Provides Update on COVID-19 Related
Actions
Vince Holding Corp. (NYSE:VNCE), a leading global contemporary
group (“Vince” or the “Company”), today reported financial results
for the fourth quarter and fiscal year 2019 ended February 1,
2020.
In this press release, the Company is presenting its financial
results in conformity with U.S. generally accepted accounting
principles ("GAAP") as well as on an "adjusted" basis. Adjusted
results presented in this press release are non-GAAP financial
measures. See "Non-GAAP Financial Measures" below for more
information about the Company's use of non-GAAP financial measures
and Exhibit 3 to this press release for a reconciliation of GAAP
measures to such non-GAAP measures.
Highlights for the fourth quarter ended February 1, 2020:
- Total Company net sales increased 6.0% to $104.4 million as
compared to the fourth quarter last year.
- Vince brand direct-to-consumer segment sales grew 13.1% as
compared to the fourth quarter last year; comparable sales
increased 7.7%.
- Vince brand wholesale segment sales increased 11.5% to $45.0
million compared to the same period last year.
- Loss from operations for the total Company was $3.3
million.
- Excluding transaction and related costs associated with the
acquisition of Rebecca Taylor and Parker (“Acquired Businesses”)
and non-cash asset impairment charges total Company loss from
operations was $0.3 million.
Brendan Hoffman, Chief Executive Officer, commented, “The first
half of 2020 has been challenged by a global pandemic and social
unrest related to racial injustice. We hope for a meaningful path
to recovery, equality and unity. While much has changed since the
end of our fourth quarter, we believe the strong momentum in our
Vince brand prior to the pandemic and the steps we have since taken
to protect our business will prepare us to navigate the evolving
retail landscape.
Mr. Hoffman continued, “Looking back on our fourth quarter and
full year earnings results, we exceeded our expectations. We were
pleased to see the momentum continue at the Vince brand driven by
strong performance at both our direct-to-consumer business and
wholesale channel. We had also made meaningful progress with the
integration of our Rebecca Taylor and Parker acquisition.
“We saw strong results continue into the first quarter, however,
upon the COVID-19 outbreak, we were challenged by the temporary
closure of our Vince and Rebecca Taylor retail stores as well as
our wholesale partners’ doors. We focused resources on our
eCommerce sites and were particularly pleased to see the level of
customer engagement on Vince.com, which experienced a surge in
demand starting in late March that has continued into June. We will
provide more detail when we report our preliminary first quarter
earnings results on June 16th. As we move forward, we will look to
leverage our portfolio of brands, talented teams and premier global
market position to drive growth within the evolving omni-channel
landscape,” Mr. Hoffman concluded.
COVID-19 Update
In response to the COVID-19 pandemic, the Company has
implemented, and continues to implement, various measures,
including:
- furloughing all of its retail store associates during the store
closure period as well as a significant portion of its corporate
associates;
- temporarily reducing retained employee salaries and board
retainer fees;
- engaging in active discussions with landlords to address the
current operating environment including rent, while reopening a
limited number of stores in accordance with the applicable
regulations;
- executing other operational initiatives to carefully manage
investments across all key areas, including aligning inventory
levels with anticipated demand and reevaluating non-critical
capital build-out and other investments and activities; and
- streamlining its expense structure in all areas such as
marketing, distribution, and product development to align with the
business environment and sales opportunities.
