NEW YORK--(BUSINESS WIRE)--
Vince Holding Corp. (NYSE:VNCE), a leading global luxury apparel and
accessories brand (“Vince” or the “Company”), today reported unaudited
results for the fourth quarter and fiscal year 2017 ended February 3,
2018.
In this press release, the Company is presenting its financial results
in conformity with U.S. generally accepted accounting principles
("GAAP") as well as on an "adjusted" basis. Adjusted results presented
in this press release are non-GAAP financial measures. See "Non-GAAP
Financial Measures" below for more information about the Company's use
of non-GAAP financial measures and Exhibit 3 to this press release for a
reconciliation of GAAP measures to such non-GAAP measures.
For the 14 weeks ended February 3, 2018:
-
Sales increased 16.9% including $1.6 million from the 14th
week
-
Direct-to-Consumer comparable sales grew 16.1% on a 13-week basis
-
Operating loss was $6.6 million compared to $62.9 million. Adjusted
operating loss was $1.5 million compared to an adjusted operating loss
of $7.8 million in the same period last year
-
Diluted earnings per share was $6.41 compared to a loss per share of
$32.81. Adjusted net loss per share was $0.20 compared to a loss of
$1.55 per share in the same period last year
Brendan Hoffman, Chief Executive Officer, commented, “We were pleased
with our fourth quarter results, which reflect the significant progress
we’ve made toward regaining market share. Our strong comparable sales
results illustrate that our product is resonating with consumers and
that the demand for the Vince brand remains strong. Our largest comp
increase came from locations in proximity to department stores that we
have exited, demonstrating that our efforts to capture these customers
in our own stores are working. As we place greater emphasis on our
Direct-to-Consumer growth strategy, we plan to opportunistically open
stores in key street and mall locations that are appropriate for the
Vince brand. In our wholesale business, our partnerships with Nordstrom
and Neiman Marcus are progressing very well and we are beginning to see
our collaborative efforts yield benefits.”
Mr. Hoffman continued, “We are pleased with the continued momentum in
our direct to consumer channel and sell thru at the department store
thus far in the first quarter. There is great enthusiasm surrounding the
Vince product, which is highly encouraging as we look ahead. We will
continue to execute our strategic initiatives and believe that we are on
the right track to deliver sustainable profitable growth over the long
term.”
For the fourth quarter ended February 3, 2018:
-
Net sales increased 16.9% to $74.6 million, including $1.6 million in
sales from the 14th week, compared to $63.9 million in the
fourth quarter of fiscal 2016. Wholesale segment sales increased 11.7%
to $38.5 million as compared to the same period last year. The 14th
week had an immaterial impact on the wholesale segment.
Direct-to-consumer segment sales increased 22.9% to $36.2 million
compared to the fourth quarter of fiscal 2016, including $1.6 million
in sales from the 14th week. Comparable sales increased
16.1% on a 13-week basis, including e-commerce sales, primarily due to
an increase in average unit retail.
-
Gross profit was $34.0 million, or 45.5% of net sales, compared to
gross profit of $29.2 million, or 45.7% of net sales, in the fourth
quarter of fiscal 2016. The decrease in gross margin rate was largely
due to a mix shift in the wholesale channel and an unfavorable
adjustment to inventory reserves, partially offset by lower supply
chain costs and a favorable adjustment to reserves related to the cost
of executing the Company’s wholesale distribution strategy.
-
Selling, general, and administrative expenses were $40.5 million, or
54.3% of sales, compared to $39.1 million, or 61.1% of sales, in the
fourth quarter of fiscal 2016. This includes non-cash asset impairment
charges related to property and equipment of certain retail stores of
$5.1 million in fiscal 2017 and $2.1 million in fiscal 2016. The
decline in SG&A dollars, excluding the aforementioned non-cash asset
impairment charges, was primarily the result of the non-recurrence of
investments related to the transition of IT systems made last year, as
well as lower product development costs and savings related to ending
the Company’s consulting arrangement with its founders. This was
partially offset by increased incentive compensation costs and
investments related to the remediation and optimization of IT systems.
