Yahoo Finance Vince Holding Corp. (NYSE:VNCE) Q4 2023 Earnings Call Transcript
Vince Holding Corp. (NYSE:VNCE) Q4 2023 Earnings Call Transcript April 30, 2024
Vince Holding Corp. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Vince Fourth Quarter 2023 Earnings Conference Call. All lines have been placed on muted during the presentation portion of this call. I would now like to hand the conference call over to our host, Caitlin Churchill, Investor Relations. Please go ahead.
Caitlin Churchill: Thank you, and good morning, everyone. Welcome to Vince Holding Corp's Fourth Quarter Fiscal 2023 Results Conference Call. Hosting the call today are Dave Stefko, Interim Chief Executive Officer; and John Szczepanski, Chief Financial Officer. Before we begin, let me remind you that certain statements made on this call may constitute forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those that the company expects. Those risks and uncertainties are described in today's press release and in the company's SEC filings, which are available on the company's website. Investors should not assume that statements made during the call will remain operative at a later time and the company undertakes no obligation to update any information discussed on the call.
In addition, in today's discussion, the company is presenting its financial results in conformity with GAAP and on an adjusted basis. The adjusted results that the company presents today are non-GAAP measures. Discussions of these non-GAAP measures and information on reconciliations of them to their most comparable GAAP measures are included in today's press release and related schedules, which are available in the Investors section of the company's website at investors.vince.com. Following today's remarks, there will be no question-and-answer session. Now I'll turn the call over to Dave. Dave?
Dave Stefko: Thank you, Caitlin, and thank you, everyone for joining us this morning. I am pleased to be speaking with you once again since retiring as CFO earlier in 2023 as a member of the Board of Directors, I have remained focused and engaged on the progress the teams have been making in positioning Vince for long-term success. While the Board is actively looking for our permanent CEO, I am committed to leading the company through this transition, while we continue to execute our transformation plan and drive improved performance, including building on the progress we have made this year and the reenergized focus in enhancing our growth initiatives, including driving customer acquisition. Now let me turn to review our full year and fourth quarter highlights and progress against our initiatives.
As previously discussed, fiscal 2023 was a transformative year for Vince. We completed the wind down of the Rebecca Taylor business, entered into a strategic partnership with Authentic Brands, successfully refinanced our credit facilities and launched our transformation plan aimed at delivering over $30 million in cost savings over the next three years to help mitigate royalty fees now incurred in our go-forward operating model. In addition, we maintained a very disciplined approach to inventory management and prioritize driving a healthier full-price business. While some of the actions we had taken in mid to late 2023 hindered our top line growth, particularly as we decreased our promotional activity and pulled back on our off-price wholesale business, as reflected in our fourth quarter results, we are pleased to have delivered on our profitability objectives for the fourth quarter and fiscal 2023 as evidenced by the strong operating margin expansion in both periods despite incurring royalty fees that we did not incur in the prior year period.
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