VNCE - Earnings call transcript Q1 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to Vince Q1 2020, Preliminary Results Conference Call. At this time all participants are in a listen-only mode. After the speaker presentation there will be a question-and-answer session. [Operator Instructions]. I would now like to hand the conference over to Amy Levy, Vice President, Investor Relations. you. Thank ahead. go Please

Amy Levy

and good fiscal Welcome call. XXXX are, Executive call and Financial Corp’s Hosting Vince first today Officer; Chief Hoffman, quarter preliminary Brendan Stefko, afternoon you Chief to Officer. everyone. Holding the David Thank results conference

After any to and charges, impact on subject or and prepared be finite-lived described begin, today’s press your and asset for impairment charges, call long-lived a you release website. are that risks filings let time, are information that call differ results. cause the results quarterly material in which results intangible not of later preliminary the uncertainties this company’s a management the that closing on following of made statements certain discussed are update and should obligation the and which asset the from will remind company call. forward-looking asset SEC non-cash in today’s which not the remarks, impact uncertainties completion to at Those as constitute include could no the remain other on impairment financial change and as may discussed to available reported made statements, company’s to to time during permits. me expected will the are company are those subject company’s intangible we available Investors statements take long on Before operative assume on undertakes call goodwill to expect. have The that the risks questions do the procedures, actual

call the over Brendan. to Now, I’ll turn

Brendan Hoffman

their time equality. path protests for and recovery racial remain and and several The our and changed safe. over world certainly This that country. is the the us across a everyone to last pandemic joining hope Thank you, a COVID-XX equality healthy for Amy. meaningful our today. in with in the and families pivotal history the dramatically outbreak has and months I Thanks against we hope

grateful were continued business. of the respond pandemic our our pleased the as to commitment for to we the business, we work I extremely crisis. Turning downturn with we to agility to had in through when February, health at hard our executing their resources. am have quickly store in momentum while business the subsequent under with COVID-XX teams and closures, to demonstrated the in and pressure and operate temporary continue the They creativity limited our resiliency, onset

environment, the illustrating white space distinct brand own years, the our over less have While the our its our Rebecca a opportunities market early of difficult the with still Vince following, versatility manage we effortless am its business. of perfectly for been opportunity into and and actions aesthetic publicized align The comfort. comfortable well strong ecstatic, luxury and through steadily we're strategy. landscape. to see The stay-at-home where gaining the Taylor The luxury brand fashion appeal priorities I growth excited plays and no the last growing that effortless towards in modern had share has provides innings been has trend contemporary necessary brands shifted about widely in essentials lifestyle. towards long term our three

by even we at become strategic executing the a have success achieved create Vince, We more we've confident similar that can playbook.

near and salary began to on reduced furloughs forward reductions cost focused have terms. brands, these our priorities with regarding our reducing our liquidity. look temporary fully term While strategies and primarily vendors we costs We enhancing and been we payment negotiations through and for resuming landlords

Dave to will under which on the principal increased base our loan. able were facility availability more and term credit agreements, on covenants temporarily and We We payments provide term measures. for and detail also also amended both our borrowing cost our liquidity both. reduction revolvers revolving loan deferred relax

Sun controlling million months. We over next committed needed ongoing if remain XX our appreciative the In to Capital support. $X up shareholder addition, of their

We of direct-to-consumer our to engage in XXXX, social current Vince’s customers. in XX% represented We demand. remained our efforts fueling channel, serve media content and also relevant nearly business Instagram which towards that's redirected active environment providing to email, the and with e-commerce

The the Our concern tone with brand been awareness raising items for marketing response to We were shifted God's Challenge, to and engagement and offer highest our of online. and to-date. taken with identity our interests. Instagram that where on community of channels thousands to our community focused for possible, Wheels' on and likes, sense Deliver. We continued posted customer a across to to speak of on our After workers Love hardest Mask and announcement inspiration. of XX,XXX the also our able donate the for received Vince community hit, with engagements vendors eight Meals City on than masks factory partnering healthcare our over Los help this made opportunity to donating of Million build York creatives Angeles in hospitals, our New momentum, Auction partnering to COVID-XX positive. with the Relief, more through enormously and $XX,XXX directly partner and We’ve released, has build We one

inventory activities, from stories and are fitness unlocking a out they in how their and that the quarter advice the Our door recipes, online while flat was Demand wellness of we home. prior creators influencers year business of their first favorite and great help first XXXX. they for to accelerate generated Nordstrom.com These gardening the sharing community wholesale Vince. at strong place sale store in the at robust. omni-channel and increase At sheltering Vince are books, the e-commerce rituals, growth efforts their quarter similarly virtually orders ended did into to personal wearing was fiscal fulfill so glimpses partners, for their our job to offering Vince they such

position heightened did both of levels quality ensure level driving we a inventory in healthy fall able head promotional at in into the we revenue inventory. to as our terms portion this to and addition season. online were In were monetize we to a healthy of We

to While brand our the to in term starting Taylor way lifestyle, around Vince near remain is a back At we and message unison telling we positioning our as committed half we'll promotional, under to back the process integration work year. of Rebecca expect full-priced the environment the remain way.

