Results included a sales drop of 22%, a comparable sales decline of 20% and an operating loss of $63M for the quarter.
"Results for the fourth quarter came in below our expectations, due primarily to challenges related to our systems conversion, which led to delayed shipments of Spring product and off-price shipments, as well as lower than expected performance in our pre-Spring collection," says CEO Brendam Hoffman.
The company ended the quarter with $21M in cash and $50.2M of borrowings. An inventory position of $38.5M was reported.
Vince Holding says management has concluded that there is "substantial doubt" of the retailer's ability to continue as going concern for twelve months following the date of the financial statements.
Previously: Vince misses by $0.10, misses on revenue (April 28)
VNCE -51.85% premarket to $0.65.
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