Other Subsequent Events
On June 8, 2020, Vince, LLC, an indirectly wholly owned
subsidiary of the Company, entered into the Third Amendment (the
“Third Revolver Amendment”) to the existing Revolving Credit
Facility and the Third Amendment (the “Third Term Loan Amendment”)
to the existing Term Loan Credit Facility. The Third Revolver
Amendment, among others, temporarily increased availability under
the facility’s borrowing base by increasing the aggregate
commitments to $110 million from $100 million through November 30,
2020 and revising certain eligibility criteria of trade receivables
to be included in the borrowing base during that period, as well as
waived certain events of default. The Third Term Loan Amendment,
among others, waived certain events of default, as well as
temporarily suspended the requirement to maintain a specified
Consolidated Fixed Charge Coverage Ratio through the delivery of a
compliance certificate relating to the fiscal quarter ending July
31, 2021, and replaced it with a springing covenant, under which
the obligation to maintain a specified Consolidated Fixed Charge
Coverage Ratio of 1.0 to 1.0 is triggered only when the excess
availability under the Revolving Credit Facility falls below $15
million, or for the period between September 6, 2020 and January 9,
2021, $10 million, or for the period between January 10, 2021 and
January 31, 2021, $12.5 million, with the ability to cure any
default thereunder by including any amount provided by equity or
subordinated debt in the excess availability. See the Company’s
Current Report on Form 8-K filed with the Securities and Exchange
Commission simultaneously with this release for more information on
these amendments.
In addition, affiliates of Sun Capital Partners, Inc., who
currently own approximately 72% of the outstanding shares of the
Company’s common stock, have committed through June 15, 2021 to
provide financial support to the Company of up to $8.0 million upon
the occurrence of certain events and conditions.
As of June 8, 2020 the Company has reopened four of its retail
stores. The Company plans to continue to reopen its remaining
stores in accordance with state and local regulations and adhere to
all applicable health and safety measures.
For the fourth quarter ended February 1, 2020:
- Total net sales increased 6.0% to $104.4 million compared to
$98.5 million in the fourth quarter of fiscal 2018.
- Gross profit was $46.2 million, or 44.2% of net sales, compared
to gross profit of $45.7 million, or 46.3% of net sales, in the
fourth quarter of fiscal 2018. The 210 basis point decrease was due
to a decline in gross margin from Rebecca Taylor and Parker,
partially offset by an increase in gross margin at the Vince brand.
The decline in the Rebecca Taylor and Parker gross margin was a
result of year-over-year adjustments to inventory reserves as well
as higher sales allowances and tariff costs. The increase in the
Vince brand gross margin was driven by efficiencies in the product
development cycle, sourcing initiatives, and channel and product
mix, partially offset by year-over-year adjustments to inventory
reserves and an increase in tariff costs.
- Selling, general, and administrative expenses were $49.5
million, or 47.4% of sales, compared to $43.8 million, or 44.4% of
sales, in the fourth quarter of fiscal 2018. The growth in SG&A
dollars was primarily the result of increased compensation and
benefits partially related to growth in stores, transaction and
related costs associated with the acquisition of Rebecca Taylor and
Parker, increased marketing investments, higher occupancy costs
related to new stores, and investments in its eCommerce and Vince
Unfold platforms.
- Loss from operations was $3.3 million compared to income from
operations of $1.9 million in the same period last year. Excluding
transaction and related costs associated with the acquisition of
Rebecca Taylor and Parker, and non-cash asset impairment charges
adjusted loss from operations was $0.3 million. This compares to an
adjusted operating income of $3.6 million in the fourth quarter of
fiscal 2018.
- Other income reflects a Tax Receivable Agreement (“TRA”)
adjustment of $56.0 million largely resulting from changes in the
levels of projected pre-tax income primarily as a result of the
impact of the Acquired Businesses, as well as due to the impact of
the net operating losses from the Acquired Businesses.
- Net income was $51.7 million or $4.29 per diluted share
compared to net income of $0.2 million or $0.01 per diluted share
in the same period last year. Excluding the aforementioned TRA
adjustment of $56.0 million, transaction and related costs
associated with the acquisition of Rebecca Taylor and Parker, and
non-cash asset impairment charges adjusted net loss was $1.2
million or a loss of $0.10 per share. This compares to adjusted net
income of $1.8 million or $0.16 per diluted share in the same
period last year. Please refer to Exhibit 3 for a reconciliation of
GAAP measures to non-GAAP measures.
