The company’s gross profit was $36.4 million, or 40.8% of net sales, compared with a gross profit of $35.4 million, or 45% of net sales, for the second quarter of the year. financial year 2021. The decrease in gross profit ratio was mainly due to the Company’s statement in a press release that there were unfavorable adjustments to inventory reserves, product costs and annual shipping. , and an increase in promotional activity, partially offset by favorable leverage of distribution and other overheads.
Net revenue of Vince Holding Corp., a leading global contemporary conglomerate, increased 13.4% to $89.2 million in the second quarter of fiscal 2022 from $78.7 million in the second quarter of fiscal 2022. for the year 2021, reflecting Vince’s 20.5% increase in branded sales and Rebecca Taylor and Parker’s sales decline of 27.9%, combined.
Selling, general and administrative expenses (SG&A) were $39 million, or 43.7% of sales, compared with $32.7 million, or 41.6% of sales, in the fourth quarter. second half of fiscal year 2021. The increase in selling & administrative expenses was mainly due to higher payroll and compensation costs, higher hiring costs and increased consulting and third-party costs. other.
“During the second quarter, we saw Vince’s momentum grow across both our women’s and men’s businesses as customers returned to more normal activities and events, and are attracted by the versatility of our sophisticated high-quality assortment. Although we are operating in a challenging macro environment with increasing pressure on profitability, we remain focused on executing our strategic initiatives for Vince, including the relaunch of the brand’s e-commerce platform is coming,” Jack Schwefel, CEOspeak.
“Given the growing difficulties from the series of pandemic and macroeconomic issues related to the industry that Rebecca Taylor in particular has faced over the past two years, we have made the difficult decision to leaving Rebecca Taylor’s business. Closing Rebecca Taylor will allow the company to focus on Vince’s core businesses and our overall financial foundation in the long term,” continued Schwefel.
Fiber2 fashion news desk (RR)