Business
VERA BRADLEY ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2020 RESULTS
Results reflect Pura Vida acquisition completed in second quarter Fourth quarter consolidated revenues up 32.8% to $156.9 million; Vera Bradley comparable
About this update from Vera Bradley, Inc.
[{"type":"text","content":"Results reflect Pura Vida acquisition completed in second quarter\n Fourth quarter consolidated revenues up 32.8% to $156.9 million; Vera Bradley comparable sales grew 2.4% for the quarter Fiscal year consolidated revenues up 19.0% to $495.2 million; Vera Bradley comparable sales grew 3.4% for the year Fourth quarter Vera Bradley, Inc. net income totaled $12.5 million, or $0.37 per diluted share; excluding certain net charges, Vera Bradley, Inc. non-GAAP net income totaled $14.3 million, or $0.42 per diluted share For the fiscal year, Vera Bradley, Inc. net income totaled $16.0 million, or $0.47 per diluted share; excluding certain net charges, Vera Bradley, Inc. non-GAAP net income totaled $28.2 million, or $0.82 per diluted share Company ended the fiscal year with strong cash and investment position of $73.8 million and no debt Management provides guidance for fiscal year ending January 30, 2021 FORT WAYNE, Ind., March 11, 2020 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq: VRA) (“Vera Bradley” or the “Company”) today announced its financial results for the fourth quarter and fiscal year ended February 1, 2020 (“Fiscal 2020”). Pura Vida Acquisition and Accounting In the Company’s second fiscal quarter (on July 16, 2019), Vera Bradley acquired a 75% interest in Creative Genius, Inc., which also operates under the name Pura Vida Bracelets (“Pura Vida”). Financial results for Pura Vida have been consolidated beginning July 17, 2019, the first full day following the acquisition. The third fiscal quarter was the first full quarter reflecting the acquisition. Prior period numbers have not been restated. Any reference to the results of “Vera Bradley” in this release is to results of the stand-alone Vera Bradley business (comprised of the Vera Bradley Direct and Indirect segments) and excludes Pura Vida. Any reference to the results of “Vera Bradley, Inc.” is to the combined results of Vera Bradley and Pura Vida. Summary of Financial Performance for the Fourth Quarter Consolidated net revenues totaled $156.9 million for the current year fourth quarter (which included $35.5 million of net revenues from Pura Vida), an increase of 32.8% over the prior year. Excluding Pura Vida, Vera Bradley net revenues totaled $121.4 million, a 2.7% increase over $118.2 million in the prior year fourth quarter. Consolidated net revenues were within the...