With the will with staff, to has stepped in success. we existing our which leaner the the believe Vince path to team team, work accelerate

path in Cateron, post-COVID. joined Creative follow who to develop given sell Taylor, within we see January put acquired his what space that the for begun market we the who been a the Rebecca the mark excited road plan growth to and to to opportunity the potentially brand Vince. that Vince Director recognition progress knowledge Our brand has in to at similar forward. of already see and partners, in aesthetic, continue have equity as are able is we enthusiasm excellent floor, strategic contemporary us opportunities could Notably, new of the Taylor accomplish which on we recognize brand will strong from Steven our our a the Rebecca of as our who we anticipate contemporary the wholesale white map brands, and

brand instituting year for Rebecca confident fashion. the challenging in this a Taylor, can a by represented rejuvenate XXXX Vince that similar remain Playbook, we While we

the Parker, order and focus the new navigate to business to plans have creation our while product pandemic. of through the as narrow in integration to have we preserve cash started, the made Turning for pause we the decision

current to resources. focus the continue our the We complements that the of our that but portfolio, believe need decided brand we given we environment, to narrow

capabilities resume some beginning to As forward, leveraging we infrastructure. and by Vince for of team, are operational we talented look brand strategies our our

We believe part are work-from-home culture, E-commerce the traffic is which replace a critical setting embracing fully of to well productive. creative efficient not this process. I we are and said, finding and will group conversion. continues perform that That with physical the higher the highly

see continued omni-channel As growth we outsized develop further this from our channel. capabilities, we

remain is important is landscape part of our under digital strategy longer stores our retail focus. term the and structure an Although to complement proper a changing,

and taking to a five stores one are reopening opened Atlanta, today; of Arizona Florida. in three approach in with disciplined one Texas, XX We in as

have later planned to this open We stores additional week.

this reopen, way. we we and local we following are productive state a and guidelines do in ensure As to all safe

expectations. performance has While our early, still exceeded

of short through as the current looking it market we partners, to identify CapEx both are brand get through disruption Vince growth our opportunities recovery our low also shut additional business, Rebecca leveraging continue terms footprint. especially expansion us by wholesale landlords and down allows and with term, concessions to the we're the period. broaden to to drive we to brands, to obtain Taylor As our working part plans, selectively from leases retail to with expect manage while In beneficial

and and space presence. to position, leadership to demand had wholesale Vince seeing extended for regaining consider way our we've floor are partner expand and in market success premium potential the will doors, opportunities Given the brand building increased positioning our we the further

and holiday talent, market of job home. bring wholesale Our show a showcase is team our to a working the life ability was success our week. agility even preparing of did to were creativity example showcase remarkable a a collections. teams, the extremely collection of complimentary collections and The both, and our through customers took to video video the the the place from we This them great The virtually where to elegantly buyers presentation. while last

year-over-year than expected by impacted substantial and Vince basis. up business, from the while delivered held UNFOLD, growth subscription the Our crisis, better health

time a partnership future CaaStle plan potential. believe men's part industry with excited great subscription We about landscape. to this business a of when our the the the have We be and the extend to continue will remain I and business right is to

We see spend. and and digital email, have and social to an continued investments are through our on media return marketing uptick to skew Instagram towards pleased

as driving our purchasing to segmentation based engagement grows, email the customers tailor will strongest Our leverage behavior. messaging are strategies to increasingly and on we campaigns list

continue options, e-commerce at our international we to in As China we stores. review in look our business, including

pleased in to monitor will the London to store. to right and COVID, performance our expansion of our determine business our first the plans resume were time In this environment prior region. we Europe the with We

being. as on had plans time new explore POS resuming our to as Capital projects, the and interest strong monitor the and brand in remain leverage where We including will in environment CRM point the for opening Vince through well system expenditure countries timing will other we’ve directly our partnerships. evaluate hold initiatives stores or on expansion either Europe,

