Business
Vera Bradley Announces First Quarter Fiscal 2021 Results
Company proactively takes actions to address COVID-19 crisis E-commerce revenues grow during the quarter Balance sheet remains strong FORT WAYNE, Ind., June
About this update from Vera Bradley, Inc.
[{"type":"text","content":"Company proactively takes actions to address COVID-19 crisis\n E-commerce revenues grow during the quarter Balance sheet remains strong FORT WAYNE, Ind., June 03, 2020 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq: VRA) (the “Company”) today announced its financial results for the first quarter ended May 2, 2020 and provided an update on the COVID-19 crisis. COVID-19 Pandemic \"The COVID-19 pandemic has affected nearly every family and business throughout the country over the last three months. Undoubtedly this has been one of the most disruptive and challenging periods in the Company’s history, but our strong culture and innovation are leading us through this period,” noted Chief Executive Officer Rob Wallstrom. “We have worked to minimize the pandemic’s impact on our Associates, shareholders, and other stakeholders. The well-being and safety of our Associates and customers remain our top priorities in every decision we make, including decisions on how and when to reopen our stores,\" continued Wallstrom. \"It will take time for consumer confidence, customer traffic, and shopping activity to return to pre-pandemic levels, but I am confident the actions we have taken will allow us to manage through this challenge and position us to emerge a stronger company and thrive over the long term. “I am so proud of how our organization has responded to this unprecedented crisis. Even while working remotely, our teams have been collaborative and demonstrated focused and thoughtful decision making, innovation, tenacity, and flexibility. Our extraordinary culture has allowed us to not only persevere through the crisis, but it has made us stronger.” “With adversity comes opportunity,” Wallstrom added. “We know that this crisis will have a lasting effect on consumers and transform the way they shop. Our 2019 acquisition of Pura Vida has resulted in e-commerce being a larger share of our total company revenues, and the digital skills of both companies will be even more critical in this new environment. We are moving ahead with the innovation that will enhance the consumer experience and propel us forward – innovation in product, marketing, and technology.” Vision 20/20 Wallstrom continued, “Over two years ago, we embarked on Vision 20/20 – our aggressive three-year plan to restore the Vera Bradley brand and business to a healthy foundation and...