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Outlook
For the third quarter of fiscal 2024 the Company expects total company net sales to be flat to down low single digits compared to $84.1 million in the third quarter of fiscal 2023. The Company expects third quarter fiscal 2024 total company operating margin to increase 350 basis points to 450 basis points compared to total company adjusted operating margin of 3.7% in the third quarter of fiscal 2023. Starting with the third quarter of fiscal 2024, the Company has anniversaried periods of non-comparable royalty expenses and non-comparable expense favorability due to the wind down of Rebecca Taylor and therefore, the third quarter of fiscal 2024 is the Company's first full quarter in which it is comparing to a more like-for-like business model. In addition, this guidance takes into account the earlier than expected timing of wholesale shipments which benefitted the second quarter of fiscal 2024, as well as the expected ongoing impact of more disciplined promotional activity in the Company's direct-to-consumer channel.
For full year fiscal 2024 the Company now expects total company net sales to decrease in the low-single-digit range compared to $292.9 million in fiscal 2023. The updated guidance reflects revised expectations for the Company's direct-to-consumer performance, while expectations for the wholesale business has remained unchanged. The Company now expects full year fiscal 2024 total company operating margin, excluding the $7.6 million Gain on Sale of Subsidiary recorded in the first quarter, to increase 25 basis points to 50 basis points compared to total company adjusted operating margin of 1.4% in fiscal 2023. This outlook includes an approximate 140 basis point negative impact from non-comparable royalty expenses through May 2024.
As a reminder, fiscal 2023 included a 53rd week which represented approximately $2.2 million in net sales. The outlook for fiscal 2024 incorporates the impact from the comparison of a 52-week fiscal year to a 53-week fiscal year.
Posted In: VNCE