and focus of Taylor experience. to on fully has Rebecca omni-channel provide as Vince our continued the the on as well merging integrated Our Warehouses a Parker, integration

restart As bring will online, we expansion we into and retail footprint. stores our of get evaluate further

ecstatic strategies believe that this resume take recognize our health disciplined and and we enable time, gain positioned to we will well crisis the the a brand, landscape We contemporary given resilience strategically we taking are Vince within brand our growth While the approach. us momentum share that that are actions our the believe and we recovery market to with of our emerge will of base. from customer methodical further

to We as continue the to to providing forward Taylor Parker. leverage term will further team longer of the reset and Rebecca of We Vince updates look strength evolves. forward to situation the drive

results. to financial will Dave, I further turn Dave. Now, our to review it over

David Stefko

to Thank lie you, sold long strong infrastructure Brendan. portfolio on well teams, talented want based potential opportunities that term confidence brands, and our I in reiterate ahead. my positioned our of growth multiple

protect The locations wholesale our strong; steps first including focus business international our I to crisis, alongside domestic to. led our as our business COVID speak retail which to however, shifted the started and aggressive store e-commerce outbreak will became moved take closures business this We temporary retailers, intended quickly to of through to off challenged our of other our partners. quarter and

file the that related to tax reflect a liability the impact on of first the re-measurement quarter and our XX-Q and procedures closing agreement. preliminary goodwill other at intangible a are these note asset our intangible end impairment asset quarter company's asset of Also the benefit do charges, reported financial will July of $X.X and not upon material to are results, subject quarterly results million of our note expected our For impact have receivable long-lived include first completion charges, non-cash which results the financial to or results. finite-lived finalized we from also please to impairment change our of plan

quarter first Taylor approximately as XX% of the our For net Vince business. total March Vince XX, in XX.X% an compared the by XXXX. and sales partially $XX to of to $XX This all million Rebecca quarter, e-commerce reflects increase offset million of the first stores company fiscal closure decreased in

decreased sales million Vince to brand, million, consolidated the same $XX.X in For first net the compared quarter prior period. XX.X% year to $XX.X

e-commerce offset Our by mentioned to business. Vince sales direct-to-consumer in the partially XX.X% $XX.X reflecting in the segment first growth decreased million our closures, strong the store quarter, previously

Vince the illustrates on to same order of were closure the and sales to Similar on direct branded due our result to wholesales in first $XX.X Vince doors. million performance of $XX.X wholesale products The in well Vince continued e-commerce performance sales our partner to Our channel partners of decreased receipts the our our XX.X% of delay partner accelerated the as websites, Taylor as wholesale sales to online a cancellation the of strong business, sites e-commerce million brand. combined Rebecca sites and XX.X% both, Parker period the quarter. compared decreased as last of year. as net strength the

quarter net general adjustments XX.X% and due of in have sales inventory margin administrative chain in post we for sales, at allowances first net This or quarter of a net of quarter the XX.X% profit on focus of resources of the year. rate the million COVID the products were The quarter $XX.X sales business to was Brendan in million was first Vince lower primarily by our Rebecca Gross a costs, net brand. year. and to last increased positive brands XX% to activity the Vince $XX.X million for million and or compared As as in reserves, mix sales the XX.X% $XX.X Taylor or supply compares shift new offset now, promotional the to to year-over-year for channel partially last Selling, of development expenses or deleveraging mentioned, decrease operations crisis. in gross Parker to our and sales. first $XX

COVID responsible stated, As onset of COVID with near of tightening expenses we of the a pandemic and I'm number temporary including reductions to furloughs reduce the based sorry, salary the – variable the pandemic, a to onset took Brendan actions spend. zero costs, and

travel, decreased compensation reduce lower development in of result, This of and payroll related Marcus, SG&A spending well product a bad as Neiman million expense, and debt as an specialty dollars increase marketing, $X.X impact was partially the to as primarily As well we expense, by freight. largely through on on COVID-XX retailers. offset as