-
Operating loss was $6.6 million, which included $5.1 million related
to the aforementioned non-cash asset impairment charges. Operating
loss was $62.9 million for the fourth quarter of fiscal 2016, which
included impairment charges of $22.3 million related to goodwill
associated with the Company’s direct-to-consumer business, $30.8
related to the tradename intangible asset, and $2.1 million as a
result of the aforementioned non-cash charge for retail stores.
Excluding the aforementioned charges, adjusted operating loss was $1.5
million in the fourth quarter of fiscal 2017 as compared to adjusted
operating loss of $7.8 million in the fourth quarter of fiscal 2016.
-
Other income reflects a Tax Receivable Agreement (“TRA”) adjustment of
$82.0 million related to lower federal tax rates due to the new Tax
Cuts and Jobs Act, as well as for the Company’s updated five-year
projections.
-
Net income was $74.5 million, or $6.41 per diluted share, compared to
a net loss of $162.1 million, or $32.81 per share, for the fourth
quarter of fiscal 2016. The net income for the fourth quarter of
fiscal 2017 includes the aforementioned TRA adjustment, a negligible
benefit from income taxes due to the offsetting impact of the tax
valuation allowance, and the aforementioned non-cash asset impairment
charge. The net loss for the fourth quarter of fiscal 2016 included a
negative impact related to the aforementioned non-cash asset
impairment charges as well as the valuation allowance recorded against
the Company’s deferred tax assets. Excluding the aforementioned
charges, adjusted net loss was $2.4 million, or $0.20 per share, as
compared to adjusted net loss of $7.7 million, or $1.55 per share, in
the same period last year. Please refer to Exhibit 3 for a
reconciliation.
-
The Company ended the quarter with 55 company-operated stores, an
increase of one store since the fourth quarter of fiscal 2016.
For the fiscal year ended February 3, 2018:
-
Net sales increased 1.6% to $272.6 million from $268.2 million during
fiscal year 2016, including $1.6 million from the 53rd
week. Wholesale segment net sales decreased 2.3% to $166.1 million and
direct-to-consumer segment net sales increased 8.5% to $106.5 million
compared to fiscal year 2016, including $1.6 million from the 53rd
week. Comparable store sales on a 52-week basis increased 4.5%
compared to the prior year period, including e-commerce sales.
-
Net income was $58.6 million, or $7.70 per diluted share, which
includes the aforementioned TRA adjustment, a negligible benefit from
income taxes due to the offsetting impact of the tax valuation
allowance, and the aforementioned non-cash asset impairment charge.
This compares to net loss of $162.7 million, or $35.04 per share, in
fiscal 2016, which includes a negative impact related to the non-cash
asset impairment charges as well as the valuation allowance recorded
against the Company’s deferred tax assets. Excluding the
aforementioned charges, adjusted net loss was $18.3 million, or $2.41
per share, as compared to adjusted net loss of $8.2 million, or $1.76
per share, in the same period last year. Please refer to Exhibit 3 for
a reconciliation.
Balance Sheet
The Company ended the fourth quarter of fiscal 2017 with $5.4 million in
cash and cash equivalents and $49.9 million of borrowings under its debt
agreements. The $0.3 million decrease in borrowings under its debt
agreements over the prior year period is due to $12.0 million of
payments to the term loan facility, offset by net higher borrowings
under the revolving credit facility.
Net inventory at the end of the fourth quarter of fiscal 2017 was $48.9
million compared to $38.5 million at the end of the fourth quarter of
fiscal 2016.
Capital expenditures for the fourth quarter of fiscal 2017 totaled $0.4
million.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with GAAP, the
Company has provided, with respect to financial results relating to the
fourth quarter and the fifty-three week period of fiscal 2017, adjusted
operating income (loss), adjusted income (loss) before income taxes,
adjusted income taxes, adjusted net income (loss) and adjusted earnings
(loss) per share, which are non-GAAP measures, in order to eliminate the
effect on operating results of non-cash asset impairment charges, the
TRA adjustment, and the offsetting impact of the valuation allowance
recorded against the Company’s deferred tax assets. In addition, with
respect to the fourth quarter and fifty-two week period of fiscal 2016,
the Company has provided adjusted operating loss, adjusted loss before
income taxes, adjusted income taxes, adjusted net loss and adjusted loss
per share, which are non-GAAP financial measures, in order to eliminate
the effect on operating results of non-cash asset impairment charges and
the valuation allowance recorded against the Company’s deferred tax
assets. The Company believes that the presentation of these non-GAAP
measures facilitates an understanding of the Company's continuing
operations without the impact associated with the aforementioned items.
