Domestic, Int'l Sales Drive Q3 'Beat' for Vince Holdings (VNCE) - Stifel
Stifel maintains Vince Holding (NYSE: VNCE) at Hold following Q3 results and reaffirmed FY14 outlook.
Analyst Richard Jaffe note that Vince reported Q3 EPS of $0.35, topping his estimate by 2 cents. The analyst offered the following initial key takeaways:
- Wholesale Increased 17% in 3Q – Wholesale grew 17% in 3Q, driven by strong performance in both domestic and international markets.
- DTC up 30% - Direct to consumer sales (approximately 20% of total sales) increased 30% in 3Q, aided by comparable-store sales growth of 8%, the addition of 10 new stores, and strength in the e-commerce business, which likely continues to benefit from the website re-launch in February.
- 2014 Guidance Reiterated – The company reiterated its 2014 EPS guidance in the range of $0.90-$0.94. With our estimate and consensus at $0.29 for 4Q, this implies $0.96 in EPS for 2014. This will likely result in moderately lower earnings revisions for 4Q and could modestly pressure shares today.
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Vince Holding closed at $36.52 yesterday.