Business
Vera Bradley Announces Second Quarter Fiscal 2021 Results
Company posts second quarter GAAP EPS of $0.42 per diluted share and non-GAAP EPS, excluding certain items, of $0.32 per diluted share Total revenue growth
About this update from Vera Bradley, Inc.
[{"type":"text","content":"Company posts second quarter GAAP EPS of $0.42 per diluted share and non-GAAP EPS, excluding certain items, of $0.32 per diluted share\n Total revenue growth for the quarter of 10.0%, driven by Pura Vida acquisition and strong Vera Bradley e-commerce performance Company delivers meaningful gross margin rate improvement and leverage on expenses for the quarter Balance sheet remains strong, with year-over-year increase in cash, cash equivalents, and investments to $77.1 million, even after reducing borrowings on its ABL facility FORT WAYNE, Ind., Sept. 02, 2020 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq: VRA) (the “Company”) today announced its financial results for the second quarter ended August 1, 2020. Chief Executive Officer Rob Wallstrom noted, “I am extremely pleased with our second quarter results, which significantly exceeded our expectations and last year’s performance, despite facing the headwinds of COVID-19. Our team proved that by remaining agile, focusing on innovation that enhances the customer experience – in product, marketing, and technology – and controlling what we can control, we can drive strong results and position ourselves to emerge a stronger company. These results were delivered through the collaboration, tenacity, and ingenuity of our entire organization. “Total Company year-over-year second quarter revenues grew 10%, driven by the addition of Pura Vida for a full quarter and Vera Bradley e-commerce sales doubling, partially offset by a decrease in Vera Bradley store revenues due to COVID-19-related closures for a portion of the quarter. At both Vera Bradley and Pura Vida, customers responded to new product launches and marketing initiatives, and cotton masks also drove meaningful revenue growth. “We significantly expanded our consolidated gross margin rate in the quarter through sales of cotton masks, product collaborations, careful inventory management, and tightly controlled promotional activity. We carefully managed our expenses, achieving expense leverage in the quarter.” “Our balance sheet remains strong,” Wallstrom added. “Even after paying $30 million down on our $60 million of credit facility borrowings during the quarter, our quarter end cash and investment balance totaled $77.1 million, once again highlighting our ability to generate solid free cash flow.” Stores and E-Commerce On May 5,...