Operating loss for the fourth quarter was $1.7 million compared to an operating loss of $5.5 million in the same period last year. Net interest expense for the fourth quarter decreased to $1.7 million compared to $3.7 million in the prior year. The decrease was driven by the year-over-year reduction in debt given the previously announced refinancing actions we took earlier this year. Income tax expense for the fourth quarter was $1.9 million, primarily driven by the equity method investment naked credit, which we detailed in today’s press release. The tax expense in the fourth quarter of fiscal 2023 compares to an income tax expense of $1.7 million in the same period last year. Net loss for the fourth quarter was $4.7 million or a $0.37 loss per share compared to a net loss of $11 million or an $0.89 loss per share in the fourth quarter last year.
With respect to our full year performance, we delivered total company net sales of $292.9 million for the year ended February 3, 2024, compared to $357.4 million in the prior year period which included a $38.3 million of Rebecca Taylor and Parker combined net sales. In addition, for the year ended February 3, 2024, we delivered income from operations of $31.6 million compared to a loss from operations of $25.4 million in the prior year. The fiscal 2023 period includes the following one-time non-recurring items, a $32.8 million benefit from the Vince IP and Parker IP sale gains and $5.2 million in transaction expenses that were not incurred in the prior year period. The income tax benefit for the full year was $3.5 million. Net income for the full year was $25.4 million or $2.04 per share compared to a net loss of $38.3 million or $3.14 loss per share last year.
Adjusted net loss for the full year of fiscal 2023, excluding the one-time items reviewed was $7.7 million or a loss per share of $0.62. Moving to the balance sheet. Net inventory was $58.8 million at the end of the fourth quarter as compared to $90 million at the end of the fourth quarter last year. The year-over-year decrease in inventory was primarily driven by the normalization of inventory within Vince, as we sold through higher levels of inventory from the prior year and rebalanced our inventory purchases for the current season. As we entered fiscal 2024, we feel comfortable with our current inventory balances and we’ll maintain a disciplined approach as we invest back into inventory to help support the growth we see especially in the back half of the year with our key selling season.
We expect inventory for fiscal 2024 to be relatively flat to fiscal 2023. Before I turn to outlook, let me provide some additional color on our transformation plan. As we previously announced, we have initiated a transformation program, which will help to offset the royalty fees we now incur, and we are targeting $10 million per year in savings over the course of three years. About half of the savings are expected to come from product cost efficiencies with no compromises to quality, with the balance driven by targeted initiatives to improve pricing and promotions and reduce operating expenses. As we begin fiscal 2024, the benefits are materializing according to plan, giving us confidence in the achievement of our year one transformation goal.
Turning now to our outlook. As a reminder, given the timing of the completion of the Authentic transaction in May 2023, the year-over-year comparison in the first half of fiscal 2024 will be negatively impacted by the royalty fees now incurred in the business that were not incurred through May 2023. For Q1 fiscal 2024, we expect total net sales to decline in the high single-digit range compared to the prior year period as we continue to focus on driving improved profitability through a pullback in the off-price wholesale business and promotional activity. Given the negative impact of approximately 400 basis points from royalty fees expected in Q1 fiscal 2024 that did not occur in Q1 fiscal 2023, we expect operating margin to decline 400 basis points to 375 basis points versus the prior year adjusted operating margin.
We expect operating margin performance to be positively driven by favorable full price mix, lower promotions and the impact of our transformation initiatives, offset by expense favorability from last year due to the wind down activity with Rebecca Taylor as well as wage inflation. With respect to our full year fiscal 2024 outlook, we expect total net sales to grow in the low single-digits compared to fiscal 2023. We expect trends to improve as we move through the year, as we normalize shipments to our wholesale partners to better meet demand in that channel, including the expansion of our business in Nordstrom, which Dave reviewed and as we capitalize on our key fall and winter selling season. For the year, we expect operating margin to be flat to up 25 basis points compared to fiscal 2023 adjusted operating margin.
We expect the impact of royalty fees through May 2024, which were not incurred in the comparable fiscal 2023 period to impact operating margin performance by approximately 150 basis points. This concludes our remarks. Thank you for joining us this morning.
Operator:
