In the three months until February 2, the New York company posted adjusted earnings per share of $0.20 compared to an adjusted loss of $0.20 per share in the year-ago quarter. Its net sales also rose 4.2% to $77.8 million, up from $74.6 million in the year-ago period.
Another bright spot was its direct-to-consumer comparable sales, which were also up 3.1% on a 13-week basis.
Later on a call with investors, Vince CFO Dave Stefko and CEO Brendan Hoffman both made reference to to the retailer's sluggish start in the first quarter, sending shares down 10.5% to $12.36 in afternoon trade.
Near the end of the call, Stefko walked back his comments by saying any softness was linked to the retailer's direct-to-consumer business in February and that the situation improved in March.
Looking ahead, Hoffman is focused on growing Vince’s direct-to-consumer business and increasing its presence internationally.
Vince now expects 2019 sales to fall between $290 million and $300 million. Its operating income, meanwhile, is expected to hit $7 million to $9 million, including an estimated $1.5 million associated with strategic consulting fees. Capital expenditures of $4.0 million to $4.5 million are also expected.
Vince which designs and sells luxurious cashmere sweaters, silk blouses, leather and suede jackets, handbags and shoes has a wholesale and direct-to-consumer business model. It sells its fashion brands directly to consumers through its specialty retail stores, outlets and website, while it also sells in bulk to other wholesale department stores.
Vince operates 59 stores, including 45 company-operated full-price retail stores and 14 company-operated outlets as well as its online site vince.com.
The company is headquartered in New York, but operates a design studio in Los Angeles.
Contact Ellen Kelleher at [email protected]
-- This article is updated to reflect the latest share price movement and details from investor call--