![]() Our team is driven, our brands are strong, and we are positioned for long-term growth,” Wallstrom concluded. “We have a healthy cash position, a debt-free balance sheet, and an ability to generate free cash flow that will allow us to continue to invest in both our lifestyle brands and seek out acquisitions of other comfortable, affordable, purpose-driven brands over time. We remain focused on our vision to be a purpose-driven, multi-lifestyle brand, high-growth company. Wallstrom continued, “We are confident that both our Vera Bradley and Pura Vida brands have meaningful long-term growth opportunities, well beyond their core product categories. Wallstrom added, “Even with the current supply chain challenges and delayed renewal of GSP, on a year-to-date basis, before certain items, non-GAAP EPS is ahead of last year and ahead of where we were in Fiscal 2020, pre-pandemic.” This negatively impacted diluted EPS by approximately $0.03 for the third quarter and by $0.06 for the nine months.” “In the past, Congress has retroactively reinstated the duty-free status of such tariffs to the beginning of the year however, we are not certain when or if this will happen. “In addition, more specific to Vera Bradley, the lower margin rate reflects higher tariffs from previously duty-free countries from which we source products whose generalized system of preferences, or GSP, duty-free status expired at the beginning of the calendar year,” continued Wallstrom. Those increases began in the fourth quarter of this year and will continue over the next few quarters.” We have begun to take strategic retail price increases across both of our brands to mitigate some of these inflationary and supply chain pressures. We estimate these incremental freight expenses negatively impacted diluted EPS by approximately $0.05 for the third quarter and $0.10 for the nine months. “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 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. 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. ![]() 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. “Pura Vida sales returned to double digit growth in the quarter, up 11.7% over last year. ![]() Third quarter Vera Bradley brand comparable sales rose nearly 8% over last year and 5.6% over 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. 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” on a stand-alone basis refers only to the Vera Bradley brand. or “the Company” refers to the entire enterprise and includes both the Vera Bradley and Pura Vida brands. (Nasdaq: VRA) today announced its financial results for the third quarter and nine months ended October 30, 2021. 08, 2021 (GLOBE NEWSWIRE) - Vera Bradley, Inc. 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 yearīalance sheet remains strong, with cash, cash equivalents, and investments over $75 million no debtįORT WAYNE, Ind., Dec. ![]() Third quarter net income totaled $0.17 per diluted share excluding certain items, non-GAAP net income totaled $0.18 per diluted share Consolidated third quarter net revenues totaled $134.7 million, an increase of 7.9% over last year
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