Vince, the American apparel and accessory label, has had an impressive third quarter with its net sales touching US $ 86.4 million – an increase of 3.4 per cent.
The brand clocked US $ 8 million in net income, which is a rise of US $ 6.8 million from what it was in the third quarter of last year.
Notably, the adjusted net income, excluding the cost associated with the recent acquisition of Parker and Rebecca Taylor, was US $ 8.7 million.
The direct-to-consumer comparable sales also rose by a healthy 9.5 per cent y-o-y.
Speaking about the Q3 performance, Brendan Hoffman, CEO said “Our strong performance in Q3 further demonstrates the continued momentum in the Vince brand.”
He added “The growth in our direct-to-consumer business was led by our e-commerce channel and we remain pleased with the performance of our retail stores.”
The CEO also said that going forward, the brand will focus on advancing strategic initiatives, which include growing their direct-to-consumer business through the expansion of their store base globally, driving market share gains within the wholesale channel and testing new product categories.
At the end of Q3, Vince has 63 company-operated stores, which is a net increase of 4 stores from what it was after the Q3 of fiscal 2018.