“I would like to point out that net income for the third quarter reflects $1.5 million in deferred financing costs and a prepayment penalty, both associated with the termination of the 2018 term loan facility,” chief financial officer David Stefko explained on an earnings call Thursday.
The Vince brand saw double-digit conversion gains, he pointed out. Direct-to-consumer sales jumped 56.5 percent to $35.7 million, while wholesale delivered $42.6 million, for a year-over-year increase of 10 percent. At Rebecca Taylor and Parker, net sales of $9.1 million made for 22 percent growth over last year.
“We look at that as a way to have more reach to a newer customer, someone who might be a little bit more price-conscious and can’t afford to outfit themselves the way they might want to invest,” he said in the interview. “But they can rent it. And as their income grows over the years, we look to reel him in as a full-time customer.”
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