Vince raises full-year outlook after strong first quarter

Vince
xVnce is a contemporary clothing fashion brand headquartered in NYC (Source: Vince)

Vince has raised its full-year outlook after reporting stronger first-quarter sales, driven by growth in both direct-to-consumer and wholesale.

Net sales increased 10.5 per cent to $64 million in the quarter, which ended May 3, compared with $57.9 million a year earlier.

Direct-to-consumer sales rose 15.6 per cent to $32 million, while wholesale revenue increased 5.9 per cent to $32.1 million.

CEO Brendan Hoffman said the results reflected the company’s investments in brand-building initiatives.

“We delivered strong first-quarter results that demonstrate the momentum we’ve built is not only sustained but accelerating,” Hoffman said.

“Our strategic investments in customer experience are paying off, fueling double-digit growth in both new and reactivated customers and supporting healthy full-price selling.”

Gross profit increased to $32.4 million from $29.2 million a year earlier, while gross margin improved to 50.6 per cent of net sales from 50.4 per cent.

For the full year, Vince expects net sales growth of approximately 7 per cent to 8 per cent, with adjusted operating income projected to represent 4 per cent to 4.5 per cent of net sales.

“We’re executing with discipline across the business,” Hoffman added.

“With our strategic foundation firmly in place and a talented team driving product and execution, we are raising our full-year guidance and remain focused on delivering sustained profitable growth and long-term shareholder value.”

Established in 2022, Vince is a contemporary clothing fashion brand headquartered in New York City. Its IP was acquired by Authentic Brands Group in 2023, but the retail business is majority owned by the P180 company.

Recommended By IR

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.