Efforts and as create completed as cost the last on $X.X the we the product was the of formulating past Taylor these in consulting $XX.X integration year. in meaningful worked first brands. initiatives in opportunities appropriate consulting to well strategic distribution. a and liquidity, strategic e-commerce, related the acquisition opportunities. prior point-of-sale impact with been initiatives our I loss a and Over costs being integration geographic fees work CRM Parker including and expansion process first happy same Many including COVID-XX to to look on identify time. year. the of exploring these few closely with process. for long and well this of and to develop forward We report laser quarter reinstituting have are the benefits. sales, period the fees expense the million synergies to brand consulting similar amount integration period managing will quarter growth Vince, areas, of in loss both were and the partner as strategic for as this executed opportunities, of as since members The strategies compared not of to that and of cost we the am and the focused Early to have immediate for and the in first plan, the change Operating sustainable then months, savings quarter, efficiencies addition as a schedule Rebecca at last we pandemic postponed. have year help ahead team across in to measure plan growth million marketing and strategic these multiple Vince firm The did in to associated incurred key merchandising consulting we term same in SG&A a prior

asset asset stated I impairment earlier, charges, the charges. from and intangible loss long-lived finite-lived of does the operations non-cash As intangible asset include other goodwill not or impairment impact

in the borrowings This were year. which last cash Moving balance that and of carry revolving typically to our compares our facility. to sheet for drew liquidity and cash facility balance same reflects COVID-XX. in million cash period revolving pay increase as million $X down credit to the our equivalents down response sheet, May to our we protect cash used all We on $XX.X minimal credit excess X, to

However, we believed level crisis. it we balance cash sheet through the business health managed was prudent of to our increase on the our as

execution upon borrowings million our credit same a period increase of of we on discuss our As on credit result facility, debt amendment, totaled paid drawdown the to as $XX.X I revolving shortly, credit of the year. third agreements revolving $XX.X the facility. quarter, and this the will we of revolver the first $XX.X which of million reflecting revolving down date Subsequent our the amendment since last million, under available our to an facility the had

Moving to At quarter inventory cancel for products the response end May of inventory, partners. million net was of to the orders onset the of $XX.X and immediate of million compared our year. took $XX wholesale the steps orders the at we COVID-XX, last of cancellation in as closing future first to to from stores X

investments gross move keep of we relevant in fresh in margin our a will expenditures and to We said, excluding and Taylor of prior our Rebecca of first quarter, process enhancing position. is shipments to product of or more and expenditure new to inventory. integration and approximately year steps related will financial inventory this as to to initiatives as inventory customers. experience $XXX,XXX, the the for Since fall light Parker During steps portion COVID take for maintain related our unable end to transitional reflecting the next create XXXX, consists Vince limited This to to totaled product of order our omni-channel weight for collections, to expenditure while have of it second expected our customer majority to liquidity manage we in additional remainder through of well held the be pressure as we of Capital is this quarter of key our discussed, productivity cancel. brand, capital as in paused both products us will were the A this will flexibility. we that quarter. be taken increasing the second can still quarter That's seasonal be on levels plans receive first the incorporated that our the outbreak. the the investment the to previously into the

been chain have our payment suppliers with working the and our flow, extending environment. terms, supply changing as and enhancing evolve agility on We on we emerge managing retail the on within inventory of

addition, our are timeline landlords pleased the recovery are relief expected match progress retail negotiation with to In the with have in we made and we occupancy to-date. on

entered we earlier, X mentioned I facility. our third amendment credit year term of As to our and facility on a to into June existing existing this credit revolving loan

events XXXX January any including with suspended X, subordinate and The period quarter as the XX, fiscal July a availability. on fixed replaced XXXX, below that and only ending it XX, specified is of The with of the XXXX, and XXXX well charge amount the excess $XX to which $XX.X springing cure to coverage borrowing relating availability million ratio debt among triggered in any the consolidated million third base through obligation to facility’s borrowing to as $XXX under revolver aggregate credit period through for certain or XX, access increasing by availability or commitments criteria to and a base maintain coverage the equity million between X, amendments the of consolidated the revised the falls XX, others delivery the November in ratio September million one-to-one the by default from thereunder, a maintain $XX facility also waived specified period, by included fixed $XXX to requirement compliance between during January certificate temporarily trade under when XXXX, revolving receivables the increased ability January the million, or provided the certain for a XXXX amendment be temporarily charge eligibility default.

as June million affiliates of XXXX, committed currently addition In partners common to through approximately of $X the Sun Capital Brendan shares XX% of needed. if stock XX, of up to have support who company's mentioned, provide financial own outstanding

to be As this the stated published COVID-XX, guidance due will press release impact at not the in afternoon, the of our related we providing to time. uncertainty

is lockdown week-by-week, world the changing the situation restrictions as evolving While we drastically lifted. assess to continue are

in get guidance on we update future on an clarity more provide situation. begin will the as quarters We to

the Vince currently To and repeat that believe deliver strong brands are positioned there to the the a confident our environment, remain we're long-term portfolio brand growth our Although surrounding our for customer lot market we landscape the resilience well closing aesthetic brand we uncertainty strategically within contemporary is of in retail that share comments, positioned Brendon’s shareholders. of to further and well base. our given gain momentum sustainable our

first We the will continue regarding reset now to Vince of strength This take comments leverage Taylor team Rebecca term of Operator. drive our questions. concludes to We'll the forward and your the my Parker. quarter. longer

