×
30
Fashion Jobs
H&M
Area Manager - Vietnam
Permanent ·
PUMA
Manager Quality Continuous Improvement Footwear
Permanent · Ho Chi Minh City
H&M
Nhân Viên tư Vấn Bán Hàng Toàn Thời Gian Khu Vực Crescent Mall
Permanent · HO CHI MINH CITY
H&M
3pl Business Expert - Warehouse Operations
Permanent · BIEN HOA
H&M
Distribution Center Manager
Permanent · BIEN HOA
H&M
Store Department Manager (Quản lý Ngành Hàng Tại Cửa Hàng) - đà Nẵng Based
Permanent ·
H&M
Nhân Viên tư Vấn Bán Hàng Bán Thời Gian Khu Vực Vincom Ocean Park
Permanent · HANOI
H&M
Nhân Viên tư Vấn Bán Hàng Toàn Thời Gian Khu Vực Aeon Mall hà Đông
Permanent · HANOI
H&M
Nhân Viên tư Vấn Bán Hàng Bán Thời Gian Khu Vực Aeon Mall hà Đông
Permanent · HANOI
H&M
Department Manager (Quản lý Ngành Hàng) - Khu Vực Ocean Park Gia Lâm
Permanent · HANOI
H&M
Nhân Viên tư Vấn Bán Hàng Bán Thời Gian Khu Vực Crescent Mall
Permanent · HO CHI MINH CITY
H&M
3pl Business Expert - Allocation
Permanent · BIEN HOA
H&M
Nhân Viên tư Vấn Bán Hàng Bán Thời Gian Khu Vực Mega Mall Royal City
Permanent ·
H&M
Nhân Viên tư Vấn Bán Hàng Toàn Thời Gian Khu Vực Vincom Times City
Permanent · HANOI
H&M
Nhân Viên tư Vấn Bán Hàng Toàn Thời Gian Khu Vực Aeon Mall Tân Phú
Permanent · HO CHI MINH CITY
H&M
Nhân Viên tư Vấn Bán Hàng Bán Thời Gian Tại Vincom Plaza hạ Long
Permanent · HẠ LONG
H&M
Visual Merchandiser (Phụ Trách Trưng Bày Làm Việc Tại Cửa Hàng) - hà Nội Based
Permanent · HANOI
H&M
Nhân Viên tư Vấn Bán Hàng Bán Thời Gian Khu Vực Times City
Permanent · HANOI
H&M
Visual Merchandiser (Phụ Trách Trưng Bày Sản Phẩm) - Khu Vực Ocean Park Gia Lâm
Permanent · HANOI
H&M
Nhân Viên tư Vấn Bán Hàng Toàn Thời Gian Khu Vực Mega Mall Royal City
Permanent · HANOI
H&M
Visual Merchandiser (Phụ Trách Trưng Bày Làm Việc Tại Cửa Hàng) - hồ Chí Minh Based
Permanent · HO CHI MINH CITY
H&M
Nhân Viên tư Vấn Bán Hàng Khu Vực Royal City - hà Nội (Bán Thời Gian và Toàn Thời Gian)
Permanent · HANOI
Published
Sep 7, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Vince hits low end of Q2 sales expectations, announces results of Rights Offering

Published
Sep 7, 2017

Vince reported on Thursday its second quarter results that met the low end of its sales expectations.
 
The contemporary fashion label said in August that it expected its second quarter sales to be in range of $60 million and $62 million, and the net sales came in at the low end of the expectations at $60.8 million, a 0.2% increase from the previous year.


Vince

 
Wholesale segment sales fell 0.9% to $39.3 million, due to a reduction in international sales, and comparable sales fell 0.8%, but both were offset by a 2.3% increase in direct-to-consumer sales.
 
Gross profit in the quarter was $25.6 million, or 42.0% of net sales, compared to $27.4 million, or 45.1% of net sales, in the prior year, and operating loss expanded to $8.9 million from a loss of $4.3 million in the previous year.

“We were pleased to see the stabilization in net sales during the second quarter, which showed significant sequential improvement versus our first quarter results,” said CEO Brendan Hoffman.
 
“As we look ahead, we have taken steps to rationalize our department store distribution and made the strategic decision to enter into limited distribution arrangements for non-licensed products with two department store partners, Nordstrom and Neiman Marcus, beginning in fiscal 2018."
 
Hoffman said that he expects the partnerships to improve profitability over the long-term, which should sound like good news for shareholders that may have felt nervous about the company’s future this year. Earlier this year, Vince was sent a notice from the NYSE to bring its share price and consecutive 30 trading-day average share price to above $1.00 by November 17, 2017.
 
Vince has been focused on improving business and paying down its debt. In May, Vince received a Rights Offering Commitment Letter from Sun Capital Partners for $30 million in cash, and in July, the company obtained amended agreements with its lenders to pay down loans.
 
In addition to releasing its second quarter results, Vince announced that it received subscriptions and oversubscriptions from its existing stockholders for a total of approximately 48.8 million shares of its common stock, raising gross proceeds of approximately $22.0 million. Vince also announced that it expects to close the Rights Offering on or about September 8, 2017 and plans to receive $8.0 million in gross proceeds from Sun Cardinal, LLC.
 
Following the completion of the Rights Offering, Vince expects to have a total of 116.1 million shares of its common stock outstanding.

Copyright © 2022 FashionNetwork.com All rights reserved.