US fashion group Vince Holding Corp has more than doubled sales in the second quarter of the year as its losses narrowed.
In the three months to July 31, net sales jumped 112.5 percent to 78.7 million dollars compared to 37 million dollars in the same period a year earlier.
The group, which owns brands Vince, Rebecca Taylor, and Parker, also managed to narrow its net loss to 0.6 million dollars compared to the net loss of 14 million dollars it posted the prior year.
Its operating income came in at 2.6 million dollars compared to 14 million dollars a year earlier.
CEO Jack Schwefel was upbeat on the quarterly results, hailing the performance of the group’s namesake Vince brand which neared pre-pandemic levels thanks to strong direct-to-consumer results.
Strong Q2 sales at Vince
Net sales at the Vince label increased 108.5 percent to 67.2 million dollars, with sales in the direct-to-consumer segment up 112.5 percent to 32 million dollars and the wholesale segment up 105 percent to 35.2 million dollars.
“The brand continues to resonate with both women and men with sophisticated, high-quality assortments,” Schwefel said.
Meanwhile, combined net sales for the Rebecca Taylor and Parker brands increased 139.4 percent to 11.5 million dollars.
Going forward, Schwefel said the group will focus on accelerating its direct-to-consumer business and growth strategies of building out its e-commerce capabilities.
He also said the company will continue strengthening its brand awareness through marketing, and accelerating growth in its men’s business.
“At Rebecca Taylor, we remain encouraged by the long-term potential we see for this brand as we continue to leverage the same strategies that made the Vince brand turnaround so successful,” he said.