- The Company ended the quarter with 68 company-operated Vince
and Rebecca Taylor stores, a net increase of 2 stores since the
fourth quarter of fiscal 2018.
Vince
- Net sales increased 12.3% to $87.3 million as compared to the
fourth quarter of fiscal 2018.
- Wholesale segment sales increased 11.5% to $45.0 million
compared to the fourth quarter of fiscal 2018.
- Direct-to-consumer segment sales increased 13.1% to $42.4
million compared to the fourth quarter of fiscal 2018. Comparable
sales increased 7.7%.
- Income from operations excluding unallocated corporate expenses
was $18.7 million compared to $14.8 million in the same period last
year.
Rebecca Taylor and Parker
- Net sales decreased 17.7% to $17.1 million as compared to the
fourth quarter of fiscal 2018.
- Loss from operations was $6.2 million compared to a loss of
$89,000 in the same period last year. This includes transaction and
related costs associated with the acquisition of Rebecca Taylor and
Parker of approximately $2.5 million.
Net Sales and Operating Results by
Segment:
Three Months Ended
(in thousands)
February 1, 2020
February 2, 2019**
Net Sales:
Vince Wholesale
$
44,955
$
40,310
Vince Direct-to-consumer
42,385
37,473
Rebecca Taylor and Parker
17,068
20,739
Total net sales
$
104,408
$
98,522
(Loss) income from operations:
Vince Wholesale
$
13,835
$
12,738
Vince Direct-to-consumer
4,902
2,088
Rebecca Taylor and Parker
(6,202
)
(89)
Subtotal
12,535
14,737
Unallocated corporate*
(15,836
)
(12,866
)
Total (loss) income from operations
$
(3,301
)
$
1,871
* Unallocated corporate expenses are related to the Vince brand
and are comprised of selling, general and administrative expenses
attributable to corporate and administrative activities (such as
marketing, design, finance, information technology, legal and human
resource departments), and other charges that are not directly
attributable to the Company’s Vince Wholesale and Vince
Direct-to-consumer reportable segments.
**Fiscal 2018 amounts reflect the retrospective combination of
the entities.
For the fiscal year ended February 1, 2020:
- Total net sales increased 3.7% to $375.2 million from $361.7
million in fiscal year 2018.
- Operating loss was $20.4 million, or 5.4% of net sales,
compared to operating income of $5.4 million in fiscal 2018.
Excluding non-cash asset impairment charges and transaction and
related costs associated with the acquisition of Rebecca Taylor and
Parker, adjusted operating income was $3.5 million in fiscal 2019
as compared to adjusted operating income of $7.0 million in the
same period last year.
- Other income reflects a TRA adjustment of $56.0 million largely
resulting from changes in the levels of projected pre-tax income
primarily as a result of the impact of the Acquired Businesses, as
well as due to the impact of the net operating losses from the
Acquired Businesses.
- Net income was $30.4 million, or $2.55 per diluted share
compared to a net loss of $2.0 million, or $0.17 per share, in
fiscal 2018. Excluding the aforementioned TRA adjustment of $56.0
million, transaction and related costs associated with the
acquisition of Rebecca Taylor and Parker, and non-cash asset
impairment charges adjusted net loss was $1.7 million, or $0.14 per
share, compared to adjusted net loss of $274,000, or $0.02 per
share, in the same period last year. Please refer to Exhibit 3 for
a reconciliation of GAAP measures to non-GAAP measures.
Vince
- Net sales increased 7.6% to $300.2 million as compared to
fiscal 2018.
- Wholesale segment sales increased 4.5% to $166.8 million
compared to fiscal 2018.
- Direct-to-consumer segment sales increased 11.8% to $133.4
million compared to fiscal 2018. Comparable sales increased
6.6%.
- Income from operations excluding unallocated corporate expenses
was $65.6 million compared to $54.5 million in the same period last
year.
Rebecca Taylor and Parker
- Net sales decreased 9.4% to $75.0 million as compared to fiscal
2018.
