Vince Shows Improved Operations, but Impacted by Charges
Vince, impacted by noncash items, reported a drop in net income for the fourth quarter ended Feb. 2 to $700,000, or 6 cents per diluted share, compared to $74.5 million, or $6.41 per diluted share, for the fourth quarter of fiscal 2017. However, the company continued to show improvement in its operations, reporting that adjusted net income, excluding these items, was $2.4 million, or 20 cents per diluted share, as compared to an adjusted net loss of $2.4 million, or 20 cents per share, in the same period last year. The net was largely affected by a tax benefit of a year ago and certain impairment charges. Sales increased 4.2 percent to $77.8 million as compared to $74.6 million in the same period last year. The fourth quarter of fiscal 2017 included $1.6 million of incremental net sales in the direct-to-consumer segment from the 14th week. Direct-to-consumer comparable sales grew 3.1 percent on a 13-week basis. The gross margin rate increased 160 basis points to 47.1 percent. “We were pleased to have delivered on our guidance for 2018, which was a pivotal year for our company, said Brendan Hoffman, chief executive officer. “We streamlined our wholesale business to focus on key partners where we
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