On Friday, Vince Holding Corp (NYSE:VNCE)’s shares declined -43.74% to $5.22.
Vince Holding Corp. (VNCE), a leading contemporary fashion brand (“Vince” or the “Company”), recently stated unaudited results for the second quarter of fiscal 2015.
In this press release, the Company is presenting its financial results in conformity with U.S. generally accepted accounting principles (“GAAP”) in addition to on an “adjusted” basis. Adjusted results presented in this press release are non-GAAP financial measures. See “Non-GAAP Financial Measures” below for more information about the Company’s use of non-GAAP financial measures and Exhibits 3 through 6 to this press release for a reconciliation of actual GAAP results to such adjusted results.
For the second quarter ended August 1, 2015:
- Net sales reduced 10.4% to $80.0 million from $89.3 million in the second quarter of fiscal 2014. The wholesale segment reduced 21.6% to $58.3 million and the direct-to-consumer segment raised 44.7% to $21.7 million over the second quarter of fiscal 2014. Comparable store sales raised 13.4%, counting e-commerce sales.
- Gross profit was $20.8 million, or 26.0% of net sales, which comprises a $14.4 million charge associated with the write-down of excess inventory and aged product to predictable net realizable value. Not taking into account the inventory write-down, gross profit was $35.2 million, or 44.0% of net sales. This compares to gross profit of $44.0 million, or 49.3% of net sales in the second quarter of fiscal 2014.
Vince Holding Corp. designs, merchandises, and sells various contemporary fashion brand products in the United States and internationally. It operates through two segments, Wholesale and Direct-To-Consumer. The company offers a range of women’s products, such as cashmere sweaters, silk blouses, leather and suede leggings and jackets, dresses, denims, tanks, T-shirts, pants, handbags, and outerwear; and men’s products comprising T-shirts, knit and woven tops, sweaters, denim, pants, blazers, outerwear, and leather jackets.
QUALCOMM, Inc. (NASDAQ:QCOM)’s shares dropped -2.27% to $54.29.
Qualcomm Incorporated (QCOM) declared that its partner, Qualcomm Life, Inc., is collaborating with Davita Healthcare Partners and P2Link to develop chronic care administration solutions powered by Qualcomm Life’s 2net™ Device Connectivity Platform and HealthyCircles™ Care Coordination Platform to enable continuous care, informed interventions and better administration of at-risk populations. The collaborations were declared at Qualcomm Life’s annual Connect 2015 ecosystem conference taking place on August 31 and September 1, 2015 in San Diego, California.
Davita HealthCare Partners, one of the largest medical groups and physician network operators, provides integrated care administration for about 830,000 patients, more than 600,000 of which live in California and represent diverse cultures, socioeconomic groups, ages, and health statuses. The company will integrate Qualcomm Life’s 2net Mobile and HealthyCircles technologies into a coordinated care program for patients with heart failure (HF). Patients will be equipped with a home blood pressure monitor, a weight scale and a tablet powered by 2net Mobile to seamlessly collect and transmit the biometric data to the cloud. Patients will also leverage the HealthyCircles Platform to monitor the patient’s health status at home, receive relevant educational content and targeted, proactive care administration interventions. The initial program will roll out in Q4 2015.
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communications products and services in China, South Korea, Taiwan, and the United States. The company operates through three segments: Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Planned Initiatives (QSI).
At the end of Friday’s trade, Morgan Stanley (NYSE:MS)‘s shares dipped -1.81% to $33.19.
Eric Heaton, President of Morgan Stanley’s U.S. banks, will speak at the Barclays Global Financial Services Conference in New York on Friday, September 18, 2015, at 10:30 a.m. Eastern Time.
Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals worldwide. The companys Institutional Securities segment offers financial advisory services on mergers and acquisitions, divestitures, joint ventures, corporate restructurings, recapitalizations, spin-offs, exchange offers, leveraged buyouts, takeover defenses, and shareholder relations, in addition to provides capital raising and corporate lending services.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should might occur.
