Business
Vera Bradley Announces Fourth Quarter and Fiscal Year 2024 Results
Consolidated net revenues totaled $470.8 million for the fiscal year, compared to $500.0 million last year Net income totaled $7.8 million, or $0.25 per
About this update from Vera Bradley, Inc.
[{"type":"text","content":"Consolidated net revenues totaled $470.8 million for the fiscal year, compared to $500.0 million last year Net income totaled $7.8 million, or $0.25 per diluted share, for the fiscal year, compared to a net loss of ($59.7) million, or ($1.90) per diluted share, last year Non-GAAP net income totaled $17.2 million, or $0.55 per diluted share, for the fiscal year, compared to a net loss of ($3.2) million, or ($0.10) per diluted share, last year Strong balance sheet, with cash and cash equivalents of $77.3 million, no debt, and year-over-year inventories down nearly 17% Management provides guidance for fiscal year ending February 1, 2025 FORT WAYNE, Ind., March 13, 2024 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq: VRA) (the “Company”) today announced its financial results for the fourth quarter and fiscal year ended February 3, 2024 (“Fiscal 2024”). 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. Fourth Quarter and Fiscal Year-End Comments Jackie Ardrey, Chief Executive Officer of the Company, stated, “We are pleased with the completion of the first full year of our turnaround story. We have successfully pivoted the organization toward a bright future and effectively managed both the existing business as well as the turnaround efforts, through Project Restoration, which will begin to bear fruit in the coming year. Our teams continued to carefully manage both gross margin and expenses in the fourth quarter, consistent with efforts earlier in the year. “We have improved discipline around gross margin management and cost control, which will continue. In addition to this discipline, our strategic efforts are focused on stabilizing and growing our sales base. Our recent sales results demonstrate the need for change in our branding, product assortments, and store environments – the exact areas that Project Restoration addresses to position Vera Bradley, Inc. for long-term, profitable growth. After a year of foundational work, we are very excited about the customer-facing changes through Project Restoration that we will unveil this year.” “For the fourth quarter, Vera Bradley brand revenues fell 6.1%, with soft sales in all Direct channels,” Ardrey continued. “Sales were also...