Fashion retailer Vince promotes its finance chief to interim CEO
September 4, 2015 01:43 PM
Two months after being named interim chief financial officer of multichannel fashion retailer Vince LLC, Mark Brody has received a promotion.
Vince, No. 619 in the Internet Retailer 2015 Second 500 Guide, announced in its Q2 2015 earnings release that it has named Brody interim CEO. Brody takes over on a temporary basis for Jill Granoff, who left the company in July. Taking over Brody’s role as interim chief financial officer is retail veteran Dave Stefko, who previously served as chief financial officer for personalized gifts retailer Things Remembered Inc., No. 340 in the Internet Retailer 2015 Top 500 Guide.
Brody told analysts on Vince’s Q2 2015 earnings call that he has been working with Granoff during a transition period and now has a greater understanding of where the company is headed.
“I continue to believe that the overall strategy is the right one for the company, specifically enhancing our women's assortment, further developing our men's business, selectively opening new retail stores, leveraging e-commerce to drive awareness in sales and broadening our international reach,” he said, according to a transcript from Seeking Alpha.
Stefko told analysts that Vince is investing $2.4 million in information technology and e-commerce improvements, including implementing a new e-commerce platform. Stefko didn’t give a timeline as to when he expects the new e-commerce platform to be up and running, nor did he provide details about the features of the new technology.
“However, we feel confident that our current platform will continue to support the growth until the new platform is implemented,” he said.
For the second quarter ended Aug. 1, Vince, which does not break out online sales, reported:
- Comparable-store sales including e-commerce up 13.4% year over year.
- Net revenue of $80.0 million, down 10.4% from $89.3 million.
- A net loss of $5.0 million, compared to $10.5 million in net income.
For the first half of fiscal 2015, Vince reported:
- Net revenue of $139.8 million, down 2.1% from $142.8 million during the same time last year.
- A net loss of $2.6 million, compared to net income of $11.9 million.