Vince narrows losses, Rebecca Taylor brand wind down complete
The New York-based said Vince brand sales fell 6.3%, partially offsetting a 99.2% decrease in Rebecca Taylor and Parker sales.
Vince brand wholesale segment sales decreased 3% to $32.5 million, while direct-to-consumer segment sales decreased 9.4% to $31.5 million.
The fashion brand managed to narrow losses for the quarter ending April 29, reporting a net loss of $0.4 million or $0.03 per share compared, to a loss of $7.2 million or $0.60 per share in the same period last year.
“Our first quarter results were largely in line with our expectations supported by our efforts to streamline our organization to focus on our core strengths while maintaining a disciplined approach to expense management as we continued to navigate a challenging macro environment," said Jack Schwefel, chief executive officer of Vince Holding.
"As we look to the remainder of fiscal 2023, while we are maintaining a cautious outlook with respect to the environment, particularly in our wholesale channel, we will continue to focus on driving improved margin performance. With our strengthened balance sheet in place driven by our recent transaction with Authentic Brands Group, we believe we are better positioned to execute our strategic initiatives and prioritize our commitment to improved financial performance over time.”
On September 12, the company announced the strategic decision to wind down its Rebecca Taylor business to focus its resources on the Vince brand. The wind down of the Rebecca Taylor business is now substantially completed, it said.
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