While these types of events can and do recur periodically, they are
excluded from the indicated financial information due to their inherent
volatility and impact on the comparability of earnings across periods.
Non-GAAP financial measures should not be considered in isolation from,
or as a substitute for, financial information prepared in accordance
with GAAP. A reconciliation of GAAP to non-GAAP results has been
provided in Exhibits 3 to this press release.
2017 Fourth Quarter Earnings Conference Call
A conference call to discuss the fourth quarter results will be held
today, April 12, 2018, at 4:30 p.m. ET, hosted by Vince Holding Corp.
Chief Executive Officer, Brendan Hoffman, and Executive Vice President
and Chief Financial Officer, David Stefko. During the conference call,
the Company may make comments concerning business and financial
developments, trends and other business or financial matters. The
Company's comments, as well as other matters discussed during the
conference call, may contain or constitute information that has not been
previously disclosed.
Those who wish to participate in the call may do so by dialing (833)
235-5655, conference ID 6181319. Any interested party will also have the
opportunity to access the call via the Internet at http://investors.vince.com/.
To listen to the live call, please go to the website at least 15 minutes
early to register and download any necessary audio software. For those
who cannot listen to the live broadcast, a recording will be available
for 12 months after the date of the event. Recordings may be accessed at http://investors.vince.com/.
ABOUT VINCE
Established in 2002, Vince is a leading global luxury apparel and
accessories brand best known for creating elevated yet understated
pieces for every day. The collections are inspired by the brand’s
California origins and embody a feeling of warm and effortless
style. Vince designs uncomplicated yet refined pieces that approach
dressing with a sense of ease. Known for its range of luxury products,
Vince offers women’s and men’s ready-to-wear, shoes, handbags, and home
for a global lifestyle. As of February 3, 2018, Vince products were sold
in prestige distribution worldwide, including approximately 2,000
distribution locations across more than 40 countries. With its design
studio in Los Angeles and corporate headquarters in New York, 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 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, 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; further impairment of our goodwill and
indefinite-lived intangible assets; our ability to realize the benefits
of our recently announced strategic initiatives; the execution and
management of our retail store growth plans; our ability to make lease
payments when due; our ability to ensure the proper operation of the
distribution facility by a third-party logistics provider; 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 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; 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; our ability to maintain
compliance with the continued listing standards of the New York Stock
Exchange; effect of the U.S. federal income tax law reform; other tax
matters; and other factors as set forth from time to time in our
Securities and Exchange Commission filings, including those described in
this Annual Report on Form 10-K under “Item 1A—Risk Factors.” 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.
