Vince shares soared more than 100 percent Thursday after the contemporary brand reported second-quarter results that beat expectations.
Vince is known for its California-inspired laid-back contemporary styling, but there was certainly nothing laid-back about Wall Street’s reaction to the report, as investors propelled the stock up more than 100 percent to $3.57 by midday Thursday.
The brand indicated that it benefited from greater full-price selling, less discounting and healthy levels of product acceptance by consumers during the quarter ended Aug. 2.
Vince’s net income rose to $12.1 million, or 93 cents per diluted share, and compared with net income of $600,000, or 5 cents, a year earlier.
Adjusted earnings before income, taxes, depreciation and amortization totaled $6.7 million c