Vince swings to profit in Q3

Vince Holdings’ third quarter gross profit for the quarter rose to 37.2 million dollars or 44.2 percent of net sales, while net income was 1 million dollars or 8 cents per diluted share and adjusted net income was 1.8 million dollars or 15 cents per share.

However, the company’s net sales decreased 14.7 percent to 84.1 million dollars driven by a 100 percent decrease in Rebecca Taylor and Parker segment sales, combined, due to the winding down of the Rebecca Taylor business, and a 6.2 percent decrease in Vince brand sales.

Commenting on the third quarter results, Jack Schwefel, chief executive officer of Vince said: "We are pleased with our third quarter performance and the sequential improvement we delivered compared to the prior quarter despite incurring the first full period of royalty expenses."

Vince brand net sales decreased 6.2 percent to 84.1 million dollars. The brand’s wholesale segment sales decreased 9.4 percent to 49.8 million dollars and direct-to-consumer segment sales decreased 1.2 percent to 34.2 million dollars.

The company ended the quarter with 66 company-operated Vince stores, a decrease of one store since the third quarter of fiscal 2022.