Shares of Vince Holding Corp (NYSE:VNCE) ended Monday session in green amid volatile trading. The shares closed up +0.11 points or 1.73% at $6.46 with 49.41 million shares getting traded. Post opening the session at $6.29 the shares hit an intraday low of $6.22 and an intraday high of $6.55 and the price vacillated in this range throughout the day. The company has a market cap of $312.80 million and the numbers of outstanding shares have been calculated to be 49.14 million shares.
Vince Holding Corp (VNCE) on September 9, 2016 reported unaudited results for the second quarter of fiscal 2016 ended July 30, 2016.
In this press release, the Company is presenting its financial results in conformity with U.S. generally accepted accounting principles (“GAAP”) as well as on an “adjusted” basis. Adjusted results presented in this press release are non-GAAP financial measures. See “Non-GAAP Financial Measures” below for more information about the Company’s use of non-GAAP financial measures and Exhibits 3 and 4 to this press release for a reconciliation of GAAP results to such adjusted results.
For the second quarter ended July 30, 2016:
- Net sales decreased 24.1% to $60.7 million from $80.0 million in the second quarter of fiscal 2015. Wholesale segment net sales decreased 32.1% to $39.6 million due to the planned reduction in full-price orders related to the transition of product under the new design team. Direct-to-consumer segment net sales decreased 2.8% to $21.1 million compared to the second quarter of fiscal 2015. Comparable sales decreased 18.7%, including e-commerce sales, as a result of declines in the number of transactions, which reflected the planned reduction in inventory levels associated with the product transition.
- Gross profit was $27.4 million, or 45.1% of net sales. This compares to gross profit of $20.8 million, or 26.0% of net sales, in the second quarter of fiscal 2015, which includes a $14.4 million charge associated with the write-down of excess inventory and aged product to expected net realizable value. Excluding the inventory write-down, gross profit in the second quarter of 2015 was $35.2 million, or 44.0% of net sales. Excluding the write-down in the prior year quarter, the increase in gross profit rate for the second quarter of 2016 reflected the favorable impact from lower year-over-year adjustments to inventory reserves, partially offset by an increase in the rate of sales allowances on lower net sales.
- Selling, general, and administrative expenses were $31.6 million, or 52.1% of sales. This compares to $27.3 million, or 34.2% of sales, in the second quarter of fiscal 2015, which included $2.9 million of net management transition costs related to executive severance and related costs. Excluding these costs, selling, general and administrative costs in the second quarter of 2015 were $24.5 million or 30.6% of net sales. The increase in SG&A dollars for the second quarter of fiscal 2016 includes costs associated with 10 additional stores, incentive compensation costs and continued strategic investments to support the Company’s long term goals.
- Operating loss was $4.3 million, compared to operating loss of $6.5 million for the second quarter of fiscal 2015. Excluding the inventory write-down and net management transition costs, operating income for the second quarter of fiscal 2015 was $10.8 million.
Shares of Herbalife Ltd. (NYSE:HLF) ended Monday session in green amid volatile trading. The shares closed up +0.60 points or 0.98% at $61.68 with 92.91 million shares getting traded. Post opening the session at $60.91 the shares hit an intraday low of $60.54 and an intraday high of $61.97 and the price vacillated in this range throughout the day. The company has a market cap of $5.63 billion and the numbers of outstanding shares have been calculated to be 92.91 million shares.
Herbalife Ltd. (HLF) on August 4, 2016 announced its newest skin product in the U.S., the Herbalife SKIN Collagen Beauty Booster, formulated with Verisol® Collagen, which tests have shown support for skin elasticity and reduction of fine wrinkles within four to eight weeks.†** The Bioactive Collagen Peptides®§ can also diminish signs of cellulite.
Herbalife is mining its expertise in nutrients to satisfy rising consumer demand for new innovative skin care products. U.S. sales for this industry are expected to rise to $16.5 billion in 2018, up from $15.6 billion in 2015, according to Euromonitor International.
“We pride ourselves in working with our team of experts from around the world to create high-quality and innovative products,” said Ibi Fleming, senior vice president and managing director, Herbalife North America Region. “Our scientifically formulated Herbalife SKIN line offers advanced healthy skin maintenance and anti-aging products that inspire healthy looking, radiant skin for inner and outer body nutrition.”
The clinically tested ingredients in the SKIN Collagen Beauty Booster provide the nutrients needed to maintain youthful and radiant skin.** It is a low-calorie powder dietary supplement with no artificial flavors or sweeteners, and mixes easily with water, tea, aloe or Formula 1 shakes. The product, which can be taken daily, is gluten free and contains Vitamins A (as beta-carotene), C and E, which help prevent free radical cell damage that ages your skin. It also supports strong nails and healthy hair with selenium, zinc and biotin.