Shares of Vince Holding Corp. rose 1.6 percent Thursday after the firm posted its first quarterly earnings report as a public company, having completed its public offering in November.
For the three months ended Feb. 1, the company said net income was $582,000, or 2 cents a diluted share, against a net loss of $11.6 million, or 44 cents, last year. On an adjusted basis, excluding in part the impact of non-Vince businesses prior to November’s initial public offering and certain public company transition costs, net income rose 15.1 percent to $8.7 million, or 23 cents a diluted share, from $7.6 million, or 20 cents, a year ago. Net sales rose 20.5 percent to $87.8 million from $72.8 million. Same-store sales gained 12.2 percent in the quarter.
For the year, the net loss narrowed to $27.4 million, or 98 cents a diluted share, from a net loss of $107.7 million, or $4.11, in 2012. On an adjusted basis, net income rose 23.6 percent to $28.1 million, or 73 cents a diluted share, from $22.7 million, or 60 cents, a year ago. Net sales rose 19.9 percent to $288.2 million from $240.4 million.
Jill Granoff, chief executive officer, said in a conference call to Wall Street analysts that the company plans to generate strong revenue growth via both new and existing product opportunities. For fiscal 2014, the company plans to increase its focus on outerwear and dresses in the women’s contemporary categories.
In a telephone interview, she said, “At the same time we are excited about the elevated product assortment launch in men’s this fall.” Its men’s footwear line will hit the floor around July, along with children’s apparel. Both are licensed categories, with major retail partners picking up the lines, Granoff said. The firm is planning on adding handbags to its women’s assortment in early 2015, but that will be done in-house.
The company, which is planning to add between six and eight stores to its existing count of 28, still has a goal of 100 stores in the U.S. It also is looking to open 15 to 25 shops-in-shop domestically and up to five internationally this year, Granoff said. At the end of 2013, it had 11 shops-in-shop in the U.S. and 10 internationally.
“These shops-in-shop are with key department store partners, such as Saks, Neiman Marcus and Bloomingdale’s,” the ceo explained.
For fiscal year 2014, the company said it expects diluted earnings per share at between 85 cents and 90 cents, on net sales of between $325 million and $340 million.
Shares of Vince on Thursday closed at $23.76 in trading on the New York Stock Exchange.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast