US apparel brand Vince Holding's net sales jump 26.7% in Q3 FY21

The current quarter’s net income reached $2.2 million or $0.18 per diluted share from a net income of $5 million or $0.42 per diluted share in the third quarter of fiscal 2020.

“Our third quarter performance reflects the ongoing strength in our Vince brand. Product and engagement continue to resonate with customers, and although we are facing challenges to our supply chain, our strong brand equity and high customer demand demonstrate the long-term opportunity of this brand. As we head into the fourth quarter and fiscal 2022, we remain focused on building out our e-commerce capabilities, enhancing our marketing strategies, and accelerating growth in the men’s business and in international markets. At Rebecca Taylor, with the reset now complete, we are encouraged by the progress being made and remain focused on enhancing full price selling and establishing margin-healthy growth strategies.” Jack Schwefel, chief executive officer of the company, said in a statement.

Vince’s sales from the wholesale segment reached $42.6 million with an increase of 10 per cent while its direct-to-consumer segment sales touched $35.7 million with an increase of 56.5 per cent compared to third quarter of FY2020. Its income from operations excluding unallocated corporate expenses was $18.1 million compared to income of $15.9 million in the same period last year.

Another brand under Vince Holding, Rebecca Taylor and Parker also reported an increase of 22 per cent in net sales reaching $9.1 million as compared to the third quarter of fiscal 2020.

At the end of the third quarter of fiscal 2021, total borrowings under the company’s debt agreements totalled $95.9 million and the company had $49.1 million of excess availability under its revolving credit facility.

By the end of the quarter, the company had 83 company-operated Vince and Rebecca Taylor stores, with a net increase of 13 stores since the third quarter of fiscal 2020.

ALCHEMPro News Desk (DD)