Q1 2024 Vince Holding Corp Earnings Call Transcript
Key Points
- First-quarter sales results were in line with the high end of expectations.
- Better-than-expected adjusted operating margin performance.
- Strong customer reception to luxurious contemporary wardrobe assortments.
- Mid single-digit increase in full-price customer segments.
- Expansion of men's presence across all Nordstrom stores and plans to grow men's business to 30% of total revenues over the next three years.
- Total company net sales decreased by 7.6% year-over-year.
- Decline in Vince brand sales due to year-over-year declines in both wholesale and direct-to-consumer segments.
- Impact from the closure of three full-price and two outlet stores.
- Adjusted loss from operations in the first quarter of fiscal 2024 was $2 million compared to $0.3 million in the prior year.
- Operating margin expected to decline approximately 500 to 750 basis points in Q2 fiscal 2024 compared to the prior year.
Ladies and gentlemen, thank you for standing by. Welcome to the Vince first-quarter 2024 earnings conference call. (Operator Instructions) I would now like to hand the conference call over to our host, Akiko Okuma. Please go ahead.
Thank you, and good morning, everyone. Welcome to Vince Holding Corp's first-quarter fiscal 2024 results conference call. Hosting the call today is Dave Stefko, Interim Chief Executive Officer; and John Szczepanski, Chief Financial Officer.
Before we begin, let me remind you that certain statements made on this call may constitute forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those that the company expects. Those risks and uncertainties are described in today's press release and in the company's SEC filings, which are available on the company's website. Investors should not assume that statements made during the call will remain operative at a
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