Ladies and gentlemen, thank you for standing by. Welcome to the Vince Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference call over to our host, Caitlin Churchill, Investor Relations. Please go ahead.

Thank you, and good morning, everyone. Welcome to Vince Holding Corp.'s Fourth Quarter Fiscal 2023 Results Conference Call. Hosting the call today are Dave Stefko, Interim Chief Executive Officer; and John Szczepanski, 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 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. Discussions of these non-GAAP measures and information on reconciliations of them to their most comparable GAAP measures are included in today's press release 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 question-and-answer session. Now I'll turn the call over to Dave. Dave?

Thank you, Caitlin, and thank you, everyone, for joining us this morning. I am pleased to be speaking with you once again since retiring as CFO earlier in 2023 as a member of the Board of Directors, I have remained focused and engaged on the progress the teams have been making in positioning Vince for long-term success. While the Board is actively looking for our permanent CEO, I am committed to leading the company through this transition, while we continue to execute our transformation plan and drive improved performance, including building on the progress we have made this year and the reenergized focus in enhancing our growth initiatives, including driving customer acquisition. Now let me turn to review our full year and fourth quarter highlights and progress against our initiatives. As previously discussed, fiscal 2023 was a transformative year for Vince. We completed the wind down of the Rebecca Taylor business, entered into a strategic partnership with Authentic Brands, successfully refinanced our credit facilities, and launched our transformation plan aimed at delivering over $30 million in cost savings over the next 3 years to help mitigate royalty fees now incurred in our go-forward operating model. In addition, we maintained a very disciplined approach to inventory management and prioritize driving a healthier full-price business. While some of the actions we had taken in mid- to late 2023 hindered our top line growth, particularly as we decreased our promotional activity and pulled back on our off-price wholesale business, as reflected in our fourth quarter results, we are pleased to have delivered on our profitability objectives for the fourth quarter and fiscal 2023 as evidenced by the strong operating margin expansion in both periods despite incurring royalty fees that we did not incur in the prior year period. As we enter fiscal 2024,…

Thank you, Dave, and good morning, everyone. As Dave discussed, we are pleased to have delivered on our profitability objectives for the full year, supported by a strong gross margin expansion as we focused on our higher-margin Vince brand business, maintain disciplined inventory management, and drove a healthier full-price business while also incurring royalty fees beginning earlier this year with the closing of our transaction with Authentic. While sales came in slightly lower than planned in Q4 as we maintain our promotional stance in a highly promotional period for retail while also balancing tightly managed inventories across DTC and wholesale, we are pleased with the improvement in operating margin we delivered. Before I review our results in detail, as a reminder, fourth quarter and full year 2023 included a 14th and 53rd week, respectively, which represented approximately $2.2 million in sales and $0.4 million in operating loss. All results reported today are inclusive of this 53rd week impact. Turning now to our results in more detail. Total company net sales for the fourth quarter decreased 17.5% to $75.3 million compared to $91.3 million in the fourth quarter of fiscal 2022. The year-over-year decline was driven by the completion of the previously announced wind down of the Rebecca Taylor business which delivered net sales of $11 million in the prior year period and a 6.3% decline in Vince brand sales compared to fiscal 2022. The Vince brand net sales decrease was driven by year-over-year declines in both our wholesale and direct-to-consumer segments. As I mentioned, our top line performance was impacted by the strategic decision to maintain a disciplined promotional cadence despite the increased promotional activity across retail, the pullback in our off-price business within our wholesale channel and tightly managed inventory balances driven by more conservative buys for current season…

Ladies and gentlemen, I would like to thank you all for joining today's call. Have a great rest of your day. You may now disconnect your lines.