Business
Vera Bradley Announces Third Quarter Fiscal Year 2022 Results
Consolidated third quarter net revenues totaled $134.7 million, an increase of 7.9% over last year Third quarter net income totaled $0.17 per diluted share;
About this update from Vera Bradley, Inc.
[{"type":"text","content":"Consolidated third quarter net revenues totaled $134.7 million, an increase of 7.9% over last year Third quarter net income totaled $0.17 per diluted share; excluding certain items, non-GAAP net income totaled $0.18 per diluted share YTD diluted EPS rose to $0.37, compared to diluted EPS of $0.02 last year; excluding certain items, non-GAAP diluted EPS totaled $0.41, compared to diluted EPS of $0.32 last year Balance sheet remains strong, with cash, cash equivalents, and investments over $75 million; no debt FORT WAYNE, Ind., Dec. 08, 2021 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq: VRA) today announced its financial results for the third quarter and nine months ended October 30, 2021. 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. Third Quarter Comments Rob Wallstrom, Chief Executive Officer of Vera Bradley, Inc., noted, “We posted a consolidated year-over-year third quarter revenue increase of 7.9% and a 5.7% increase over the pre-pandemic levels of the third quarter of Fiscal 2020. “Vera Bradley brand revenues have continued to gain momentum quarter-over-quarter as customers have responded to product innovation and collaborations, supported by data-driven and targeted marketing. Third quarter Vera Bradley brand comparable sales rose nearly 8% over last year and 5.6% over Fiscal 2020. “Pura Vida sales returned to double digit growth in the quarter, up 11.7% over last year. Pura Vida’s e-commerce revenues were still suppressed by the Apple iOS 14.5 update put in place earlier this year that lessened the effectiveness of Facebook and Instagram advertising, Pura Vida’s primary marketing vehicles to drive sales. On the other hand, our first store in San Diego continued to run ahead of expectations, and we are focused on opening three to five additional stores next year. We expect that driving growth through both our ecommerce and physical distribution channels will be key to returning to our 15% to 20% growth target for Pura Vida. “Like much of the industry, we continued to experience supply chain challenges and significantly increased freight expenses that put meaningful pressure on gross margin in the quarter. We estimate these incremental freight expenses...