Second quarter net revenues totaled $119.2
million
Vera Bradley, Inc. (Nasdaq:VRA) (“Vera Bradley” or the “Company”)
today announced its financial results for the fiscal second quarter
and six months ended July 30, 2016.
Summary of Financial Performance for the
Second Quarter
Net revenues totaled $119.2 million for the second
quarter ended July 30, 2016 compared to $120.7 million for the
second quarter ended August 1, 2015.
The Company posted net income of $5.1 million, or
$0.14 per diluted share, for the current year second quarter, which
included after-tax store impairment charges of $1.0 million, or
$0.03 per diluted share. Net income totaled $5.7 million, or
$0.15 per diluted share, in the prior year second
quarter.
Summary of Financial Performance for the
Six Months
Net revenues totaled $224.4 million for the six
months ended July 30, 2016 compared to $221.8 million for the six
months ended August 1, 2015, an increase of 1.2%.
For the current year six month period, the Company
posted net income of $7.5 million, or $0.20 per diluted share,
which included the aforementioned after-tax store impairment
charges of $1.0 million, or $0.03 per diluted share.
For the prior year six month period, the Company
posted net income of $1.6 million, or $0.04 per diluted
share. Those results included net after-tax charges of $4.2
million comprised of:
- $2.1 million related to the closing of its Indiana
manufacturing facility, primarily severance and lease termination
charges;
- $1.5 million related to other severance and restructuring
charges; and
- $0.6 million related to an income tax adjustment for an
increase in income tax reserves for uncertain federal and state tax
positions related to research and development tax credits.
Excluding these charges, the Company’s net income
totaled $5.8 million, or $0.15 per diluted share, for the prior
year six months.
Comments on the Quarter and Looking
Ahead
Robert Wallstrom, Chief Executive Officer, noted,
“Second quarter diluted EPS of $0.14 was within our guidance range
and ahead of consensus.
“Although the overall retail environment certainly
remains challenging, we are pleased that we achieved total revenues
within our guidance range. We are also pleased with our 230
basis point gross profit expansion, primarily related to sourcing
and operational efficiencies.”
“The third fiscal quarter will be an exciting and
important one for our Company and our brand,” Wallstrom
continued. “We are beginning the launch of Vera Bradley’s new
brand positioning which we believe will lay the foundation for
positive comparable sales growth by the end of the fiscal
year. Our comprehensive marketing initiatives, new SoHo
flagship store, refreshes of key full-line stores, and launch of
our new verabradley.com digital flagship will all be drivers of our
growth.”
Second Quarter Details
Current year second quarter net revenues totaled
$119.2 million, within the Company’s guidance of $118 million to
$123 million. Prior year second quarter revenues totaled
$120.7 million.
Current year second quarter Direct segment revenues
totaled $87.2 million, a 4.1% increase over $83.8 million in the
prior year second quarter. Comparable sales (including
e-commerce) decreased 5.7% for the quarter (reflecting a 5.9%
decline in comparable store sales and a 5.4% decrease in e-commerce
sales), which was more than offset by new store growth (the Company
opened 6 full-line and 7 factory outlet stores during the past 12
months). Second quarter comparable sales were negatively
impacted by year-over-year declines in store and e-commerce
traffic.
Indirect segment revenues decreased 13.4% to $32.0
million from $36.9 million in the prior year second quarter,
primarily due to lower orders from the Company’s specialty retail
accounts and the timing of a product launch in the specialty
channel (moving from the second quarter last year to the first
quarter this year) which negatively impacted current year second
quarter revenues, partially offset by higher-than-expected sales to
certain non-department store key accounts.
Gross profit for the quarter totaled
$68.4 million, or 57.4% of net revenues, compared to $66.6 million,
or 55.1% of net revenues, in the prior year second quarter.
The year-over-year 230 basis point gross profit percentage
improvement primarily related to sourcing efficiencies (leveraged
overhead costs resulting from the closing of the Company’s domestic
manufacturing) and various operational efficiencies. The
gross profit percentage was below the low end of the guidance range
of 58.0% to 58.5%, primarily due to fabrication/product mix and
modestly increased promotional activity at the Company’s factory
stores.
SG&A expense totaled $60.3 million, or 50.6% of
net revenues, in the current year second quarter, compared to $57.4
million, or 47.5% of net revenues, in the prior year second
quarter. As expected, SG&A dollars increased over the
prior year primarily due to new store expenses and approximately
$1.0 million in additional severance charges. In addition,
the Company incurred approximately $1.6 million of pre-tax store
impairment charges in the quarter. Despite the store
impairment charges, the SG&A expense rate was below the
Company’s guidance of 51.3% to 51.8% due to continued diligent
expense management.
Operating income totaled $8.3 million, or 7.0% of
net revenues, in the current year second quarter, compared to $9.5
million, or 7.9% of net revenues, in the prior year second quarter.
By segment, Direct operating income was $18.1 million, or
20.8% of sales, compared to $16.6 million, or 19.8% of sales, in
the prior year, and Indirect operating income was $12.0 million, or
37.5% of sales, compared to $14.8 million, or 40.0% of sales, in
the prior year.
