Vince Holding Turns To Profit In Q2; Raises FY14 Outlook - Quick Facts

(RTTNews) - Vince Holding Corp. (VNCE) reported that its net income for the second quarter of fiscal 2014 was $10.5 million, compared to a net loss of $10.5 million in the second quarter of fiscal 2013. Earnings per share was $0.27, compared to a loss per share of $0.40 last year. The prior year results included the impact of public company transition costs and results of the non-Vince businesses that were separated on November 27, 2013.

On an adjusted basis, net income was $10.8 million compared to adjusted net income of $8.7 million in the previous year. Quarterly adjusted earnings per share were $0.28 up from $0.23 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the second quarter were $89.3 million, up 20.2% over the $74.3 million reported last year. Wall Street analysts had a consensus revenue estimate of $83.92 million for the quarter. Comparable store sales for the second quarter of fiscal 2014 increased 7.1% over the second quarter of fiscal 2013.

The company raised its fiscal 2014 adjusted earnings per share guidance to a range of $0.90 to $0.94 from the prior range of $0.88 to $0.92 per share.

For fiscal 2014, the company now expects to report total net sales of $335 million to $345 million, including revenues from 8 to 9 new retail stores and comparable store sales growth in the high single-digit to low double-digit range. The company said in June that it expected annual revenues to be in the range of $325 million- $340 million.

Wall Street currently is looking for fiscal year 2014 earnings of $0.92 per share on annual revenues of $338.70 million.