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viewVince Holding Corp

Vince sees a 1Q boost in online sales while wholesaling drops double digits

The high-end brand's e-commerce segment saw a 25% jump

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Vince operates 58 retail locations, including 14 outlet stores

Vince Holding Corp (NYSE:VNCE) announced its first-quarter earnings after the bell Thursday, seeing a narrower earnings loss but a slight drop in revenue.

The high-end clothing company reported an earnings loss of US$0.49 per share on revenue of US$54.5mln, compared with a loss of US$1.88 per share on revenue of US$58mln.

“We were pleased with the strong response to our women’s and men’s product assortments in the first quarter which drove a double-digit comparable sales increase in our full price stores, and more than 25% growth in our eCommerce business," said CEO Brendan Hoffman.

Wholesale sales were down nearly 20% to US$28.5mln while direct-to-consumer sales were up around 15% to US$26mln.

READ: A slew of US clothing retailers trounce market expectations for the fiscal first quarter

The luxury brand operates 44 stores as well as 14 outlets, adding three stores since the first quarter of fiscal 2017.

"With the building enthusiasm for our brand, we are more confident than ever that we are on the right path to delivering consistent profitable growth over the long term,” said Hoffman.

For the year ahead, the retailer expects sales to be between US$273mln and US$280mln compared with sales of US$272.6 mln in fiscal 2017.

Shares of the New York-based company were up less than 1% to US$14 in Friday pre-market trading.

 

Quick facts: Vince Holding Corp

Price: 17.13 USD

NYSE:VNCE
Market: NYSE
Market Cap: $200.08 m
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