Vince Holding Corp. (VNCE) saw its loss widen to $9.29 million, or $0.19 a share for the quarter ended Apr. 29, 2017. In the previous year period, the company reported a loss of $1.92 million, or $0.05 a share. Revenue during the quarter dropped 14.19 percent to $58.04 million from $67.64 million in the previous year period. Gross margin for the quarter expanded 231 basis points over the previous year period to 44.09 percent. Operating margin for the quarter stood at negative 14.11 percent as compared to a negative 5.25 percent for the previous year period.
Operating loss for the quarter was $8.19 million, compared with an operating loss of $3.55 million in the previous year period.
Brendan Hoffman, chief executive officer, commented, "Our first quarter results were largely in line with our expectations. As anticipated, our wholesale business was negatively impacted primarily due to the elimination of our summer delivery. We saw sequential improvement in our direct-to-consumer business, led by ecommerce, and we are seeing this momentum continue into the second quarter. Looking ahead, we will remain focused on strengthening our direct-to-consumer business as well as take steps to optimize our wholesale business as we look to engage consumers across channels. In addition, we have recently strengthened our design and product development leadership and are excited about the product refinements and planned brand enhancements we have underway. Overall, we believe the Vince brand remains strong and we are making progress toward driving improved performance."
Debt increases substantially
Vince Holding Corp. has witnessed an increase in total debt over the last one year. It stood at $64.40 million as on Apr. 29, 2017, up 51.12 percent or $21.78 million from $42.61 million on Apr. 30, 2016. Vince Holding Corp. has witnessed an increase in long-term debt over the last one year. It stood at $64.40 million as on Apr. 29, 2017, up 51.12 percent or $21.78 million from $42.61 million on Apr. 30, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