|
Vince Holding Corp. and Subsidiaries
|
|
Exhibit (1)
|
|
Condensed Consolidated Statements of Operations
|
|
(Unaudited, amounts in thousands except percentages, share and
per share data )
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Fiscal Year
|
|
|
|
|
February 3,
|
|
|
January 28,
|
|
|
|
February 3,
|
|
|
January 28,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
|
2018
|
|
|
2017
|
|
|
Net sales
|
|
$
|
74,648
|
|
|
$
|
63,879
|
|
|
|
$
|
272,582
|
|
|
$
|
268,199
|
|
|
Cost of products sold
|
|
|
40,673
|
|
|
|
34,663
|
|
|
|
|
150,793
|
|
|
|
145,380
|
|
|
Gross profit
|
|
|
33,975
|
|
|
|
29,216
|
|
|
|
|
121,789
|
|
|
|
122,819
|
|
|
as a % of net sales
|
|
|
45.5
|
%
|
|
|
45.7
|
%
|
|
|
|
44.7
|
%
|
|
|
45.8
|
%
|
|
Impairment of indefinite-lived intangible asset
|
|
|
—
|
|
|
|
53,061
|
|
|
|
|
—
|
|
|
|
53,061
|
|
|
Selling, general and administrative expenses
|
|
|
40,548
|
|
|
|
39,087
|
|
|
|
|
140,106
|
|
|
|
134,430
|
|
|
as a % of net sales
|
|
|
54.3
|
%
|
|
|
61.1
|
%
|
|
|
|
51.4
|
%
|
|
|
50.1
|
%
|
|
Income (loss) from operations
|
|
|
(6,573
|
)
|
|
|
(62,932
|
)
|
|
|
|
(18,317
|
)
|
|
|
(64,672
|
)
|
|
as a % of net sales
|
|
|
(8.8
|
)%
|
|
|
(98.5
|
)%
|
|
|
|
(6.7
|
)%
|
|
|
(24.1
|
)%
|
|
Interest expense, net
|
|
|
1,527
|
|
|
|
1,023
|
|
|
|
|
5,540
|
|
|
|
3,932
|
|
|
Other expense (income), net
|
|
|
(81,998
|
)
|
|
|
(50
|
)
|
|
|
|
(81,882
|
)
|
|
|
329
|
|
|
Income (loss) before income taxes
|
|
|
73,898
|
|
|
|
(63,905
|
)
|
|
|
|
58,025
|
|
|
|
(68,933
|
)
|
|
(Benefit) provision for income taxes
|
|
|
(614
|
)
|
|
|
98,243
|
|
|
|
|
(572
|
)
|
|
|
93,726
|
|
|
Net income (loss)
|
|
$
|
74,512
|
|
|
$
|
(162,148
|
)
|
|
|
$
|
58,597
|
|
|
$
|
(162,659
|
)
|
|
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share
|
|
$
|
6.41
|
|
|
$
|
(32.81
|
)
|
|
|
$
|
7.70
|
|
|
$
|
(35.04
|
)
|
|
Diluted earnings (loss) per share
|
|
$
|
6.41
|
|
|
$
|
(32.81
|
)
|
|
|
$
|
7.70
|
|
|
$
|
(35.04
|
)
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
11,616,144
|
|
|
|
4,942,314
|
|
|
|
|
7,605,822
|
|
|
|
4,642,053
|
|
|
Diluted
|
|
|
11,617,464
|
|
|
|
4,942,314
|
|
|
|
|
7,608,427
|
|
|
|
4,642,053
|
|
|
|
|
Vince Holding Corp. and Subsidiaries
|
|
|
Exhibit (2)
|
|
Condensed Consolidated Balance Sheets
|
|
(Unaudited, amounts in thousands)
|
|
|
|
|
|
February 3,
|
|
|
January 28,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
5,372
|
|
|
$
|
20,978
|
|
|
Trade receivables, net
|
|
|
20,760
|
|
|
|
10,336
|
|
|
Inventories, net
|
|
|
48,921
|
|
|
|
38,529
|
|
|
Prepaid expenses and other current assets
|
|
|
6,521
|
|
|
|
4,768
|
|
|
Total current assets
|
|
|
81,574
|
|
|
|
74,611
|
|
|
Property and equipment, net
|
|
|
31,608
|
|
|
|
42,945
|
|
|
Intangible assets, net
|
|
|
77,099
|
|
|
|
77,698
|
|
|
Goodwill
|
|
|
41,435
|
|
|
|
41,435
|
|
|
Deferred income taxes and other assets
|
|
|
2,818
|
|
|
|
2,791
|
|
|
Total assets
|