- Loss from operations was $28.6 million compared to income from
operations of $1.2 million in the same period last year. This
includes non-cash asset impairment charges of $20.2 million as well
as transaction and related costs associated with the acquisition of
Rebecca Taylor and Parker of approximately $2.5 million.
Net Sales and Operating Results by
Segment:
Fiscal Year Ended
(in thousands)
February 1, 2020
February 2, 2019**
Net Sales:
Vince Wholesale
$
166,805
$
159,635
Vince Direct-to-consumer
133,412
119,316
Rebecca Taylor and Parker
74,970
82,728
Total net sales
$
375,187
$
361,679
(Loss) income from operations:
Vince Wholesale
$
55,440
$
48,078
Vince Direct-to-consumer
10,127
6,442
Rebecca Taylor and Parker
(28,562
)
1,218
Subtotal
37,005
55,738
Unallocated corporate*
(57,395
)
(50,381
)
Total (loss) income from operations
$
(20,390
)
$
5,357
* Unallocated corporate expenses are related to the Vince brand
and are comprised of selling, general and administrative expenses
attributable to corporate and administrative activities (such as
marketing, design, finance, information technology, legal and human
resource departments), and other charges that are not directly
attributable to the Company’s Vince Wholesale and Vince
Direct-to-consumer reportable segments.
**Fiscal 2018 amounts reflect the retrospective combination of
the entities.
Balance Sheet
The Company ended the fourth quarter of fiscal 2019 with $52.5
million of borrowings under its debt agreements, reflecting a
decline of $11.7 million since the same period last year. The
decrease was due to a $17.6 million decrease related to the
Acquired Businesses short term borrowings and $2.8 million of net
repayments to the term loan facility, partially offset by an $8.7
million increase under the Company’s revolving credit facility as a
result of the payoff of the outstanding debt obligations under the
credit facility of the Acquired Businesses.
Net inventory at the end of the fourth quarter of fiscal 2019
was $66.4 million compared to $71.6 million at the end of the
fourth quarter of fiscal 2018.
Capital expenditures for the fourth quarter of fiscal 2019
totaled approximately $1.0 million.
Outlook
Due to the uncertainty related to the impact of the COVID-19
pandemic, the Company is not providing an outlook for fiscal 2020,
as previously announced.
The COVID-19 pandemic remains volatile and continues to evolve
on a daily basis, which could negatively affect the outcome of the
measures intended to address its impact and/or our current
expectations of the Company’s future business performance.
Preliminary First Quarter Earnings Date
and Conference Call
The Company plans to report its preliminary first quarter 2020
financial results post-market on Tuesday, June 16, 2020. The
Company also plans to hold a conference call to discuss its
preliminary financial results on the same day at 4:30 p.m. ET.
The conference call will be hosted by Vince Holding Corp. Chief
Executive Officer, Brendan Hoffman, and Executive Vice President
and Chief Financial Officer, David Stefko. During the conference
call, the Company may make comments concerning business and
financial developments, trends and other business or financial
matters. The Company's comments, as well as other matters discussed
during the conference call, may contain or constitute information
that has not been previously disclosed.
Those who wish to participate in the call may do so by dialing
(833) 235-5655, conference ID 2567292. Any interested party will
also have the opportunity to access the call via the Internet at
http://investors.vince.com/. To listen to the live call, please go
to the website at least 15 minutes early to register and download
any necessary audio software. For those who cannot listen to the
live broadcast, a recording will be available for 12 months after
the date of the event. Recordings may be accessed at
http://investors.vince.com/.
