Vince announces fourth quarter and fiscal 2014 results
Vince Holding Corp. on Thursday reported unaudited results for its fourth quarter and fiscal year 2014 ended January 31, 2015. The company saw increases across the board in net sales, gross profit, and net income. 2014 also marked the first year of Vince operating as a publicly trading company.
Jill Granoff, Chairman and Chief Executive Officer of Vince, commented, "We delivered record sales in 2014, with double-digit increases across all product categories and distribution channels. We are particularly pleased with the exceptional growth in our retail, ecommerce, international and licensing businesses, building a platform for the future."
Net sales increased 7.9% for the company from $87.8 million in the previous year to $94.7 million in fourth quarter 2014. Gross profit increased 14% from $40.1 million to $45.8 million. Net income increased to $10.5 million compared to $8.7 million in the previous year.
For the full year, net sales increased 18.1% from $288.2 million to $340.4 million. Wholesale sales increased 13.2% to $259.4 million, direct-to-consumer increased 37.1% to $81 million, and comparable store sales, including e-commerce, increased 12.1%. Gross profit increased 25.4% from $133 million to $166.8 million and adjusted net income due to the IPO and Secondary Offering costs increased 28.4% to $36.1 million.
For 2015, Vince Holding Corp. expects to achieve total net sales of between $360 and $370 million, including revenues from 8 to 10 new retail stores and a comparable sales growth inclusive of ecommerce sales in the low double-digit range.
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