3 million), while selling, general and administrative expenses were $ 32. , $ 7 million ($ 27.3 million). In addition, operating revenues totaled $ 2.6 million (loss: $ 14.0 million).

“Going forward, we will continue to focus on accelerating direct-to-consumer sales as well as our growth strategies of expanding our e-commerce capabilities, building brand awareness through marketing and accelerating growth in men. At Rebecca Taylor, we remain encouraged by the long term potential we see for this brand as we continue to leverage the same strategies that made the Vince brand turnaround so successful, ”Schwefel concluded.

Fibre2Fashion Information Office (JL)


Source link

Comments are closed.