Vince Holding Q2 FY20 sales decline to $37 mn

Fashion

Vince Holding Q2 FY20 sales decline to $37 mn

15 Sep `20

2 min read

Vince Holding Corp, a leading global contemporary group, has reported financial results for the second quarter (Q2) of fiscal 2020 ended on August 1, 2020. Net sales during Q2 FY20 fell 59.9 per cent to $37.0 million compared to $92.2 million in the same period previous fiscal. However, company’s net loss improved to $15.0 million (Q2 FY19: $19.5 million).

 

Vince Holding Corp, a leading global contemporary group, has reported financial results for the second quarter (Q2) of fiscal 2020 ended on August 1, 2020. Net sales during Q2 FY20 fell 59.9 per cent to $37.0 million compared to $92.2 million in the same period previous fiscal. However, company`s net loss improved to $15.0 million (Q2 FY19: $19.5 million).#

“Looking back on our second quarter results, we began to rebuild momentum at Vince, following the initial impact of the pandemic, as consumer buying shifted to e-commerce and stores slowly re-opened. E-commerce sales for the Vince Brand grew over 60 per cent, driven by heightened promotions as we move through inventory as well as a positive response to our merchandise assortment as our casual luxury offerings across categories are well-suited for the stay-at-home lifestyle,” David Stefko, interim chief executive officer and chief financial officer at Vince Holding, said in a press release.

 

Vince Holding Corp, a leading global contemporary group, has reported financial results for the second quarter (Q2) of fiscal 2020 ended on August 1, 2020. Net sales during Q2 FY20 fell 59.9 per cent to $37.0 million compared to $92.2 million in the same period previous fiscal. However, company`s net loss improved to $15.0 million (Q2 FY19: $19.5 million).#

Gross profit for the quarter was down to $13.3 million ($43.3 million). Selling, general and administrative expenses for the quarter were $27.3 million ($41.6 million). Company’s loss from operations was $14.0 million ($18.4 million).

 

     Favourite      Print this story  Comments  Submit Press Release