Non-GAAP Financial
Measures
In addition to reporting financial results in accordance with
GAAP, the Company has provided, with respect to financial results
relating to the fourth quarter and the fifty-two week period of
fiscal 2019, adjusted operating income (loss), adjusted income
(loss) before income taxes, adjusted income taxes, adjusted net
income (loss) and adjusted earnings (loss) per share, which are
non-GAAP measures, in order to eliminate the effect of one-time
transaction and related costs associated with the acquisition of
Rebecca Taylor and Parker, non-cash asset impairment charges, and
the TRA adjustment. In addition, with respect to financial results
relating to the fourth quarter and the fifty-two week period of
fiscal 2018, adjusted operating income (loss), adjusted income
(loss) before income taxes, adjusted income taxes, adjusted net
income (loss) and adjusted earnings (loss) per share, which are
non-GAAP measures, in order to eliminate the effect on operating
results of non-cash asset impairment charges. The Company believes
that the presentation of these non-GAAP measures facilitates an
understanding of the Company's continuing operations without the
impact associated with the aforementioned items. While these types
of events can and do recur periodically, they are excluded from the
indicated financial information due to their impact on the
comparability of earnings across periods. Non-GAAP financial
measures should not be considered in isolation from, or as a
substitute for, financial information prepared in accordance with
GAAP. A reconciliation of GAAP to non-GAAP results has been
provided in Exhibit 3 to this press release.
ABOUT VINCE HOLDING CORP.
Vince Holding Corp. is a global contemporary group, consisting
of three brands: Vince, Rebecca Taylor and Parker. Vince,
established in 2002, is a leading global luxury apparel and
accessories brand best known for creating elevated yet understated
pieces for every day effortless style. Known for its range of
luxury products, Vince offers women’s and men’s ready-to-wear,
footwear and accessories through 49 full-price retail stores, 14
outlet stores, and its e-commerce site, vince.com and through its
subscription service Vince Unfold, www.vinceunfold.com, as well as
through premium wholesale channels globally. Rebecca Taylor,
founded in 1996 in New York City, is a high-end women’s
contemporary lifestyle brand inspired by beauty in the everyday.
The Rebecca Taylor collection is available at six full-price retail
stores, through our e-commerce site at rebeccataylor.com and
through its subscription service Rebecca Taylor RNTD,
www.rebeccataylorrntd.com, as well as through high-end department
and specialty stores in select international markets. Parker,
founded in 2008 in New York City, is a contemporary women’s fashion
brand that is trend focused. The Parker collection is available at
high-end department and specialty stores in select international
markets. Please visit www.vince.com for more information.
Forward-Looking Statements: 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 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: the impact of
the novel coronavirus (COVID-19) pandemic on our business, results
of operations and liquidity; the expected effects of the
acquisition of Rebecca Taylor and Parker (the “Acquired
Businesses”) on the Company; our ability to integrate the Acquired
Businesses with Vince, including our ability to retain customers,
suppliers and key employees; our ability to realize the benefits of
our strategic initiatives; our ability to maintain our larger
wholesale partners; the execution and management of our retail
store growth plans; our ability to make lease payments when due;
our ability to expand our product offerings into new product
categories, including the ability to find suitable licensing
partners; our ability to comply with the obligations under our
credit facilities; our ability to continue having the liquidity
necessary to service our debt, meet contractual payment
obligations, and fund our operations; our ability to remediate the
identified material weakness in our internal control over financial
reporting; our ability to optimize our systems, processes and
functions; our ability to mitigate system security risk issues,
such as cyber or malware attacks, as well as other major system
failures; our ability to comply with privacy-related obligations;
our ability to comply with domestic and international laws,
regulations and orders; changes in laws and regulations; our
ability to ensure the proper operation of the distribution
facilities by third-party logistics providers; 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 remain competitive in the areas of
merchandise quality, price, breadth of selection and customer
service; our ability to keep a strong brand image; changes in
global economies and credit and financial markets; our ability to
attract and retain key personnel; our ability to protect our
trademarks in the U.S. and internationally; 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 current and future
licensing arrangements; the extent of our foreign sourcing;
fluctuations in the price, availability and quality of raw
materials; commodity, raw material and other cost increases; our
reliance on independent manufacturers; seasonal and quarterly
variations in our revenue and income; further impairment of our
goodwill and indefinite-lived intangible assets; competition; other
tax matters; and other factors as set forth from time to time in
our Securities and Exchange Commission filings, including those
described under “Item 1A—Risk Factors” in our Annual Report on Form
10-K and Quarterly Reports on Form 10-Q. 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, except as required by law.