Operator

Certainly. [Operator Advisory from Dana Telsey Telsey question is Our with Group. first Instructions]

Your open. line is

Dana Telsey

orders you than the upcoming follow-up. planned beyond will wholesale a I'm and COVID-XX, the again. Good focus? think it now reinvent of led hear think is afternoon the and that the almost are I if DTC obviously of landscape. seems and wholesale everyone healthy. be glad a a season, transformation for How Nordstrom’s How as – or do business model, given you think is have of successful everyone. being and holiday you going – the how about do Neiman’s it you Vince mentioned plan more focus Brendan, you to safe like think Then game to it that you

Brendan Hoffman

I what's successful to other Yeah, us here and is getting us more got that think even will allow the be through COVID I on thanks what side. us ultimately, Dana. mean Yeah, would

only over which at the the brought Nordstrom’s it we also specifically know great products last Vince. have build and our very but founders you the great reengineered and world, to wholesale what three to business leading And first with not around specialty starts proud doing with You growing originally DTC are that digital. on how years we stores Neiman’s with so, partners, our know

way, I so on penetration brands that, other seen – we've in we'll over last continue right to again the and is think contrarian I performed the to very brick whether remarks, in happening which mitigate and that think we'll our an DTC A-malls scenario, But to in I know As current to enhance see that opportunity some in a just digital mentioned in of our strategy. A-locations space for some as rent and with our few in it's closures compares the months motor way XX%, channel and well probably heavily how the us. further we're to as headwinds that stores under term I close opportunity over XX% an lean or are store well you as has longer mentioned my and as

really doing. means without were ways other all hard excited it had this the we place. a the many side on what strategies what So pivot accelerates In we about feel from in we just

was know think and reaction to provide expect would dramatically. opportunity looking cut everyone's initial additional now, we In I the by some we think can different right our as and distribution, doing terms you cut as pull back wholesale and back to we're of for wholesalers levers security all all the I

up. open to the start starting as collection We’re see they stores holiday to of see

is said them. as brands to one important recognize, is most of Vince they they the have that As that

this, but perhaps more to the I now initial for levers options Vince worrisome we than of scenarios we're through obviously have potential that for Taylor our the different we at Rebecca position in this get open get seeing we still a upside keeping and can only not ensure to through make said, sure pull as that Parker. but we're think brand I first, and happened strength

Dana Telsey

is wholesale you platforms? stores to stores or go department specialty is or e-commerce other accounts, it think when it And want about you to other

Brendan Hoffman

Yeah, I of be or any could it those. none think

to everybody see initial all this in else like out. of trying, how we're think plays I trying just stages the

enough our where the know just whatever distribution we take are losers through sure of are. making and this You in have opportunities advantage the winners that to and optionality

acknowledge wholesale, made safety post-pandemic to So, be comment DTC remarks ensure then we the that pull, the to do the we levers both can I I to just pandemic, it we survive really also world. that think in have thrive whether or to was different have my in but the

that, I without different of specific any really than So, the was options getting the have. more it more think we acknowledgment

Dana Telsey

you Got because it. of to And can percentage inventory what obviously space transactions I'm for margin? gross inventory lot on is you did how much on go your for There's of wanted you other some if to on addition renegotiated? then certainly said. opportunity Occupancy, see what how the And gross the of negotiate negotiate take? it do buckets, a space, you Do to occupancy? the terms? big buckets margin, take you reserves SG&A with and be reserve the to SG&A what and is other hearing in an exactly you other of rents, existing lease commentary Is that there opportunity

