Vince Holding Corp., benefited by new products and increased traffic at its stores, reported net sales for the fourth quarter ended Feb. 3, 2018 increased approximately 14 percent to $73 million, compared with $63.9 million in the fourth quarter of fiscal 2016.
The preliminary, unaudited sales results released Monday exclude an estimated $1.5 million in sales from the quarter’s 14th week.
Direct-to-consumer segment sales increased about 17.5 percent to $34.5 million compared to the same period last year, excluding sales from the 14th week.
Comparable sales increased approximately 16.1 percent on a 13-week basis, including e-commerce sales. Wholesale sales increased approximately 11.5 percent to $38.5 million. The company said the 14th week had an immaterial impact on the wholesale segment.
“We are pleased to have delivered strong sales growth in the fourth quarter, as our new product continued to resonate well with customers,” said Brendan Hoffman, chief executive officer of Vince. “We saw strong comparable-sales performance in our direct-to-consumer business with double-digit growth in both full-price retail stores and our e-commerce business as well as higher full-price sell-through.”
Hoffman said the company is making “good progress in transitioning customers from the department store partners we exited to our own retail stores. In fact, the largest comparable-sales increase was generated in stores located near locations that we exited.” Last year, Hoffman said in 2018, Vince would focus its department store distribution on Neiman Marcus and Nordstrom, and no longer sell at Bloomingdale’s and Saks Fifth Avenue.
“We also expect improvement in operating income versus last year, excluding potential asset impairment charges,” Hoffman said. “We are highly encouraged by both our partner and customer response to product and will remain focused on driving forward with our strategic initiatives.”
Vince is scheduled to report its fourth-quarter and full-year financial results on or around April 19.
The women’s and men’s luxury fashion firm, which is based in New York and has a design studio in Los Angeles, operates 41 full-price retail stores, 14 outlets and vince.com.