Business
Vera Bradley Announces Fourth Quarter and Fiscal Year 2021 Results
For the fiscal year, Vera Bradley, Inc. net income totaled $8.7 million, or $0.26 per diluted share;excluding certain items, Vera Bradley, Inc. non-GAAP net
About this update from Vera Bradley, Inc.
[{"type":"text","content":"For the fiscal year, Vera Bradley, Inc. net income totaled $8.7 million, or $0.26 per diluted share;excluding certain items, Vera Bradley, Inc. non-GAAP net income totaled $21.4 million, or $0.63 per diluted share E-commerce sales comprised nearly half of total Company revenues for the fiscal year; Vera Bradley brand e-commerce sales grew nearly 50% over prior year Balance sheet remains strong, with cash, cash equivalents, and investments of $65.5 million and no debt Management provides guidance for fiscal year ending January 29, 2022; total revenues expected to grow 17% to 23% over Fiscal 2021 and 11% to 16% over Fiscal 2020 FORT WAYNE, Ind., March 10, 2021 (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 January 30, 2021 (“Fiscal 2021”). Rob Wallstrom, Chief Executive Officer of the Company, noted, “I am proud of how our organization navigated through the last year. Our extraordinary culture has allowed us to not only persevere through the crisis, but it has made us stronger. In spite of an extremely challenging overall retail environment and a very difficult handbag and accessories market in particular, we delivered some best-in-class operating results. On a non-GAAP basis, excluding certain items, our fiscal year operating income was nearly 90% to last year, which was a strong performance in light of the unprecedented pandemic-related headwinds. These results were due to the strength of our two lifestyle brands and strong execution. “Despite significant sales disruption, we had several financial successes during the year. E-commerce sales comprised nearly half of total Company revenues for the fiscal year; Vera Bradley brand e-commerce sales grew nearly 50% over the prior year. ” “For the year, we expanded our consolidated gross margin rate primarily through product innovation (cotton masks and product collaborations) and more full-priced selling,” Wallstrom added. “We diligently managed our expenses, and we ended the fiscal year with a solid balance sheet with ample cash and no debt. We are in a strong position to drive growth by continuing to invest in our two brands and to take advantage of additional acquisition opportunities over time.” Pura Vida Acquisition and Accounting In the Company’s prior year ...