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Vince Holding (VNCE)

Vince Holding Corp. is a global contemporary group, consisting of three brands: Vince, Rebecca Taylor and Parker. Vince, established in 2002, is a leading global luxury apparel and accessories brand best known for creating elevated yet understated pieces for every day effortless style. Known for its range of luxury products, Vince offers women’s and men’s ready-to-wear, footwear and accessories through 48 full-price retail stores, 15 outlet stores, and its e-commerce site, vince.com and through its subscription service Vince Unfold, www.vinceunfold.com, as well as through premium wholesale channels globally. Rebecca Taylor, founded in 1996 in New York City, is a high-end women’s contemporary lifestyle brand inspired by beauty in the everyday.

Company profile

Ticker
VNCE
Exchange
Website
CEO
Brendan Hoffman
Employees
Incorporated
Location
Fiscal year end
Former names
Apparel Holding Corp.
SEC CIK
Subsidiaries
Vince Intermediate Holding, LLC • Vince, LLC • Vince SARL • Vince Group UK LTD • Parker Holding, LLC • Parker Lifestyle, LLC • Rebecca Taylor, Inc • Rebecca Taylor Retail Stores, LLC • Rebecca Taylor Design Limited ...
IRS number
753264870

VNCE stock data

Calendar

9 Jun 22
26 Jun 22
2 Feb 23
Quarter (USD) Apr 22 Jan 22 Oct 21 Jul 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jan 22 Jan 21 Jan 20 Feb 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.3M 1.3M 1.3M 1.3M 1.3M 1.3M
Cash burn (monthly) (no burn) 9.58K 2.39M (no burn) 1.47M 152.92K
Cash used (since last report) n/a 18.28K 4.56M n/a 2.8M 291.69K
Cash remaining n/a 1.28M -3.26M n/a -1.51M 1.01M
Runway (months of cash) n/a 133.4 -1.4 n/a -1.0 6.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Jun 22 Fogel Marie Common Stock Sell Dispose S No No 7.46 184 1.37K 31,118
14 Jun 22 Fogel Marie Common Stock Sell Dispose S No No 7.51 5,325 39.99K 31,302
13 Jun 22 Lee Meiner Common Stock Sell Dispose S No Yes 7.5 717 5.38K 21,067
6 Jun 22 Michael J Mardy Common Stock Grant Acquire A No No 0 9,375 0 40,983
6 Jun 22 Ulasewicz Eugenia Common Stock Grant Acquire A No No 0 9,375 0 42,410
6 Jun 22 Robin S Kramer Common Stock Grant Acquire A No No 0 9,375 0 26,792
5.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 22 20 +10.0%
Opened positions 3 1 +200.0%
Closed positions 1 1
Increased positions 3 4 -25.0%
Reduced positions 7 6 +16.7%
13F shares Current Prev Q Change
Total value 5.96M 5.84M +2.0%
Total shares 691.18K 691.49K -0.0%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Renaissance Technologies 161.05K $1.31M -6.1%
Vanguard 126.41K $1.03M -0.6%
Bridgeway Capital Management 92.46K $752K 0.0%
Atlas Private Wealth Advisors 82.21K $668K +0.1%
FNY Investment Advisers 67.77K $550K -0.5%
BLK Blackrock 53.85K $438K -1.7%
Shay Capital 33.53K $273K +6.4%
Dimensional Fund Advisors 31.92K $260K 0.0%
Geode Capital Management 22.48K $182K -0.2%
STT State Street 10.78K $88K NEW
Largest transactions Shares Bought/sold Change
STT State Street 10.78K +10.78K NEW
Renaissance Technologies 161.05K -10.51K -6.1%
Shay Capital 33.53K +2.02K +6.4%
BLK Blackrock 53.85K -945 -1.7%
Vanguard 126.41K -808 -0.6%
Tower Research Capital 0 -469 EXIT
FNY Investment Advisers 67.77K -325 -0.5%
UBS UBS Group AG - Registered Shares 1.07K -171 -13.7%
Atlas Private Wealth Advisors 82.21K +100 +0.1%
FMR 42 +42 NEW

