US luxury apparel company Vince Holding posts Q1 FY21 sales of $57 mn

Fashion

US luxury apparel company Vince Holding posts Q1 FY21 sales of $57 mn

15 Jun `21

2 min read

Vince Holding Corp, a US-based leading global contemporary group, has reported 47.5 per cent sales growth to $57.5 million in its first quarter (Q1) of FY21 ended on May 1, 2021, compared to the sales of $39.0 million in the corresponding quarter of previous fiscal. The company’s net loss for the period reduced to $11.6 million (Q1 FY20: $48.2 million).

 

Vince Holding Corp, a US-based leading global contemporary group, has reported 47.5 per cent sales growth to $57.5 million in its first quarter (Q1) of FY21 ended on May 1, 2021, compared to the sales of $39.0 million in the corresponding quarter of previous fiscal. The company`s net loss for the period reduced to $11.6 million (Q1 FY20: $48.2 million).#

“We are pleased with the pace of recovery in our business as we begin to emerge from the pandemic with significant sequential improvement in our financial performance. Strong consumer demand for the Vince brand’s effortless sophisticated luxury is reflected in both our retail and wholesale sell-through rates,” Jack Schwefel, chief executive officer at Vince Holding, said in a press release.

 

Vince Holding Corp, a US-based leading global contemporary group, has reported 47.5 per cent sales growth to $57.5 million in its first quarter (Q1) of FY21 ended on May 1, 2021, compared to the sales of $39.0 million in the corresponding quarter of previous fiscal. The company`s net loss for the period reduced to $11.6 million (Q1 FY20: $48.2 million).#

Gross profit for Q1 FY21 rose to $25.5 million ($16.0 million), while selling, general and administrative expenses were $32.6 million ($38.5 million). The company’s loss from operations was $7.1 million ($49.4 million).

 

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