Vince Holding Corp, a leading global contemporary group, has reported financial results for the third quarter (Q3) of fiscal 2020 ended on October 31. Net sales during Q3 FY20 fell 34.0 per cent to $69.0 million compared to $104.5 million in the same period previous fiscal. Company’s net income decreased to $4.9 million (Q3 FY19: $6.0 million).
“We saw sequential improvement in our sales trends and delivered an operating profit, even excluding the benefit of rent concessions, through prudent cost management in the third quarter. This sequential improvement in direct-to-consumer sales and gross margin continued into the fourth quarter as we entered the holiday season,” David Stefko, interim chief executive officer and chief financial officer at Vince Holding, said in a press release.
Gross profit for the quarter was down to $31.6 million ($50.9 million). Selling, general and administrative expenses for the quarter were $25.3 million ($43.4 million). Company’s income from operations was $6.2 million ($7.5 million).
“While the current environment remains difficult, Vince remains a top performing brand in the contemporary luxury segment within our existing wholesale partners with strong customer demand for comfort casual luxury. We are also pleased to see the positive reaction to the brand refresh and merchandising initiatives taking place at Rebecca Taylor,” Stefko said.
Sales of Vince segment fell 28.7 per cent to $61.6 million, while Rebecca Taylor sales slipped 58.9 per cent to $7.5 million.