Vince Holding Corp. and
Subsidiaries
Exhibit (1)
Consolidated Statements of
Operations
(Unaudited, amounts in thousands
except
percentages, share and per share
data)
Three Months Ended
Fiscal Year
February 1,
February 2,
February 1,
February 2,
2020
2019*
2020
2019*
Net sales
$
104,408
$
98,522
$
375,187
$
361,679
Cost of products sold
58,221
52,868
196,757
192,273
Gross profit
46,187
45,654
178,430
169,406
as a % of net sales
44.2
%
46.3
%
47.6
%
46.8
%
Selling, general and administrative
expenses
49,488
43,783
179,329
164,049
as a % of net sales
47.4
%
44.4
%
47.8
%
45.3
%
(Loss) Income from operations
(3,301
)
1,871
(20,390
)
5,357
as a % of net sales
(3.2
)%
1.9
%
(5.4
)%
1.5
%
Interest expense, net
1,052
1,463
4,958
6,922
Other (Income) expense, net
(55,968
)
141
(55,842
)
237
Income (loss) before income taxes
51,615
267
30,494
(1,802
)
Provision (benefit) for income taxes
(69
)
110
98
156
Net income (loss)
$
51,684
$
157
$
30,396
$
(1,958
)
Earnings (loss) per share:
Basic earnings (loss) per share
$
4.42
$
0.01
$
2.60
$
(0.17
)
Diluted earnings (loss) per share
$
4.29
$
0.01
$
2.55
$
(0.17
)
Weighted average shares
outstanding:
Basic
11,680,033
11,622,134
11,665,541
11,619,828
Diluted
12,041,825
11,746,654
11,929,299
11,619,828
* Fiscal 2018 amounts reflect the retrospective combination of
the entities.
Vince Holding Corp. and
Subsidiaries
Exhibit (2)
Consolidated Balance Sheets
(Unaudited, amounts in
thousands)
February 1,
February 2,
2020
2019*
ASSETS
Current assets:
Cash and cash equivalents
$
466
$
209
Trade receivables, net
40,660
38,038
Inventories, net
66,393
71,634
Prepaid expenses and other current
assets
6,725
9,634
Total current assets
114,244
119,515
Property and equipment, net
25,274
29,317
Operating lease right-of-use assets
94,632
—
Intangible assets, net
81,533
100,491
Goodwill
41,435
43,564
Deferred income taxes and other assets
5,184
4,145
Total assets
$
362,302
$
297,032
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
43,075
$
40,256
Accrued salaries and employee benefits
9,620
6,933
Other accrued expenses
14,194
11,633
Short-term lease liabilities
20,638
—
Short-term borrowings
—
17,649
Current portion of long-term debt
2,750
2,750
Total current liabilities
90,277
79,221
Long-term debt
48,680
42,340
Deferred rent
—
17,177
Long-term lease liabilities
90,211
—
Other liabilities
2,354
59,048
Stockholders' equity
130,780
99,246
Total liabilities and stockholders'
equity
$
362,302
$
297,032
* Fiscal 2018 amounts reflect the retrospective combination of
the entities.
