CG Stocks Updates; Vince Holding Corp (VNCE), Cooper-Standard (CPS)
Shares of Vince Holding Corp (NYSE:VNCE) ended Thursday session in red amid volatile trading. The shares closed down -0.05 points or -0.90% at $5.50 with 119,309.00 shares getting traded. Post opening the session at $5.50, the shares hit an intraday low of $5.40 and an intraday high of $5.60 and the price vacillated in this range throughout the day. The company has a market cap of $279.32 million and the numbers of outstanding shares have been calculated to be 49.41 million shares.
Vince Holding Corp (VNCE) reported unaudited results for the second quarter of fiscal 2016 ended July 30, 2016.
Net sales decreased 24.1% to $60.7 million from $80.0 million in the second quarter of fiscal 2015. Wholesale segment net sales decreased 32.1% to $39.6 million due to the planned reduction in full-price orders related to the transition of product under the new design team. Direct-to-consumer segment net sales decreased 2.8% to $21.1 million compared to the second quarter of fiscal 2015. Comparable sales decreased 18.7%, including e-commerce sales, as a result of declines in the number of transactions, which reflected the planned reduction in inventory levels associated with the product transition.
Gross profit was $27.4 million, or 45.1% of net sales. This compares to gross profit of $20.8 million, or 26.0% of net sales, in the second quarter of fiscal 2015, which includes a $14.4 million charge associated with the write-down of excess inventory and aged product to expected net realizable value. Excluding the inventory write-down, gross profit in the second quarter of 2015 was $35.2 million, or 44.0% of net sales. Excluding the write-down in the prior year quarter, the increase in gross profit rate for the second quarter of 2016 reflected the favorable impact from lower year-over-year adjustments to inventory reserves, partially offset by an increase in the rate of sales allowances on lower net sales.
Selling, general, and administrative expenses were $31.6 million, or 52.1% of sales. This compares to $27.3 million, or 34.2% of sales, in the second quarter of fiscal 2015, which included $2.9 million of net management transition costs related to executive severance and related costs. Excluding these costs, selling, general and administrative costs in the second quarter of 2015 were $24.5 million or 30.6% of net sales. The increase in SG&A dollars for the second quarter of fiscal 2016 includes costs associated with 10 additional stores, incentive compensation costs and continued strategic investments to support the Company’s long term goals.
Shares of Cooper-Standard Holdings Inc (NYSE:CPS) ended Thursday session in red amid volatile trading. The shares closed down -0.57 points or -0.62% at $90.63 with 117,299.00 shares getting traded. Post opening the session at $90.78, the shares hit an intraday low of $90.25 and an intraday high of $91.60 and the price vacillated in this range throughout the day. The company has a market cap of $1.50 billion and the numbers of outstanding shares have been calculated to be 17.31 million shares.
Cooper-Standard Holdings Inc (CPS) announced that its culture of diversity and engaged employees has garnered the global automotive supplier three separate awards. Cooper Standard was recently honored with the Corp! Diversity Focused Company Award, while Christine Krathwohl, vice president, global supply chain and corporate officer, was named one of the 2016 Women Worth Watching from Profiles in Diversity Journal and Paul Wheeler, senior manager, product strategy and analysis, earned the Crain’s Detroit Business 40 Under 40 distinction.
“Cooper Standard values diverse talent that not only represents various cultures, but most importantly provides diversity of thought,” said Larry Ott, senior vice president and chief human resources officer, Cooper Standard. “We embrace diverse backgrounds and unique perspectives, as they help cultivate our culture of innovation.”