Thank everyone. you, Dave, good and morning,
disciplined profitability business, for and strong we discussed, have delivered our are fees royalty Vince with the to also transaction business margin on earlier healthier inventory Authentic. we drove a with by our full-price while supported incurring of closing expansion gross pleased full beginning management, on objectives year Dave year, this as focused a our brand the maintain As higher-margin
operating than as margin in in improvement a managed While sales across we for planned inventories pleased wholesale, with DTC delivered. also while slightly highly we maintain balancing retail came lower in promotional our stance promotional we QX are and the period in tightly
results year XXth and as loss. review fourth impact. of and in reported I XXrd million our are inclusive full All XXrd included which $X.X a respectively, week, today sales in million detail, approximately Before $X.X results week in quarter represented XXXX a reminder, this operating and
Turning fiscal quarter fourth now sales fourth decreased Total detail. to million in $XX.X XXXX. the of compared in quarter more results million XX.X% to company net to for our $XX.X the
The driven year-over-year Vince sales brand was and to prior year-over-year both decline declines direct-to-consumer Taylor period driven in by decline fiscal Rebecca the of the the $XX of our wind XXXX. sales in completion segments. down net The announced million X.X% by compared decrease was net and year which a in brand wholesale sales the delivered Vince previously business of
performance within a maintain the current strategic season inventory decision despite activity managed by promotional wholesale inventory. to and tightly the in cadence by the for conservative top promotional our mentioned, retail, was our I balances line driven channel business our across impacted pullback buys off-price disciplined As increased more
which lower by was of the overall XXX promotional fourth The of rate wind compares of was margin gross points fourth basis XX.X% or XX.X% million in increase operated sales sales. activity Gross at quarter in $XX.X related Taylor approximately Rebecca profit XXX $XX.X driven basis down to and business, historically points last related the the lower or million in net the quarter gross year. approximately margins. This to of net to
$XX.X XXX net XX.X% with expenses general Authentic in or net were or were and last to factors royalty the for year. Brands by compared agreement sales quarter basis associated administrative approximately licensing offset fourth XX.X% points Group. quarter the million of as $XX.X partially the of Selling, These million of expenses of with sales
in down development, compared the SG&A the were decrease lower costs and well $X.X in expense wind favorability as primarily Vince for quarter of was dollars last an fiscal by $X.X rent million as was by offset as business fourth in partially product same of Taylor lower of in well the consulting $X.X occupancy costs driven The costs. to an XXXX increase fourth the expenses a the loss in Operating the year. staffing to quarter related These operating period marketing. resulting in million net transformation-related million business as loss and Rebecca
to the we million earlier year. the to the by year-over-year announced interest expense year. debt actions decreased million previously driven decrease in prior took The compared the $X.X this in reduction quarter for given was refinancing Net $X.X fourth
million, in in was tax naked fourth release. driven Income of fiscal quarter credit, fourth XXXX press detailed tax quarter an period in the for method by today's investment which last equity to we $X.X compares primarily the $X.X million income expense The of the year. the tax expense expense same
Rebecca per per to share loss or $X.XX our share in compared $X.XX With an was $X.X Net million $XXX.X net last million $XXX.X full ended included year. a total million million loss period compared a net the and year performance, of net loss to or year in XXXX, fourth of to a $XX delivered quarter loss respect fourth February Parker the for year quarter million company Taylor the combined we $XX.X of for which X, the prior sales sales.
were for in period million million items, year. the $XX.X addition, nonrecurring delivered the ended fiscal February prior a of operations $XX.X compared a gains, transaction that full and tax period. for The and million. not expenses IP incurred the the $XX.X year million sale X, year onetime includes In of income $X.X million $X.X we in from from XXXX, income was benefit from year in loss the operations benefit The prior Parker XXXX to Vince following IP the
to year loss a million of loss of $X.XX or loss the full onetime Net $X.XX. income was year full share compared net XXXX, or million the per $X.X for of $XX.X year. for reviewed a excluding the per items share or share was loss $X.XX last per Adjusted net million $XX.X fiscal
The was quarter normalization our inventory higher $XX of the the rebalanced of Moving inventory of purchases and we the million in decrease through levels for quarter from the to by million the Net within season. year. prior year-over-year Vince inventory fourth to as as at the sold of the fourth primarily inventory current year driven inventory last end the balance at sheet. $XX.X end was compared
disciplined we As year help we the we back maintain see our into in back inventory growth with fiscal as to current entered we'll and inventory comfortable season. of a our approach the the especially we key invest XXXX, with half balances, selling support feel
for XXXX. expect to relatively XXXX fiscal be fiscal We inventory flat to
Before I our let plan. additional some turn on provide outlook, transformation to color me
product no half targeting savings initiated compromises pricing and announced, and expected balance have which improve the X we are About reduce transformation $XX to royalty with the of of and now a initiatives the we course to targeted by efficiencies million expenses. with savings driven fees quality, year come offset incur, are we over years. per operating help from we in program, the to to cost As previously promotions will
benefits X achievement of begin the in us according we fiscal year materializing are the our As goal. confidence XXXX, giving plan, to transformation
to our now outlook. Turning
May in incurred will transaction reminder, the in May impacted the business that given of XXXX, the completion in a of Authentic by fiscal As now of incurred through be half XXXX. fees not royalty were XXXX first year-over-year timing negatively comparison the the the the
we expect to For and improved driving QX continue high total the net promotional profitability to fiscal the as business a in decline sales compared on XXXX, period prior off-price year through range pullback wholesale in to focus we single-digit activity. the
Given the adjusted not of prior did that operating QX basis points approximately fees we year in from XXXX, basis negative expected the XXX XXX royalty operating versus decline XXX fiscal XXXX occur margin impact to to in expect margin. fiscal points QX
from positively wage margin favorability the last inflation. of impact as the mix, promotions wind to our as due be activity Rebecca driven transformation to expect and full operating with lower performance by year initiatives, by well Taylor offset favorable price expense down We
respect compared year digits single expect we full to grow fiscal sales total With outlook, the in our XXXX. XXXX to fiscal low to net
move channel, capitalize and we the we partners shipments in Nordstrom, winter normalize as selling we on fall season. key in We expect as including Dave better the of trends through to our reviewed to wholesale our and which that improve expansion year demand our to business meet as
operating margin. For the to operating up year, XX we XXXX be to to basis margin fiscal adjusted expect compared flat points
XXX margin operating through May XXXX XXXX, were in impact by fiscal fees the points. approximately incurred expect comparable basis period royalty to We not performance the impact which of
joining This Thank us our this morning. you concludes for remarks.
