Hello, everyone, and thank you for standing by for the Vince First Quarter 2023 Earnings Conference Call. My name is Daisy, and I'll be coordinating your call today. I would like to hand over to your host, Caitlin Churchill, of Investor Relations at Vince to begin. So, Caitlin, please proceed.

Thank you, and good morning, everyone. Welcome to Vince Holding Corp.'s first quarter fiscal 2023 results conference call. Hosting the call today are Jack Schwefel, Chief Executive Officer, and Amy Levy, 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 statements made during the call will remain operative at a later time, and the company undertakes no obligation to update any financial information discussed on the call. In addition, in today’s discussion, the company is presenting its financial results in conformity with GAAP, and on an adjusted basis. The adjusted results that the company presents today are non-GAAP measures. Discussion of these non-GAAP (indiscernible) and reconciliations of them to their most comparable GAAP measures (indiscernible) and related schedules, which are available in the Investors section of the company's website at investors.vince.com. Following today's remarks, there will be no Q&A session. Now, I’ll turn the call over to Jack.

Thank you, Caitlin, and thank you for everyone for joining us this morning. I'll begin my discussion with a review of the highlights from Vince Brand's first quarter performance, before turning the call over to Amy to discuss our financial results in more detail. Our first quarter results were largely in line with our expectations, supported by our efforts to streamline our organization to focus on our core strengths while maintaining a disciplined approach to expense management as we continue to navigate a challenging macro environment. As expected, we continued to navigate a challenging macro environment during the first quarter, which impacted our topline performance across both our wholesale and direct to consumer channels. Within both channels, we saw a relative outperformance of stores compared to e-commerce, which we attribute to the broader industry trend occurring with the customer. With respect to our wholesale performance, we have seen pockets of strength with key partners, while others remain cautious given the current environment. That said, we believe we are well positioned with the strength of our relationships, and while we are maintaining a prudent outlook for the remainder of the year, we are continuing to stay close and work with our partners as we continue to move through the year. Turning to our direct-to-consumer performance, as I mentioned, like others, we saw customers continue to engage more in stores versus e-commerce during the period, though both channels were impacted by the macro headwinds affecting our consumers. In the direct business, we made the strategic decision to begin to pull back and become more surgical with our promotional cadence, given our improved inventory position. We leveraged insights from our customer data platform to create more targeted events and were encouraged by results we saw, particularly in stores and with our reactivated customer…

Thank you, Jack. As Jack discussed, our first quarter results were relatively in line with our expectations. The quarter presented both headwinds and tailwinds as we continue to navigate a challenging environment, but also benefited from the actions we have taken to streamline our organization, along with increased freight favorabilities that we expect to continue through at least the first half of the year. Turning now to our results in more details. Total company net sales for the first quarter decreased 18.3% to $64.1 million compared to $78.4 million in the first quarter of fiscal 2022. The year-over-year decrease was driven by a 6.3% decrease in Vince brand sales and a 99.2% decrease in Rebecca Taylor and Parker combined net sales due to the previously announced wind-down of the Rebecca Taylor business, which is substantially complete. The Vince brand net sales decrease was driven by year-over-year declines in both our direct to consumer and wholesale segments. As Jack discussed, both segments were impacted by macro related headwinds and saw relative outperformance in stores compared to e-commerce. More specifically, the year-over-year decline in wholesale topline performance was primarily driven by lower full price shipments, and was partly offset by an increase in off-price shipments. In direct-to-consumer, performance was impacted by lower e-commerce traffic in the quarter. Gross profit in the first quarter was $29.6 million or 46.2% of net sales. This compares to $35.6 million or 45.5% of net sales in the first quarter of last year. The increase in gross margin rate was driven by lower freight costs, as well as the wind-down of the Rebecca Taylor business, which historically operated at a lower overall gross margin and offset the unfavorable impact from higher discounts in the wholesale off price channel, as well as an increase in promotional activity in…