Financial report summary

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Risks
  • We may not be able to realize the benefits of our strategic initiatives.
  • We may be unable to effectively execute our customer strategy.
  • Our plans to improve and expand our product offerings may not be successful, and the implementation of these plans may divert our operational, managerial, and administrative resources, which could harm our competitive position and reduce our net sales and profitability.
  • The COVID-19 pandemic has adversely affected, and may continue to adversely affect, our business, financial condition, cash flow, liquidity, and results of operations.
  • General economic conditions in the U.S. and other parts of the world, including a weakening of the economy and restricted credit markets, can affect consumer confidence and consumer spending patterns.
  • Our limited operating experience and brand recognition in international markets may delay our expansion strategy and cause our business and growth to suffer.
  • Our current and future licensing arrangements may not be successful and may make us susceptible to the actions of third parties over whom we have limited control.
  • Our ability to continue to have the liquidity necessary to service our debt, meet contractual payment obligations and fund our operations depends on many factors, including our ability to generate sufficient cash flow from operations, maintain adequate availability under our 2018 Revolving Credit Facility or obtain other financing.
  • Our operations are restricted by our credit facilities.
  • If we are unable to accurately forecast customer demand for our products, our results of operations could be materially impacted.
  • One of our strategic initiatives is to focus on our direct-to-consumer business, which includes opening retail stores in select locations under more favorable and shorter lease terms and operating and maintaining our new and existing retail stores successfully. If we are unable to execute this strategy in a timely manner, or at all, our financial condition and results of operations could be materially and adversely affected.
  • We are subject to risks associated with leasing retail and office space, are historically subject to long-term non-cancelable leases and are required to make substantial lease payments under our operating leases, and any failure to make these lease payments when due would likely harm our business, profitability and results of operations.
  • A substantial portion of our revenue is derived from a small number of large wholesale partners, and the loss of any of these wholesale partners could substantially reduce our total revenue.
  • The acquisition of the Rebecca Taylor and Parker brands, and any other future acquisitions, may not achieve its intended benefits.
  • We have identified a material weakness in our internal control over financial reporting that could, if not remediated, result in material misstatements in our financial statements.
  • Failure to comply with laws and regulations could adversely impact our business.
  • Our business depends on a strong brand image, and if we are not able to maintain or enhance our brands, particularly in new markets where we have limited brand recognition, we may be unable to sell sufficient quantities of our merchandise, which would harm our business and cause our results of operations to suffer.
  • If we lose any key personnel, are unable to attract key personnel, or assimilate and retain our key personnel, we may not be able to successfully operate or grow our business.
  • Our competitive position could suffer if our intellectual property rights are not protected.
  • Our operating results may be subject to seasonal and quarterly variations in our net revenue and income from operations.
  • System or data security issues, such as cyber or malware attacks, as well as other major system failures could disrupt our internal operations or information technology services, and any such disruption could negatively impact our net sales, increase our expenses and harm our reputation.
  • Failure to comply with privacy‑related obligations, including privacy laws and regulations in the U.S. and internationally as well as other legal obligations, could materially adversely affect our business.
  • Problems with our distribution process could materially harm our ability to meet customer expectations, manage inventory, complete sale transactions, and achieve targeted operating efficiencies.
  • Fluctuations in the price, availability and quality of raw materials could cause delays and increase costs and cause our operating results and financial condition to suffer.
  • The extent of our foreign sourcing may adversely affect our business.
  • Our reliance on independent manufacturers could cause delays or quality issues which could damage customer relationships.
  • If our independent manufacturers fail to use ethical business practices and comply with applicable laws and regulations, our brand images could be harmed due to negative publicity.
  • We are required to pay to the Pre-IPO Stockholders 85% of certain tax benefits and could be required to make substantial cash payments in which our stockholders will not participate.
  • In certain cases, payments under the Tax Receivable Agreement to the Pre-IPO Stockholders may be accelerated and/or significantly exceed the actual benefits we realize in respect of the Pre-IPO Tax Benefits.
  • We are a “controlled company,” controlled by investment funds advised by affiliates of Sun Capital, whose interests in our business may be different from yours.
  • We are a “smaller reporting company” and intend to avail ourselves of reduced disclosure requirements applicable to smaller reporting companies, which could make our common stock less attractive to investors.
Management Discussion
  • Comparable sales include our e-commerce sales in order to align with how we manage our brick-and-mortar retail stores and e-commerce online stores as a combined single direct-to-consumer channel of distribution. As a result of our omni-channel sales and inventory strategy, as well as cross-channel customer shopping patterns, there is less distinction between our brick-and-mortar retail stores and our e-commerce online stores and we believe the inclusion of e-commerce sales in our comparable sales metric is a more meaningful representation of these results and provides a more comprehensive view of our year over year comparable sales metric.
  • A store is included in the comparable sales calculation after it has completed 13 full fiscal months of operations and includes stores, if any, that have been remodeled or relocated within the same geographic market the Company served prior to the relocation. Non-comparable sales include new stores which have not completed 13 full fiscal months of operations, sales from closed stores, and relocated stores serving a new geographic market. For 53-week fiscal years, we continue to adjust comparable sales to exclude the additional week. There may be variations in the way in which some of our competitors and other retailers calculate comparable sales. 
  • Net sales for the three months ended April 30, 2022 were $78,376, increasing $20,843, or 36.2%, versus $57,533 for the three months ended May 1, 2021.

Content analysis

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