VINCE HOLDING CORP. - $VNCE STOCK NEWS

Vince Holding Corp. reported Q4 Fiscal 2023 Total Company Net Sales of $75.3 million, with a 580 basis points increase in Gross Margin and a 390 basis points improvement in Operating Margin compared to Q4 Fiscal 2022. The company completed the wind down of the Rebecca Taylor business, entered into a strategic partnership with Authentic Brands Group, refinanced credit facilities, and launched a cost savings plan to boost gross margin and align expenses. Despite a 17.5% decrease in net sales, Vince saw an increase in gross margin rate driven by lower promotional activity and the wind down of Rebecca Taylor. Operating losses decreased, while net loss was $4.7 million. For Fiscal Year 2024, total net sales decreased 18.1% to $292.9 million, with improved gross margin driven by the wind down of Rebecca Taylor. Income from operations rose to $31.6 million, with net income of $25.4 million. The Transformation Program is expected to result in over $30 million in savings over three years. Total company net sales are expected to decline in Q1 2024, impacted by royalty fees, but to increase in the full year fiscal 2024.

Vince Holding Corp. (VNCE) announces the reporting date for its fourth quarter and fiscal year 2023 financial results, scheduled for April 30, 2024. The Company will also host a conference call on the same day at 8:30 a.m. ET for further discussion.

Vince Holding Corp. (VNCE) announces CEO Jack Schwefel's resignation and the appointment of David Stefko as Interim CEO. Stefko, a former CFO, brings 30 years of experience to lead the company during the transition. The company remains focused on achieving long-term profitability goals for 2023.

Vince Holding Corp. (VNCE) to participate in the 26th Annual ICR Conference, with CEO and CFO presenting on January 9, 2024. The presentation will be webcast live and available for online archive on the company's Investor Relation website.

Vince Holding Corp. (VNCE) reported Q3 Fiscal 2023 Total Company Net Sales of $84.1 Million and Total Company Income from Operations of $2.8 Million. The company announced a Transformation Program targeting $30 million of cost savings over the next three years to offset changes to the cost structure due to royalty fees incurred with the Authentic Brands Group partnership. Vince Holding Corp. delivered income from operations of $33.3 million for the nine-months ended October 28, 2023, compared to a loss from operations of $19.9 million in the prior year.

Vince Holding Corp. (VNCE) to present at Sidoti Small Cap Conference on December 7, 2023

Vince Holding Corp. (VNCE) appoints John Szczepanski as Chief Financial Officer effective January 2, 2024. Szczepanski brings over 20 years of finance and supply chain leadership experience from Ralph Lauren and other corporations. The company also announces the resignation of Michael Hand, the Interim CFO.

Vince Holding Corp. (VNCE) plans to report Q3 2023 financial results on December 6, 2023. The company will hold a conference call at 8:30 a.m. ET on the same day. Participants can join by dialing 833-470-1428, conference ID 193580, or by accessing the call online at http://investors.vince.com/. A recording will be available for 12 months after the event.

Vince Holding Corp. (NYSE: VNCE) has announced a transformation program aimed at driving enhanced profitability. The program is expected to generate over $30 million in savings over the next three years. In their preliminary third quarter 2023 business update, the company expects net sales of $81 million to $83 million, gross margin expansion compared to the third quarter 2022, and income from operations of $0 million to $2 million. Total borrowings under the company's debt agreements are expected to be $58 million at the end of the third quarter of fiscal 2023.