vince holding corp (VNCE) Key Developments
Vince Holding Corp. Announces Management Changes
Jul 13 15
Vince Holding Corp. announced that Jill Granoff, Chief Executive Officer, has resigned from the company. Ms. Granoff, who advised the Board of her decision in advance, will remain CEO through a transition period to ensure an orderly and effective leadership transition. The company's Board of Directors plans to work with an executive search firm to identify potential CEO candidates. Board Chairman Marc Leder will lead this search, and will work closely with Ms. Granoff throughout the transition period. As part of the reorganization, the company also announced that it has hired Livia Lee as the new Senior Vice President of Merchandising, reporting directly to Ms. Granoff in the interim and then her successor once appointed. Ms. Lee, who will join the company on July 20 and will drive the company's merchandise strategy, has extensive experience with multiple top fashion brands, including Lacoste, Diesel, Ralph Lauren, Victoria's Secret, and Gap. In addition, Karin Gregersen, President and Chief Creative Officer, has decided to leave the company and the Company does not intend to fill that position at this time.
Vince Holding Corp Announces Management Changes
Jun 25 15
Vince Holding Corp. announced that Mark Brody has been appointed interim Chief Financial Officer. Mr. Brody was most recently Managing Director and Group CFO at Sun Capital Partners Inc. He replaces Lisa Klinger who resigned from the Company, effective immediately. Mr. Brody has 30 years of senior finance and executive management experience. During his tenure at Sun Capital, he has been responsible for the business unit operational and financial oversight of a variety of portfolio companies, including Vince, Gordmans Stores, The Limited, and Kellwood. Prior to joining Sun Capital Partners, Mr. Brody served from 2001 to 2006 as CFO for Flight Options, a high growth fractional jet business.
Vince Holding Corp Presents at William Blair’s 35th Annual Growth Stock Conference, Jun-09-2015 03:30 PM
Jun 8 15
Vince Holding Corp Presents at William Blair’s 35th Annual Growth Stock Conference, Jun-09-2015 03:30 PM. Venue: Four Seasons Hotel, Chicago, Illinois, United States.
Vince Holding Corp. Elects Marc Leder as Chairman of the Board
Jun 4 15
Vince Holding Corp. announced that on June 2, 2015 the board of directors elected Mr. Marc Leder, co-chief executive officer of Sun Capital Partners Inc., as chairman of the board.
Vince Holding Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended May 2, 2015; Revises Earnings Guidance for the Fiscal 2015
Jun 4 15
Vince Holding Corp. reported unaudited consolidated earnings results for the first quarter ended May 2, 2015. For the quarter, the company reported net sales of $59,482,000 compared to $53,452,000 for the same period a year ago. Income from operations was $5,101,000 compared to $5,207,000 a year ago. Income before taxes was $3,644,000 compared to $2,307,000 last year. Income from continuing operations was $5,101,000 compared to $5,207,000 last year. Net income was $2,454,000 or $0.06 per diluted share compared to $1,384,000 or $0.04 per basic and diluted share a year ago. Capital expenditures was totaled $6.3 million, $3.4 million of which was primarily attributable to new stores and shop-in-shop build-outs. Results were driven by a 34% increase in its direct-to-consumer segment sales, a modest increase in wholesale segment sales and gross margin expansion of 200 basis points.
The company is lowering sales expectation for the fiscal 2015, and plans to deliver a high-teens operating margin. For fiscal 2015, the company now expects to achieve total net sales of $340 million to $350 million, below a prior forecast of $360 million to $370 million, including revenues from 10 to 11 new retail stores and comparable sales growth inclusive of ecommerce sales in the high single digit range. The company expects gross margin is to be 50 to 75 basis points, generate diluted earnings per share to be $0.85 to $0.90, below the prior guidance of $1.00 to $1.05 per share. The company expects to spend $17 million to $20 million in capital expenditures, consistent with prior guidance.