In This Story
Vince Holding Corp. (VNCE-7.08%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing net sales of $80,162, a decrease from $84,076 in the same quarter the previous year. The decrease is attributed to lower sales in the direct-to-consumer segment.
Gross profit for the quarter increased to $40,058 from $37,185 in the previous year, with a gross margin of 50.0%, up from 44.2%. The increase in gross margin was driven by lower product costs and reduced promotional activity.
Selling, general, and administrative expenses were $34,297, slightly down from $34,356 in the prior year. The decrease was due to lower marketing expenses and rent costs.
Net income for the quarter was $4,349, up from $983 in the previous year. The improvement was attributed to higher gross profit and lower interest expenses.
The company reported a gain of $7,634 from the sale of the Rebecca Taylor business.
Vince Wholesale segment sales decreased by 2.2% to $48,765, while the Direct-to-consumer segment saw an 8.3% decline to $31,397.
The company continues to focus on its transformation program aimed at improving profitability through cost efficiencies and margin improvements.
Vince Holding Corp. maintains its liquidity through cash flows from operations, revolving credit facilities, and access to capital markets.
The filing also notes a material weakness in internal controls over financial reporting related to user access controls, which the company is actively working to remediate.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vince Holding Corp. quarterly 10-Q report dated December 12, 2024. To report an error, please email earnings@qz.com.