10-Q · June 16, 2026
Vince Holding Corp. reported a robust first quarter with net sales reaching $64.0 million, a 10.5% increase year-over-year. However, the company recorded a loss of $0.16 per share, slightly worse than anticipated…
Earnings analysis · 10-Q
VNCE earnings analysis
Filed September 11, 2026 · Our reading of the company's report
The latest report
VNCE delivered strong year-over-year revenue and operating-profit growth, with revenue of $81.788 million and operating margin of 16.6%. Both Wholesale and Direct-to-consumer grew, and six-month operating cash flow…
Read full summary
VNCE delivered strong year-over-year revenue and operating-profit growth, with revenue of $81.788 million and operating margin of 16.6%. Both Wholesale and Direct-to-consumer grew, and six-month operating cash flow turned positive at $9.230 million. However, reported gross margin benefited materially from approximately $10.368 million of tariff refunds, while OVO integration, liquidity sensitivity and an unremediated internal-control weakness remain significant risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.8
What stood out
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Revenue grew double digits; margin surged
Net sales increased 11.7% year over year to $81.788 million from $73.241 million. Gross margin expanded to 60.9% from 50.4%, a 1,050-basis-point increase, primarily due to approximately $10.368 million of IEEPA tariff refunds.
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Operating profit improved despite OVO costs
Income from operations rose to $13.553 million from $11.151 million, while operating margin increased to 16.6% from 15.2%. The result includes tariff-related benefits but also $2.900 million of OVO legal and consulting costs.
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EPS declined on higher tax expense
Diluted EPS was $0.80 versus $0.93 in the prior-year quarter, despite higher operating income, primarily reflecting $3.139 million of current-quarter tax expense versus $0.058 million in the prior-year period.
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Wholesale shipments drove segment growth
Wholesale revenue increased $4.645 million to $49.407 million and wholesale operating income increased $7.526 million to $24.584 million, including approximately $7.154 million of IEEPA tariff refunds.
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Direct-to-consumer momentum continued
Direct-to-consumer revenue rose $3.902 million to $32.381 million, with comparable sales including e-commerce up 18.4%, or $4.800 million. The segment operated 53 stores at quarter-end versus 58 a year earlier.
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Cash generation and capex improved
Six-month operating cash flow improved to $9.230 million from negative $7.615 million. Capital expenditures were $0.963 million versus $3.530 million in the prior-year period, primarily for store buildouts and leasehold improvements.
What to watch
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Margin depends on tariff refund benefit
The 60.9% quarterly gross margin was boosted by approximately 1,380 basis points from tariffs, primarily the IEEPA refund, while higher product costs reduced margin by approximately 160 basis points and freight costs reduced it by approximately 130 basis points. The refund benefit may not recur.
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Tariffs and liquidity remain key risks
Management identifies liquidity sensitivity to retaliatory or reciprocal tariffs, inventory valuation and lender borrowing restrictions. As of August 1, 2026, the company had $63.571 million available under its revolver, $2.950 million of borrowings outstanding and $5.160 million of letters of credit.
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OVO integration and execution risk
The newly added OVO risk factor states that the August 2026 acquisition may fail to achieve expected revenue or profitability, incur higher costs or create integration and control issues. The transaction includes 12 retail stores and a 5% interest in ABG OVO, increasing execution complexity.
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Unremediated internal-control weakness
Disclosure controls were not effective as of August 1, 2026 because of an unremediated material weakness involving user access controls and segregation of duties. Management said the weakness had not caused a material misstatement, but it could result in a future misstatement of financial statements or disclosures.
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Operating expenses increased sharply
SG&A increased 40.7% to $36.281 million from $25.787 million, partly because the prior-year period included approximately $5.613 million of ERC benefits and the current period included approximately $2.900 million of OVO transaction costs.
Management's outlook
The 10-Q does not provide new quantitative revenue or EPS guidance. Management states it expects to meet the monthly Excess Availability covenant and believes liquidity will fund obligations for the next twelve months, subject to tariff, inventory, lender and operating risks.
Earlier filings 4
10-K · April 16, 2026
Vince reported modest revenue growth to $300,007 (in thousands) in fiscal 2025, up from $293,452 (in thousands) in fiscal 2024, driven by a 4.8% increase in Direct‑to‑consumer sales to $134,267 (in thousands) while…
10-Q · September 12, 2025
Vince reported Q2 net sales of $73,241 (in thousands) and diluted EPS of $0.93 for the three months ended August 2, 2025, driven by a 50.45% gross margin (gross profit $36,938) and a material reduction in SG&A to…
10-K · May 2, 2025
Vince reported essentially flat net sales year-over-year at $293.45M in fiscal 2024 (vs. $292.89M in fiscal 2023) while its wholesale mix increased to 56.3% of net sales. The company completed a majority-stake…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.