Business
Vera Bradley Announces Third Quarter Fiscal Year 2024 Results
Consolidated net revenues totaled $115.0 million Net income totaled $5.1 million, or $0.16 per diluted share; non-GAAP net income totaled $6.1 million, or
About this update from Vera Bradley, Inc.
[{"type":"text","content":"Consolidated net revenues totaled $115.0 million Net income totaled $5.1 million, or $0.16 per diluted share; non-GAAP net income totaled $6.1 million, or $0.19 per diluted share Balance sheet strengthens, with cash and cash equivalents of $52.3 million, no debt, and year-over-year inventories down 27.6% FORT WAYNE, Ind., Dec. 06, 2023 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq: VRA) today announced its financial results for the third quarter and nine months ended October 28, 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 to the Vera Bradley brand. Third Quarter Comments Jackie Ardrey, Chief Executive Officer of the Company, stated, “Our efforts continue on Project Restoration, and we are very pleased with our progress to date as our associates across the Company work together to position Vera Bradley, Inc. for long-term, profitable growth. Year-over-year third quarter non-GAAP income was essentially flat, as we delivered solid gross margin expansion and carefully managed our expenses, despite sales challenges.” “Total third quarter revenues for the Vera Bradley brand decreased 5.0% from last year,” Ardrey noted. “Vera Bradley Direct revenue declines primarily resulted from continued weakness in the outlet store channel and the impact of store closures. Year-over-year Vera Bradley Indirect revenues were up as compared to last year. “Pura Vida year-over-year sales decreased 18.3%, with declines in both wholesale and ecommerce revenues, as prior year sales were driven by meaningfully higher levels of marketing spend, along with increased liquidation and clearance activity. Store sales remained strong. With our diligent expense management and focus on profitability, Pura Vida year-over-year third quarter operating income improved. “At both brands, customers have responded to our latest iconic product collaborations and to our new, innovative, and on-trend product offerings, even as they have been more careful and thoughtful with their discretionary spending in the current macro environment.” Ardrey continued, “We continue to diligently manage our debt-free balance sheet, adding to our year-over-year cash position while strategically lowering our inventory levels. Strength in this area i...