Good morning. My name is [Liandra] (Ph) and I will be your conference operator today. At this time, I would like to welcome everyone to the Vince Holding Corp. Q3 2017 Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you. Amy Levy, Vice President of Investor Relations, you may begin your conference.

Thank you. And good morning, everyone. Welcome to Vince Holding Corp’s third quarter fiscal 2017 earnings conference call. Hosting the call today is Brendan Hoffman, Chief Executive Officer; and Dave Stefko, Chief Financial Officer. Before we begin, let me remind you that certain statements made on this call may constitute forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those that the Company expects. Those risks and uncertainties are described in today’s press release and in the Company’s SEC filings, which are available on the Company’s website. Investors should not assume that the statements made during the call will remain operative at a later time and the company undertakes no obligation to update any information discussed on the call. After the prepared remarks, management will be available to take your questions for as long as time permits. Now, I'll turn the call over to Brendan.

Thank you, Amy and thank you everyone for joining us today. We were pleased with our results for the third quarter and the continued progress we are making on our strategic initiatives to drive sustainable long-term growth for the Vince brand. Over the last few months, we began the process of transforming our business, including reducing our wholesale channel partnerships, as well as placing increased emphasis on their direct-to-consumer business. While this will evolve over the course of 2018, we are pleased to see our business moving in a positive direction into the fourth quarter including a successful Black Friday weekend. In the third quarter, we grow 4% sales growth with increases in both our direct-to-consumer and wholesale segments led by double digit comps in our full price stores, as well as more than 20% growth in our e-commerce business. Wholesale segment sales grew 3.5%. We saw improved performance as new fall deliveries arrived throughout the quarter. We believe that our relevant and compelling styles are resonating with customers and we are seeing a favorable response to buy-now-wear-now product. Importantly, the lift in full price selling shows that she responds when she sees beautiful high quality seasonally relevant product. We also brought back updated versions on select strong selling styles from previous seasons that were missing from the assortment last year that check well in our stores. As we work to refine our product assortment, we have also continued to test a number of new categories. We recently debuted our capsule home collection and we are also very excited to be re-launching our handbag offering at select retail stores and online in December. As we said in the past, we continue to look for ways to expand the Vince brand in the complementary categories and are excited about the new…

Thank you, Brendan. Overall, we are pleased with the direction of our business as we saw improved momentum in our direct-to-consumer segment and we have positioned ourselves to execute our wholesale transformation strategy. We also successfully completed our rights offerings and reverse stock split as well as identified and achieved cost savings in a number of areas thereby enhancing our liquidity position. Turning now to the details of our financial results. Third quarter net sales increased 4.1% to $79.1 million compared to $76 million in the prior year period. Our wholesale channel sales were up 3.5% to $53 million, primarily due to an increase in off-price sales as well as current year shift in deliveries into the third quarter from the second quarter which we discussed on our last call. In terms of our off-price business as you will recall, in last year’s third quarter we did not have a large presence in this channel and we’ve been building back this business in a healthy way during fiscal 2017. This growth in the off-price channel was partially offset by the expected decrease in full-price channel shipments. Our direct-to-consumer segment sales increased 5.3% to $26.1 million in the third quarter and comparable sales including e-commerce increased 4.4%, reflecting an increase in average unit retail. As Brendan mentioned, we saw solid growth in both our full-price and e-commerce businesses where our outlet business did not near expectations. Gross profit in the third quarter was $36.7 million 46.4% of net sales. This compares to $38 million or 50% of net sales in the third quarter of last year. Gross margin was negatively impacted by higher product and supply chain costs, a higher mix of markdown sales in the direct-to-consumer segment and one-time cost associated with the execution of our wholesale distribution strategy. This…

Thank you everyone for your continued support and interest. We look forward to updating you on our fourth quarter conference call.