Vince Holding Corp narrows losses as sales increase

US fashion group Vince Holding Corp has reported narrowing losses and increasing sales in the fourth quarter and full year ending January 29.

In the final quarter of the year, the group’s net sales increased 32.4 percent to 99 million dollars.

Sales at the group’s namesake Vince brand increased 25.6 percent to 87.3 million dollars, while at its Rebecca Taylor and Parker labels sales were up 121.3 percent to 11.7 million dollars.

The group narrowed its Q4 net loss to 2.7 million dollars compared to a loss of 7.4 million dollars a year earlier.

“Although there are currently many headwinds beyond our control, we are very encouraged with the ongoing strength in our Vince brand,” group CEO Jack Schwefel told investors.

“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,” he said.

FY sales up almost 50 percent

For the full year, net sales at the group increased 46.8 percent to 322.7 million dollars, with sales at Vince increasing 47.6 percent to 283.5 million dollars, and sales at Rebecca Taylor and Parker up 40.8 percent to 39.1 million dollars.

The group narrowed its full-year net loss to 12.7 million dollars compared to a loss of 65.6 million dollars a year earlier.

Schwefel continued: “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.”