|
$
|
234,534
|
|
|
$
|
239,480
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
22,556
|
|
|
$
|
37,022
|
|
|
Accrued salaries and employee benefits
|
|
|
6,715
|
|
|
|
3,427
|
|
|
Other accrued expenses
|
|
|
7,906
|
|
|
|
9,992
|
|
|
Current portion of long-term debt
|
|
|
8,000
|
|
|
|
—
|
|
|
Total current liabilities
|
|
|
45,177
|
|
|
|
50,441
|
|
|
Long-term debt
|
|
|
40,682
|
|
|
|
48,298
|
|
|
Deferred rent
|
|
|
15,633
|
|
|
|
16,892
|
|
|
Other liabilities
|
|
|
58,273
|
|
|
|
137,830
|
|
|
Stockholders' equity (deficit)
|
|
|
74,769
|
|
|
|
(13,981
|
)
|
|
Total liabilities and stockholders' equity (deficit)
|
|
$
|
234,534
|
|
|
$
|
239,480
|
|
|
|
|
Vince Holding Corp. and Subsidiaries
|
|
|
Exhibit (3)
|
|
Reconciliation of GAAP to Non-GAAP measures
|
|
(Unaudited, amounts in thousands except per share data)
|
|
|
|
|
|
For the three months ended February 3, 2018
|
|
|
|
|
|
As
|
|
|
Retail Store
|
|
|
|
|
|
|
|
|
|
|
As
|
|
|
|
|
|
Reported
|
|
|
Impairment
|
|
|
|
TRA
|
|
|
|
Valuation
|
|
|
Adjusted
|
|
|
|
|
|
GAAP)
|
|
|
Charge
|
|
|
|
Adjustment
|
|
|
|
Allowance
|
|
|
(Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
$
|
(6,573
|
)
|
|
$
|
(5,111
|
)
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
$
|
(1,462
|
)
|
|
|
Income (loss) before income taxes
|
|
|
73,898
|
|
|
|
(5,111
|
)
|
|
|
|
82,002
|
|
|
|
|
—
|
|
|
|
(2,993
|
)
|
|
|
(Benefit) provision for income taxes
|
|
|
(614
|
)
|
|
|
(1,887
|
)
|
(1)
|
|
|
—
|
|
|
|
|
1,887
|
|
|
|
(614
|
)
|
|
|
Net income (loss)
|
|
$
|
74,512
|
|
|
$
|
(3,224
|
)
|
|
|
$
|
82,002
|
|
|
|
$
|
(1,887
|
)
|
|
$
|
(2,379
|
)
|
|
|
Earnings (loss) per share
|
|
$
|
6.41
|
|
|
$
|
(0.28
|
)
|
|
|
$
|
7.06
|
|
|
|
$
|
(0.16
|
)
|
|
$
|
(0.20
|
)
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended January 28, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill &
|
|
|
|
|
|
|
|
|
|
|
|
|
As
|
|
|
Retail Store
|
|
|
|
Intangible
|
|
|
|
|
|
|
As
|
|
|
|
|
|
Reported
|
|
|
Impairment
|
|
|
|
Asset
|
|
|
|
Valuation
|
|
|
Adjusted
|
|
|
|
|
|
(GAAP)
|
|
|
Charge
|
|
|
|
Impairment
|
|
|
|
Allowance
|
|
|
(Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
$
|
(62,932
|
)
|
|
$
|
(2,082
|
)
|
|
|
$
|
(53,061
|
)
|
(3)
|
|
$
|
—
|
|
|
$
|
(7,789
|
)
|
|
|
Loss before income taxes
|
|
|
(63,905
|
)
|
|
|
(2,082
|
)
|
|
|
|
(53,061
|
)
|
|
|
|
—
|
|
|
|
(8,762
|
)
|
|
|
(Benefit) provision for income taxes
|
|
|
98,243
|
|
|
|
(849
|
)
|
(4)
|
|
|
(21,638
|
)
|
(4)
|
|
|
121,836
|
|
|
|
(1,106
|
)
|
|
|
Net loss
|
|
$
|
(162,148
|
)
|
|
$
|
(1,233
|
)
|
|
|
$
|
(31,423
|
)
|
|
|
$
|
(121,836
|
)
|
|
$
|
(7,656
|
)
|
|
|
Loss per share
|
|
$
|
(32.81
|
)
|
|
$
|
(0.25
|
)
|
|
|
$
|
(6.36
|
)
|
|
|
$
|
(24.65
|
)
|
|
$
|
(1.55
|
)
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve months ended February 3, 2018
|
|
|
|
|
|
As
|
|
|
Retail Store
|
|
|
|
|
|
|
|
|
|
|
As
|
|
|
|
|
|
Reported
|
|
|
Impairment
