Vince Holding saw a significant drop in third-quarter net sales due to the wind-down of the Rebecca Taylor business and a decline in Vince brand sales.

The company’s net sales fell 14.7 per cent from last year to $84.1 million, primarily driven by the 100 per cent decrease in Rebecca Taylor and Parker segment sales.

Vince wholesale net sales slid 9.4 per cent to $49.8 million while Vince direct-to-consumer net sales decreased 1.2 per cent to $34.2 million.

Despite the decline in sales, the company swung to a net income of $1.0 million from a net loss last year.

“We are in the early stages of implementing our transformation program which we expect to yield significant cost savings over the next three years to help offset the changes to our cost structure given the royalty fees with our partnership with Authentic Brands Group,” said Jack Schwefel, CEO at Vince.

“As we look ahead, we remain encouraged by the trends that we are seeing in the business as we continue to focus on driving improved profitability and positioning the company for long-term success.”

The company ended the quarter with 66 company-operated Vince stores, a net decrease of one store from the year-ago period.