Vince Holding Registers 12.7% Revenue Growth In Q3

Vince Holding Corp VNCE reported third-quarter FY22 sales growth of 12.7% year-on-year, to $98.60 million.
The company reported a 14.4% increase in Vince brand sales and a 2.2% decrease in Rebecca Taylor and Parker sales combined.
Gross profit margin contracted 1,800 basis points to 30.2%, and the gross profit decreased 29.2% to $29.8 million.
Selling, general and administrative expenses remained almost flat at $39.2 million.
Loss from operations was $(9.4) million versus an operating income of $3.1 million a year ago.
EPS for the quarter was $(0.43) versus an EPS of $0.18 last year.
The company ended the quarter with 67 company-operated Vince stores and 18 company-operated Rebecca Taylor stores.
Vince held $1.2 million in cash and equivalents as of October 29, 2022. Inventories at the end of Q3 jumped 42% to $116.4 million.
CEO Jack Schwefel said, "Like many other retailers, we have taken aggressive actions to reduce our inventory balance to better position us as we move into preparing for our next fiscal year."
Price Action: VNCE shares are trading higher by 0.89% at $7.90 on the last check Tuesday.

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