Business
Vera Bradley Announces Fourth Quarter and Fiscal Year 2023 Results
Net revenues totaled $500.0 million for the fiscal year Net loss totaled ($59.7) million, or ($1.90) per diluted share, for fiscal year; excluding certain
About this update from Vera Bradley, Inc.
[{"type":"text","content":"Net revenues totaled $500.0 million for the fiscal year Net loss totaled ($59.7) million, or ($1.90) per diluted share, for fiscal year; excluding certain items, non-GAAP net income totaled $7.6 million, or $0.24 per diluted share Balance sheet remains strong, with cash and cash equivalents of $46.6 million and no debt Management provides guidance for fiscal year ending February 3, 2024 FORT WAYNE, Ind., March 08, 2023 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq: VRA) (or the “Company”) today announced its financial results for the fourth quarter and fiscal year ended January 28, 2023 (“Fiscal 2023”). 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 only to the Vera Bradley brand. Fourth Quarter and Fiscal Year Comments Jackie Ardrey, Chief Executive Officer of the Company, noted, “We focused on driving revenues in the fourth quarter through targeted, strategic promotions on seasonal, giftable, and key items. As a result, total Company fourth quarter revenues outperformed our guidance, although gross margins remained under pressure. Diligent expense control enabled us to deliver fourth quarter non-GAAP diluted EPS of $0.16, which was nearly flat with last year. “In the fourth quarter, sales trends at both Vera Bradley and Pura Vida improved over prior quarters, with Vera Bradley total sales down just 1% and Pura Vida sales down less than 5% on a year-over-year basis. For the fourth consecutive quarter, the Vera Bradley Indirect Channel experienced year-over-year revenue growth. Targeted customer retention efforts led to increased Vera Bradley e-commerce revenues, while Full-Line and Factory store revenues continued to be negatively affected by traffic levels, although trends improved throughout the quarter.” Ardrey continued, “At Pura Vida, e-commerce trends improved over previous quarters due to strategic promotions; however, overall challenges continued to persist in our social and digital media effectiveness coupled with rising digital media costs. And, we experienced a year-over-year sales decline in our wholesale channel. On the plus side, Pura Vida Full-Line retail stores continued to perform ahead of our expectations, and they drove improved e-commerce traffic and revenues in their m...