Vince Holding Corp reports Q3 sales growth across brands

US fashion group Vince Holding Corp has reported an increase in sales in the third quarter of the year across its three brands.

In the three months to October 30, the group’s net sales increased 26.7 percent to 87.5 million dollars compared to the same period a year earlier.

Net sales at the group’s namesake Vince brand increased 27.3 percent to 78.4 million dollars, while at its Rebecca Taylor and Parker labels sales were up 22 percent to 9.1 million dollars.

The group’s net income in the third quarter came in at 2.2 million dollars, or 0.18 dollars per diluted share, down from 5 million dollars, or 0.42 dollars per diluted share, in the third quarter of fiscal 2020.

“Our third-quarter performance reflects the ongoing strength in our Vince brand,” said the group’s CEO Jack Schwefel in a statement.

Supply chain challenges

“Product and engagement continue to resonate with customers, and although we are facing challenges to our supply chain, our strong brand equity and high customer demand demonstrate the long-term opportunity of this brand,” Schwefel said.

At Rebecca Taylor, which has recently completed a brand reset, he said the group is “encouraged by the progress being made and remain focused on enhancing full-price selling and establishing margin-healthy growth strategies”.

Breaking it down by segment, wholesale sales increased 10 percent to 42.6 million dollars in the period, while direct-to-consumer sales were up 56.5 percent to 35.7 million dollars.

Vince Holding Corp ended the quarter with 83 company-operated Vince and Rebecca Taylor stores, a net increase of 13 stores compared to the same period last year.

Looking ahead to the fourth quarter, Schwefel said the group will focus on “building out e-commerce capabilities, enhancing marketing strategies, and accelerating growth in the men’s business and in international markets”.