Stifel Affirms Vince Holding (VNCE) at 'Hold'; Q4 is Focal Point for Improvement
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Stifel affirms Vince Holding (NYSE: VNCE) at Hold with a price target of $7 following Q2 results reported Thursday night.
Analyst Richard Jaffe noted the following key takeaways from the report:
- 2016 Guidance Reiterated – The company reiterated its EPS guidance in the range of $0.00-$0.06. The company expects comps in the range of flat to positive low-single digits which implies significant improvement in 2H. Additionally, management has guided to a gross margin rate of 46.2% and SG&A dollars in the range of $128 million-$133 million.
- Change in Product Limited until 4Q16 – The co-founders of Vince, Rea Laccone and Christopher LaPolice, have re-joined the company through a consulting arrangement and will aid in merchandising, design and product development. Rea and Christopher’s impact on product will not begin until Fall 2016 with a greater impact expected for Holiday 2016. In the interim, management must play defense, limiting the negative impact of unappealing merchandise to the brand equity, protecting their relationship with their wholesale partners and their customers as well as maintaining a strong balance sheet.
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