|
|
|
|
TRA
|
|
|
|
Valuation
|
|
|
Adjusted
|
|
|
|
|
|
(GAAP)
|
|
|
Charge
|
|
|
|
Adjustment
|
|
|
|
Allowance
|
|
|
(Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
$
|
(18,317
|
)
|
|
$
|
(5,111
|
)
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
$
|
(13,206
|
)
|
|
|
Income (loss) before income taxes
|
|
|
58,025
|
|
|
|
(5,111
|
)
|
|
|
|
82,002
|
|
|
|
|
—
|
|
|
|
(18,866
|
)
|
|
|
(Benefit) provision for income taxes
|
|
|
(572
|
)
|
|
|
(2,056
|
)
|
(1)
|
|
|
—
|
|
|
|
|
2,056
|
|
|
|
(572
|
)
|
|
|
Net income (loss)
|
|
$
|
58,597
|
|
|
$
|
(3,055
|
)
|
|
|
$
|
82,002
|
|
|
|
$
|
(2,056
|
)
|
|
$
|
(18,294
|
)
|
|
|
Earnings (loss) per share
|
|
$
|
7.70
|
|
|
$
|
(0.40
|
)
|
|
|
$
|
10.78
|
|
|
|
$
|
(0.27
|
)
|
|
$
|
(2.41
|
)
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve months ended January 28, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill &
|
|
|
|
|
|
|
|
|
|
|
|
|
As
|
|
|
Retail Store
|
|
|
|
Intangible
|
|
|
|
|
|
|
As
|
|
|
|
|
|
Reported
|
|
|
Impairment
|
|
|
|
Asset
|
|
|
|
Valuation
|
|
|
Adjusted
|
|
|
|
|
|
(GAAP)
|
|
|
Charge
|
|
|
|
Impairment
|
|
|
|
Allowance
|
|
|
(Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
$
|
(64,672
|
)
|
|
$
|
(2,082
|
)
|
|
|
$
|
(53,061
|
)
|
(3)
|
|
$
|
—
|
|
|
$
|
(9,529
|
)
|
|
|
Loss before income taxes
|
|
|
(68,933
|
)
|
|
|
(2,082
|
)
|
|
|
|
(53,061
|
)
|
|
|
|
—
|
|
|
|
(13,790
|
)
|
|
|
(Benefit) provision for income taxes
|
|
|
93,726
|
|
|
|
(849
|
)
|
(4)
|
|
|
(21,638
|
)
|
(4)
|
|
|
121,836
|
|
|
|
(5,623
|
)
|
|
|
Net loss
|
|
$
|
(162,659
|
)
|
|
$
|
(1,233
|
)
|
|
|
$
|
(31,423
|
)
|
|
|
$
|
(121,836
|
)
|
|
$
|
(8,167
|
)
|
|
|
Loss per share
|
|
$
|
(35.04
|
)
|
|
$
|
(0.27
|
)
|
|
|
$
|
(6.77
|
)
|
|
|
$
|
(26.25
|
)
|
|
$
|
(1.76
|
)
|
(5)
|
|
(1)
|
|
Based on a normalized tax rate of 36.92% and 40.23% for the three
and twelve months ended February 3, 2018 respectively, derived by
reference to statutory rates in the jurisdictions in which the
Company operates, without giving effect to the Company’s valuation
allowance.
|
|
|
|
(2)
|
|
Based on a weighted-average shares outstanding of 11,616,144 and
7,605,822 for the three and twelve months ended February 3, 2018
respectively, which excludes the effect of dilutive equity
securities.
|
|
|
|
(3)
|
|
Includes $22,311 and $30,750 of impairment charges associated with
goodwill and our tradename intangible, respectively.
|
|
|
|
(4)
|
|
Based on a normalized tax rate of 40.8% for the three and twelve
months ended January 28, 2017, derived by reference to statutory
rates in the jurisdictions in which the Company operates, without
giving effect to the Company’s valuation allowance.
|
|
|
|
(5)
|
|
Based on a weighted-average shares outstanding of 4,942,314 and
4,642,053 for the three and twelve months ended January 28, 2017
respectively.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180412006204/en/
Source: Vince Holding Corp.