Vince Holding Corp.’s expects its fourth-quarter profits to meet or exceed analysts’ consensus estimates after posting a 20.5 percent increase in fourth-quarter sales.
The New York-based contemporary fashion brand, which went public in November, generated sales of $87.8 million in the 13 weeks ended Feb. 1, up from $72.8 million during the 14-week year-ago period. Comparable-store sales were up 12.2 percent, the company said, marking its 17th consecutive quarter of comp growth.
Based on preliminary and unaudited results for the quarter, Vince expects adjusted earnings for the quarter of between 21 and 23 cents versus expectations among analysts, on average, for earnings per share of 21 cents. The EPS projection excludes, among other items, costs associated with its initial public offering and the separation of the non-Vince businesses with which it was formerly grouped at Kellwood Co.
Revenues fell slightly below the consensus estimate of $88.2 million, contributing to a 3.1 percent decline in Vince shares, which closed Thursday at $26.08 in New York Stock Exchange trading.
“We achieved record fourth-quarter and full-year sales performance for fiscal 2013, with continued double-digit growth in both our wholesale and direct-to-consumer segments,” said Jill Granoff, chief executive officer of Vince. “During the fourth quarter, wholesale grew by approximately 17 percent as a result of strong sales performance with our domestic department-store partners, as well as increased penetration in key international markets and higher licensing revenues from our women’s footwear business.”
Direct-to-consumer revenues were up 37 percent, she said, based on the growth in comps, the addition of six stores “and solid sales growth in our e-commerce channel.”
For the full 52-week year, Vince’s sales rose 19.9 percent to $288.2 million versus the 53-week prior year and were ahead 29.7 percent on a comparable 52-week basis. Adjusted EPS for the year is estimated to be 71 to 73 cents on a diluted basis.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)