Direct-To-Consumer Comparable Sales Increased 8.8%
NEW YORK--(BUSINESS WIRE)--
Vince Holding Corp. (NYSE: VNCE), a leading global luxury apparel and
accessories brand (“Vince” or the “Company”), today announced that the
Company’s full-price stores and eCommerce business combined delivered a
comparable sales increase of 15.9% for the nine-week period ended
December 30, 2017. Total direct-to-consumer comparable sales, inclusive
of Company-owned outlets, increased 8.8% for the nine-week period. In
addition, merchandise margin for the direct-to-consumer segment slightly
increased as compared to the same period last year as a result of
improved full price sell-through. Wholesale segment shipments were down
slightly during the nine-week period ended December 30, 2017 as compared
to the same period last year, largely as a result of the timing of
shipments.
Brendan Hoffman, Chief Executive Officer, commented, “We are thrilled
with our holiday sales performance, which continued the strong trends
that we saw towards the end of the third quarter. The new product is
resonating with our customers and driving double digit comparable sales
growth in our full price direct-to-consumer channels. We were also
pleased with improved sell-through at our wholesale partners, which we
believe bodes well for 2018 performance. We are working very closely
with the wholesale partners we are exiting to ensure a smooth transition
while protecting our brand equity. Overall, we are excited about the
momentum in our direct-to-consumer business and signs that we are
beginning to recapture market share in existing wholesale doors.”
ABOUT VINCE
Established in 2002, Vince is a global luxury brand best known for
utilizing luxe fabrications and innovative techniques to create a
product assortment that combines urban utility and modern effortless
style. From its edited core collection of ultra-soft cashmere knits and
cotton tees, Vince has evolved into a global lifestyle brand and
destination for both women’s and men’s apparel and accessories. As of
October 28, 2017, Vince products were sold in prestige distribution
worldwide, including approximately 2,400 distribution locations across
more than 40 countries. With corporate headquarters in New York and its
design studio in Los Angeles, the Company operated 41 full-price retail
stores, 14 outlet stores and its e-commerce site, vince.com. Please
visit www.vince.com for
more information.
This press release is also available on the Vince Holding Corp. website (http://investors.vince.com/).
Forward-Looking Statements: This document, and any statements
incorporated by reference herein, contains forward-looking statements
under the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include the statements regarding, among other
things, our current expectations about the Company's future results and
financial condition, revenues, store openings and closings, margins,
expenses and earnings and are indicated by words or phrases such as "may,"
"will," "should," "believe," "expect," "seek," "anticipate," "intend,"
"estimate," "plan," "target," "project," "forecast," "envision" and
other similar phrases. Although we believe the assumptions and
expectations reflected in these forward-looking statements are
reasonable, these assumptions and expectations may not prove to be
correct and we may not achieve the results or benefits anticipated.
These forward-looking statements are not guarantees of actual results,
and our actual results may differ materially from those suggested in the
forward-looking statements. These forward-looking statements involve a
number of risks and uncertainties, some of which are beyond our control,
including, without limitation: our ability to continue having the
liquidity necessary to service our debt, meet contractual payment
obligations (including amortization payments under the term loan as well
as payments under the tax receivable agreement) and fund our operations;
our ability to comply with the covenants under our credit facilities;
our ability to successfully operate the newly implemented systems,
processes, and functions recently transitioned from Kellwood Company;
our ability to remediate the identified material weaknesses in our
internal control over financial reporting; our ability to regain
compliance with the continued listing standards of the New York Stock
Exchange; our ability to ensure the proper operation of the distribution
facility by a third party logistics provider recently transitioned from
Kellwood; our ability to remain competitive in the areas of merchandise
quality, price, breadth of selection, and customer service; our ability
to anticipate and/or react to changes in customer demand and attract new
customers, including in connection with making inventory commitments;
our ability to control the level of sales in the off-price channels; our
ability to manage excess inventory in a way that will promote the
long-term health of the brand; changes in consumer confidence and
spending; our ability to maintain projected profit margins; unusual,
unpredictable and/or severe weather conditions; the execution and
management of our retail store growth plans, including the availability
and cost of acceptable real estate locations for new store openings; the
execution and management of our international expansion, including our
ability to promote our brand and merchandise outside the U.S. and find
suitable partners in certain geographies; our ability to expand our
product offerings into new product categories, including the ability to
find suitable licensing partners; our ability to successfully implement
our marketing initiatives; our ability to protect our trademarks in the
U.S. and internationally; our ability to maintain the security of
electronic and other confidential information; serious disruptions and
catastrophic events; changes in global economies and credit and
financial markets; competition; our ability to attract and retain key
personnel; commodity, raw material and other cost increases; compliance
with domestic and international laws, regulations and orders; changes in
laws and regulations; outcomes of litigation and proceedings and the
availability of insurance, indemnification and other third-party
coverage of any losses suffered in connection therewith; tax matters;
and other factors as set forth from time to time in our Securities and
Exchange Commission filings, including under the heading "Item 1A—Risk
Factors" in our Annual Report on Form 10-K and our Quarterly Reports on
Form 10-Q. We intend these forward-looking statements to speak only as
of the time of this release and do not undertake to update or revise
them as more information becomes available, except as required by law.

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Source: Vince Holding Corp.