Business
Vera Bradley Announces First Quarter Fiscal Year 2022 Results
Consolidated net revenues totaled $109.1 million for the current year first quarter, an increase of 57.5% over $69.3 million in the prior year For the
About this update from Vera Bradley, Inc.
[{"type":"text","content":"Consolidated net revenues totaled $109.1 million for the current year first quarter, an increase of 57.5% over $69.3 million in the prior year For the quarter, Vera Bradley, Inc. substantially narrowed its net loss to $2.1 million, or $0.06 per diluted share; excluding certain items, the non-GAAP net loss totaled $1.7 million, or $0.05 per diluted share Balance sheet remains strong, with cash, cash equivalents, and investments over $50 million and no debt Management increases annual guidance for fiscal year ending January 29, 2022 FORT WAYNE, Ind., June 09, 2021 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq: VRA) today announced its financial results for the first quarter ended May 1, 2021. In this release, Vera Bradley, Inc. or “the Company” refers to the entire enterprise and includes both the Vera Bradley and Pura Vida brands. Vera Bradley on a stand-alone basis refers to the Vera Bradley brand. First Quarter Comments “We outperformed our revenue and earnings expectations in the first quarter,” noted Rob Wallstrom, Chief Executive Officer of the Company. “Consumer confidence, traffic, and spending grew as vaccines became more widely available; government stimulus funds were distributed; and customers began returning to work, social events, and travel. We expanded our consolidated gross margin rate and prudently managed our expenses.” “As a reminder, our enterprise’s forward-looking strategy is to be a purpose-driven, multi-lifestyle brand, high-growth company,” Wallstrom continued. “Our strong cash position, debt-free balance sheet, and ability to generate free cash flow will allow us to continue to invest in both our Vera Bradley and Pura Vida brands and seek out appropriate acquisitions of other comfortable, affordable, purpose-driven, digitally-native brands, similar to our successful Pura Vida acquisition, over time. We will also continue to expand our reach by adding adjacent product categories and geographies.” Summary of Financial Performance for the First Quarter Consolidated net revenues totaled $109.1 million for the current year first quarter, an increase of 57.5% over $69.3 million in the prior year first quarter. Prior year revenues were adversely affected by the COVID-19 pandemic. For the current year first quarter, Vera Bradley, Inc.’s consolidated net loss totaled ($2.1) million, or ($0.06) per diluted share....