Vince Holding Corp. and
Subsidiaries
Exhibit (3)
Non-GAAP Tables
(Unaudited, amounts in
thousands
except percentages, share and
per
share data)
For the three months ended
February 1, 2020
As Reported (GAAP)
Retail Store Impairment
Charge
Goodwill and Intangibles
Impairment Charge
Transaction and Related Costs
TRA Adjustment
As Adjusted (Non-GAAP)
Loss from operations
$
(3,301
)
$
(177
)
$
-
$
(2,853
)
$
—
$
(271
)
Interest expense, net
1,052
—
—
—
—
$
1,052
Other (income) expense, net
(55,968
)
—
—
—
(55,953
)
$
(15
)
Income (loss) before income taxes
51,615
(177
)
-
(2,853
)
55,953
$
(1,308
)
Benefit for income taxes
(69
)
-
-
-
—
$
(69
)
Net Income (loss)
$
51,684
$
(177
)
$
-
$
(2,853
)
$
55,953
$
(1,239
)
Earnings (loss) per share
$
4.29
$
(0.01
)
$
-
$
(0.24
)
$
4.65
$
(0.10
)
(1)
For the three months ended
February 2, 2019*
As Reported (GAAP)
Retail Store Impairment
Charge
Goodwill and Intangibles
Impairment Charge
Transaction and Related Costs
TRA Adjustment
As Adjusted (Non-GAAP)
Income (loss) from operations
$
1,871
$
(1,684
)
$
-
$
-
$
—
$
3,555
Income (loss) before income taxes
267
(1,684
)
-
-
-
$
1,951
Provision for income taxes
$
110
—
—
—
—
$
110
Net Income (loss)
$
157
$
(1,684
)
$
-
$
-
$
-
$
1,841
Earnings (loss) per share
$
0.01
$
(0.14
)
$
-
$
-
$
-
$
0.16
(2)
(1) Based on weighted-average shares outstanding of 11,680.033
for the three months ended February 1, 2020, which excludes the
effect of dilutive equity securities.
(2) Based on weighted-average shares outstanding of 11,746,654
for the three months ended February 2, 2019.
* Fiscal 2018 amounts reflect the retrospective combination of
the entities.
For the twelve months ended
February 1,2020
As Reported (GAAP)
Retail Store Impairment
Charge
Goodwill and Intangibles
Impairment Charge
Transaction and Related Costs
TRA Adjustment
As Adjusted (Non-GAAP)
(Loss) income from operations
$
(20,390
)
$
(818
)
$
(19,491
)
$
(3,571
)
$
—
$
3,490
Interest expense, net
4,958
—
—
—
—
$
4,958
Other (income) expense, net
(55,842
)
—
—
—
(55,953
)
$
111
Income (loss) before income taxes
30,494
(818
)
(19,491
)
(3,571
)
55,953
$
(1,579
)
Provision for income taxes
98
-
-
-
—
$
98
Net Income (loss)
$
30,396
$
(818
)
$
(19,491
)
$
(3,571
)
$
55,953
$
(1,677
)
Earnings (loss) per share
$
2.55
$
(0.07
)
$
(1.63
)
$
(0.30
)
$
4.69
$
(0.14
)
(1)
For the twelve months ended
February 2, 2019*
As Reported (GAAP)
Retail Store Impairment
Charge
Goodwill and Intangibles
Impairment Charge
Transaction and Related Costs
TRA Adjustment
As Adjusted (Non-GAAP)
Income (loss) from operations
$
5,357
$
(1,684
)
$
-
$
-
$
—
$
7,041
Loss before income taxes
(1,802
)
(1,684
)
-
-
-
$
(118
)
Benefit for income taxes
$
156
—
—
—
—
$
156
Net loss
$
(1,958
)
$
(1,684
)
$
-
$
-
$
-
$
(274
)
Loss per share
$
(0.17
)
$
(0.14
)
$
-
$
-
$
-
$
(0.02
)
(2)
(1) Based on weighted-average shares outstanding of 11,665,541
for the twelve months ended February 1, 2020, which excludes the
effect of dilutive equity securities.
(2) Based on weighted-average shares outstanding of 11,619,828
for the twelve months ended February 2, 2019, which excludes the
effect of dilutive equity securities.
* Fiscal 2018 amounts reflect the retrospective combination of
the entities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200609005262/en/
Investor Relations Contact: ICR, Inc. Jean Fontana,
646-277-1214 Jean.fontana@icrinc.com
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