Vince Holding (VNCE) Misses Q3 EPS by 1c, Sales Miss; Guides FY Sales Below the Street
Vince Holding (NYSE: VNCE) reported Q3 EPS of $0.07, $0.01 worse than the analyst estimate of $0.08. Revenue for the quarter came in at $76 million versus the consensus estimate of $82 million.
Vince Holding sees FY2016 revenue of $280-290 million, versus the consensus of $299.37 million.
Brendan Hoffman, Chief Executive Officer, commented, “We were pleased with the initial favorable response to our fall collection which was developed under the leadership of our returning founders. The feedback from our wholesale partners was also highly encouraging, and even more importantly, Rea and the team are energized by how much we’ve learned from this delivery and are excited to move forward. Our third quarter sales results are reflective of continued challenges in the retail industry, in addition to the impact of warm weather, although we managed to meaningfully expand our gross margin rate as we focused on full-price selling. Despite the continuation of macro headwinds, we remain confident in our belief that we are taking the brand in the right direction with a fashion assortment that combines urban utility and modern effortless style. Looking ahead, while we are reducing our guidance, we continue to see significant long term growth opportunity as we gain market share within the wholesale channel and expand our direct to consumer presence both in our retail stores and online.”
For earnings history and earnings-related data on Vince Holding (VNCE) click here.