Brendan Hoffman

know that ongoing. we're of up they Dave mean, it kind a stores, meaningful of what proper unpack still say for other I'd started on and are to think of there a But lot leaseholders. I part midway I dialog the some first the and on rents landlords. to the to entered here, very the Obviously, into time now hand much solutions all as you are we with open have about we've through. discuss. wasn't period different a we've asked. is situation things very you and constructive conversations we're we're Obviously in difficult most having the everybody comment I’ll I'll to with over of pleased the

was holds with done conversation. pleased yet we not with, are the variable very have we also so for leases, very flexible see our our on we Rebecca have structure, to our went that when lot shorter-term, strategy that the stores not are of only there, look structure. the about CapEx, the serving which now, We in very on and to the playbook, but you them into with then have they we – brands competency running equally that rent, but is ways be we Taylor one-offs direction able open again, and the COVID to a that know as under go, a But and of leases we're up Vince business already a to pleased for talk brand our us having fantastic in have a consumer a and Vince those well a of do opportunity and ability couple lot with that percentage discussions have little our and clearly with to expense

that, more but turn So over the unpack landlords. Dana. on have some to come asked, the pleased over gone of certainly it the stuff the of I'll few other And direction, rent Dave weeks to you discussions with last to

Dana Telsey

Thank you.

David Stefko

with Yeah. Dana, reserve, that you is inventories on the about? what asked

Dana Telsey

Yes, exactly.

David Stefko

Yeah.

on Did what but to have that get can on it's the a we'll on we we you landlords inventory set an of we for points, feel finally look through reserve From project, perspective, from So have to as many other variable a know inventory the you booked, rent? the questions you different we product, channels. move how where where where and quarter. back rate know comfortable out we you the

Dana Telsey

terms No, else gross just were gross margin? the margin, to the of margin in gross on impacts anything which the unpacking biggest

David Stefko

the was responded of website, to product. as The promotionality largest partners both our the promotionality the the on driven. impacts obviously our website well the with that was in the that promote wholesale and of addition inventory consumer Yeah,

Dana Telsey

you. Thank

Brendan Hoffman

regular to just get on I that, hard price worked very mean we we – ourselves be to to a obviously further brand.

get to to a right us our promotional and line would of now all and need all move cash, bit so and the took Vince otherwise the few inventory we more know long-term in think it it has that's what than liked. a drive years, hangover so forced don't in this, space to bring we're top and do for brand. that You I little doing we a But have

even back pull product, get probably than to the promotionality. able be year able be we I think the regular back in in XXXX, in flow back a we’ll competition, you those cadence, us think hopefully benefits but reset absolutely we're know And and the of get on we higher price we saw priority that's a you the the as to sell-throughs. direct still for know get normal new through look I because less to and to COVID. when stores getting to we open fully XXXX we’ll start our half then to

Dana Telsey

read Got compared you of last like on I in are stores that the Where reopening, as early think it XX terms productivity to it. only then And was stores. levels the year? are

Brendan Hoffman

strong expectations it lot. them. range, beating very up it modest would obviously can will our I opened Yeah. Florida in be, is a a say would small such can down we're and are the very XX% the I skew had week. I mean, so last but number say sample, say we stores small, I

weekend in South Texas. what we were So the seeing in Florida absolutely over-exceeded

there where it in So and California is hopefully up the know maybe all but we're quicker ground did it's being will than the done that stores taking that we demand see we states. in precautions, we other such, earlier pent-up well hit proper safely. the bodes as that open We

Dana Telsey

difference own there performance your your sites and partners? any between online wholesale those was And in from

Brendan Hoffman

I as mentioned job. remarks, mean, phenomenal a Nordstrom did I in my

their the stores up sales quarter that obviously with being in ended flat closed virtually was we for six and for Somehow the registered weeks.

ability we the to the unlock to was fantastic business only demand, ability pleased it, step-up create are and in fulfill not with but e-commerce was the their ours. to So theirs store their fantastic, so in inventory their obviously

the know of their and – some was just ability. a you inconsistent it say little I'd bit it So timing to board across due was

Some center the did, know a were but product more others fully as able allow think to line Wintour where to realized, well don't to than the lends comfortable it sites be to remarks, Vince you couple comfortable I to the know the in access have able be times, is about you work-from-home, as strength. fulfillment and for my we that unbiased. said the think because a demand I demand same of I now tremendous all Anna fulfill they to of there the didn't the Vince And it's mentioned this itself clothing saw

Dana Telsey

Thank you.

Brendan Hoffman

Dana. Thanks

Operator

gentlemen, to for this closing turn things any over Q&A. remarks. I'll and Brendan concludes now Ladies back Hoffman the

Brendan Hoffman

us forward on look again for joining updating fall. our you to Great! Thank Stay today. in We safe. results the QX you

Operator

conference today’s concludes may for this now Thank participation gentlemen, and call. your Ladies disconnect. you and you

Vince Holding (VNCE) 16 Jun 202020 Q1 Earnings call transcript