Vince Holding down after Q3 sales decline on lower demand

Vince Holding

10/12/2024 18:13

** Shares of apparel and accessories seller Vince Holding
 VNCE.N  fall as much as 20% to $1.52
    ** Stock set for its worst day since Jan. 16, if losses last
    ** Co posts a 4.7% YOY decline in Q3 net sales to $80.2 mln,
hurt by lower in-season reorders in international wholesale
business and lower-than-expected outlet channel sales
    ** Vince brand's direct-to-consumer sales fell 8.3% and
wholesale sales fell 2.2%
    ** Co ends quarter with 61 company-operated Vince stores, a
decrease of 5 stores from a year ago
    ** However, Q3 net income more than doubled to $4.3 mln,
helped by lower product and freight costs, along with fewer
discounts and promotional activity in the direct-to-consumer
segment
    ** Co also reiterated annual net sales and operating margin
forecasts
    ** Including session moves, stock has fallen ~55% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))