Vince sees 47% annual sales lift, narrows losses
Vince Holdings announced on Friday a 47% uptick in its full year sales for fiscal 2021, a revenue boost that coincided with the narrowing of earnings losses for the 12-month period.
The New York-based company, owner of its namesake Vince brand, as well as the Rebecca Taylor and Parker, said full year net sales increased 46.8% to $322.7 million, compared to $219.9 million in fiscal year 2020.
By brand, Vince's sales increased 47.6% to $283.5 million, while Rebecca Taylor and Parker sales lifted 40.8% to $39.1 million during the 12 months ending January 29.
Net losses in fiscal 2021 narrowed to $12.7 million or $(1.07) per share compared, after a net loss of $65.6 million or $(5.58) per share in the same period last year. The most recent year's loss included $1.5 million of expense related to the termination of the 2018 Term Loan Facility, said the company in a press release.
“Although there are currently many headwinds beyond our control, we are very encouraged with the ongoing strength in our Vince brand," said Jack Schwefel, chief executive officer.
"We have a solid foundation with strong brand equity and deep customer connections, which we will continue to leverage to further expand awareness and drive long-term growth."
Likewise, the fourth quarter saw company net sales increase 32.4% to $99 million. Net loss was $2.7 million or $(0.23) per share compared to a net loss of $7.4 million or $(0.62) per share in the same period last year.
The company said it ended the quarter with 86 company-operated Vince and Rebecca Taylor stores, a net increase of 15 stores since the fourth quarter of fiscal 2020.
"As we head into 2022, while we remain focused on executing our strategies including the expansion of our omni-channel capabilities, digital transformation and growing our men’s and international businesses, we will continue to employ measures to mitigate the impact of supply chain challenges and cost inflation by pulling forward inventory and instituting additional prices increases," said Schwefel.
"Longer term, we continue to see ample opportunity to grow our brands and look forward to driving market share gains as we capitalize on the increasing white space in the contemporary luxury category.”
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