Vince (VNCE) Q4 2026 earnings summary

Executive summary

• Achieved strong Q4 and FY2025 operating results, with Q4 net sales up 4.7% to $83.7M and direct-to-consumer sales growing 10.4%, offsetting a 1.2% wholesale decline.

• Q4 net loss was $3.6M, including a $6M bad debt charge from Saks Global's reorganization; adjusted net income was $2.4M ($0.18/share).

• FY2025 net sales increased 2.2% to $300.0M, with net income of $6.4M and adjusted EBITDA of $15.1M, despite $8M in incremental tariff costs.

• Strategic pricing actions, product quality, and direct-to-consumer momentum supported growth and margin resilience.

• Saks Global's disruption was offset by other channels, and momentum continues into fiscal 2026.

Financial highlights

• Q4 gross profit was $41.1M (49.1% margin), down from 50.1% last year due to tariffs, promotions, and freight costs.

• Q4 SG&A expenses rose to $44M (52.6% of net sales), mainly from $6M Saks-related bad debt.

• Q4 adjusted operating income was $3.1M; Q4 adjusted EBITDA was $4.5M, down from $5.4M prior year.

• FY2025 gross profit was $149.1M (49.7% margin); FY2025 SG&A was $139.9M (46.6% of sales), with a $7.2M Employee Retention Credit benefit.

• FY2025 income from operations was $9.2M, compared to a $17.2M loss last year.

Outlook and guidance

• Q1 FY2026 net sales expected to grow 8.5%-10.5%; adjusted operating loss of -3.5% to -4.5% of net sales.

• FY2026 net sales growth projected at 3%-6%; adjusted operating income 3.5%-4% of net sales; adjusted EBITDA 5%-5.5% of net sales.

• Tariff rate assumed at 15%, with no benefit from potential tariff refunds and higher supply chain costs.