Vince Holding Corp. Provides Update on Full Year Outlook
January 09 2017 - 4:15PM
Business Wire
Vince Holding Corp. (NYSE: VNCE), a leading global luxury
apparel and accessories brand (“Vince” or the “Company”), today
announced that sales and EPS results for the full year are now
expected to come in at or below the low end of the Company’s
previously stated guidance as of December 8, 2016, due to an
anticipated shift in the timing of a larger than planned portion of
the Spring collection shipments from late January to early
February, as well as softer than expected sales performance during
the holiday season.
Brendan Hoffman, Chief Executive Officer, commented, “Despite a
solid Black Friday week and improved trends towards the end of
December, sales for the holiday season were softer than we
anticipated. That said, for the holiday season, while
direct-to-consumer segment sales results were near the low end of
our guidance range, they were better than sell-through performance
in the wholesale segment. Overall, we continue to gain valuable
insights from our retail team and wholesale partners. We are also
encouraged by the favorable response to our return to the style and
quality that was the cornerstone of the Vince brand at its
inception. We remain committed to driving market share gains within
the wholesale channel, expanding our direct-to-consumer business
and growing our international presence over the long-term.”
As previously announced, the Company will be hosting a fireside
chat at the 19th Annual ICR Conference on Tuesday, January 10,
2017, at 1:00 PM Eastern Time. The audio portion of the
presentation will be webcast live on the investor relations section
of the Company’s website, http://investors.vince.com/.
ABOUT VINCE
Established in 2002, Vince is a global luxury brand best known
for utilizing luxe fabrications and innovative techniques to create
a product assortment that combines urban utility and modern
effortless style. From its edited core collection of ultra-soft
cashmere knits and cotton tees, Vince has evolved into a global
lifestyle brand and destination for both women’s and men’s apparel
and accessories. As of October 29, 2016, Vince products were sold
in prestige distribution worldwide, including approximately 2,400
distribution locations across approximately 40 countries. With
corporate headquarters in New York and its design studio in Los
Angeles, the Company operated 40 full-price retail stores, 14
outlet stores and its e-commerce site, vince.com. Please visit
www.vince.com for more information.
This document, and any statements incorporated by reference
herein, contains forward-looking statements under the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include the statements regarding, among other things,
our current expectations about the Company's future results and
financial condition, revenues, store openings and closings,
margins, expenses and earnings and are indicated by words or
phrases such as "may," "will," "should," "believe," "expect,"
"seek," "anticipate," "intend," "estimate," "plan," "target,"
"project," "forecast," "envision" and other similar phrases.
Although we believe the assumptions and expectations reflected in
these forward-looking statements are reasonable, these assumptions
and expectations may not prove to be correct and we may not achieve
the results or benefits anticipated. These forward-looking
statements are not guarantees of actual results, and our actual
results may differ materially from those suggested in the
forward-looking statements. These forward-looking statements
involve a number of risks and uncertainties, some of which are
beyond our control, including, without limitation: our ability to
maintain adequate cash flow from operations or availability under
our revolving credit facility to meet our liquidity needs
(including our obligations under the tax receivable agreement); our
ability to successfully complete the migration of our systems and
processes from Kellwood Company and to successfully implement the
new systems, processes and functions following the migration; our
ability to ensure the proper operation of the distribution facility
by a third party logistics provider recently transitioned from
Kellwood; our ability to remain competitive in the areas of
merchandise quality, price, breadth of selection, and customer
service; our ability to anticipate and/or react to changes in
customer demand and attract new customers, including in connection
with making inventory commitments; our ability to control the level
of sales in the off-price channels; our ability to manage excess
inventory in a way that will promote the long-term health of the
brand; changes in consumer confidence and spending; our ability to
maintain projected profit margins; unusual, unpredictable and/or
severe weather conditions; the execution and management of our
retail store growth plans, including the availability and cost of
acceptable real estate locations for new store openings; the
execution and management of our international expansion, including
our ability to promote our brand and merchandise outside the U.S.
and find suitable partners in certain geographies; our ability to
expand our product offerings into new product categories, including
the ability to find suitable licensing partners; our ability to
successfully implement our marketing initiatives; our ability to
protect our trademarks in the U.S. and internationally; our ability
to maintain the security of electronic and other confidential
information; serious disruptions and catastrophic events; changes
in global economies and credit and financial markets; competition;
the impact of recent turnover in the senior management team; the
fact that a number of members of the management team have less than
one year of tenure with the Company, and the current senior
management team has not had a long period of time working together;
our ability to attract and retain key personnel; commodity, raw
material and other cost increases; compliance with domestic and
international laws, regulations and orders; changes in laws and
regulations; outcomes of litigation and proceedings and the
availability of insurance, indemnification and other third-party
coverage of any losses suffered in connection therewith; tax
matters; and other factors as set forth from time to time in our
Securities and Exchange Commission filings, including under the
heading "Item 1A—Risk Factors" in our Annual Report on Form 10-K
and our Quarterly Reports on Form 10Q. We intend these
forward-looking statements to speak only as of the time of this
release and do not undertake to update or revise them as more
information becomes available.
This press release is also available on the Vince Holding Corp.
website (http://investors.vince.com/).
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170109006297/en/
Investor Relations:ICR, Inc.Jean Fontana,
646-277-1200Jean.fontana@icrinc.com
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