Vince Holding (NYSE: VNCE) reported Q1 revenue for the quarter came in at $39 million versus the consensus estimate of $36.8 million.

Brendan Hoffman, Chief Executive Officer, commented, “The momentum in the Vince brand full-price retail and Ecommerce channels continued into February 2020. Beginning in March, at the onset of the COVID pandemic and subsequent temporary store closures, we had to respond quickly to the downturn in our business. Through this crisis our teams have demonstrated incredible resiliency, agility and creativity executing under pressure and with limited resources. Our near term priorities have been shifted towards actions necessary to reduce costs and enhance liquidity through the difficult environment. We also quickly elevated efforts towards Vince’s eCommerce channel to serve and engage with our customers. We remained active in email, Instagram and social media providing content relevant to the current environment, which contributed to strong growth in traffic and conversions.”

Mr. Hoffman continued, “Despite the near term challenges related to COVID, I am no less excited about the long term opportunities for our business. The Vince brand has steadily gained market share over the last five years and has a proven track of growth in our direct-to-consumer and wholesale channels. The brand’s distinct aesthetic of effortless luxury and its comfortable casual essentials offering aligns well with the strong trend towards comfort as we move toward a work-from-home lifestyle. Rebecca Taylor has strong brand equity and its own modern luxury aesthetic where we see white space opportunity in the contemporary fashion landscape. We continue to believe that we can create the success we have achieved at Vince by executing a similar strategic playbook. We look forward to fully resuming our multiple growth strategies as we emerge from the pandemic.”

Outlook

Due to the uncertainty related to the impact of the COVID-19 pandemic, the Company is not providing an outlook for fiscal 2020, as previously announced.

The COVID-19 pandemic remains volatile and continues to evolve on a daily basis, which could negatively affect the outcome of the measures intended to address its impact and/or our current expectations of the Company’s future business performance.

For earnings history and earnings-related data on Vince Holding (VNCE) click here.