Year-to-Date Details
Prior year income statement numbers referenced
below exclude the previously outlined charges related to the
Company’s manufacturing facility closing, other severance and
restructuring costs, and the income tax adjustment.
Net revenues for the current year six months
totaled $224.4 million, a 1.2% increase over $221.8 million last
year.
Direct segment revenues for the current year six
month period totaled $160.2 million, a 3.9% increase over $154.2
million in the same prior year period. Comparable sales
(including e-commerce) decreased 6.1% for the period (reflecting a
5.1% decline in comparable store sales and an 8.1% decrease in
e-commerce sales), which was more than offset by new store growth
(the Company opened 6 full-line and 7 factory outlet stores during
the past 12 months). Comparable sales were negatively
impacted by year-over-year declines in store and e-commerce
traffic. E-commerce and full-line store sales were also
negatively impacted by lower levels of promotional activity.
Indirect segment revenues decreased 5.0% to $64.2
from $67.6 million in the prior year, primarily due to lower orders
from the Company’s specialty retail accounts, partially offset by
higher than expected sales to certain non-department store key
accounts.
Gross profit for the six months totaled $128.0
million, or 57.1% of net revenues, compared to $121.7 million, or
54.9% of net revenues, in the prior year. The year-over-year
220 basis point gross profit percentage improvement primarily
related to sourcing and operational efficiencies and increased
sales penetration of higher-margin made-for-outlet (MFO) products,
partially offset by fabric/product mix and increased promotional
activity at the Company’s factory stores.
SG&A expense totaled $116.7 million, or 52.0%
of net revenues, compared to $112.5 million, or 50.7% of net
revenues, in the prior year. As expected, SG&A dollars
increased over the prior year primarily due to new store expenses
and approximately $1.0 million in additional severance
charges. In addition, the Company incurred approximately $1.6
million of store impairment charges in the second quarter.
Operating income totaled $12.2 million, or 5.4% of
net revenues, for the current year six months, compared to $10.4
million, or 4.7% of net revenues, for the same period last
year. By segment, Direct operating income was $30.3 million,
or 18.9% of sales, compared to $28.1 million, or 18.2% of sales
(which excluded $3.5 million of the aforementioned charges), in the
prior year, and Indirect operating income was $24.6 million, or
38.3% of sales, compared to $25.8 million, or 38.2% of sales (which
excluded $1.1 million of the aforementioned charges), in the prior
year.
Balance Sheet Details
Cash and cash equivalents and short-term
investments as of July 30, 2016 totaled $85.5 million compared to
$76.0 million at the end of last year’s second quarter. The
Company had no debt outstanding at quarter end. Quarter-end
inventory was $96.5 million, compared to $103.9 million at the end
of last year’s second quarter and below guidance of $105 million to
$110 million due to timing of receipts and diligent inventory
management.
Net capital spending for the second quarter and six
months totaled $6.1 million and $11.7 million, respectively.
During the second quarter, the Company repurchased
approximately $10.0 million of its common stock under its $50
million share repurchase plan (approximately 638,000 shares at an
average price of $15.67). This brings year-to-date
repurchases under the $50 million plan to approximately $15.7
million (approximately 992,000 shares at an average price of
$15.81) and plan-to-date repurchases to approximately $19.8 million
(approximately 1,275,000 shares at an average price of $15.55).
Third Quarter and Fiscal Year 2017
Outlook
For the third quarter of fiscal 2017, the Company
expects:
- Net revenues of $128 million to $133 million compared to prior
year third quarter revenues of $126.7 million.
- A gross profit percentage of 58.0% to 58.5% compared to 57.9%
in the prior year third quarter. The modest planned
improvement reflects sourcing and operational efficiencies.
- SG&A as a percentage of net revenues of 47.6% to 48.6%
compared to 45.0% in the prior year third quarter. Third
quarter SG&A will include approximately $3.0 million of
incremental year-over-year expenses related to marketing, store
renovations, and e-commerce.
- Diluted earnings per share of $0.22 to $0.24, based on diluted
weighted-average shares outstanding of 36.6 million and an
effective tax rate of 38.1%. Diluted earnings per share
totaled $0.27 in the prior year third quarter.
- Inventory of $95 million to $100 million at the end of the
third quarter, compared to $118.2 million at the end of last year’s
third quarter.
Prior year full-year numbers referenced below
exclude the aforementioned charges related to the Company’s
manufacturing facility closing, other severance and restructuring
costs, and the income tax adjustment.
For fiscal 2017, the Company expectations are as
follows:
- Net revenues of $510 million to $515 million compared to $502.6
million last year.
- A gross profit percentage of 57.3% to 57.5% compared to 56.6%
last year. The planned improvement reflects sourcing and
operational efficiencies and increased sales penetration of
higher-margin MFO products.
- SG&A as a percentage of net revenues of 47.3% to 47.5%
compared to 46.6% last year. The planned increase is
primarily related to incremental expenses related to new stores,
store renovations, e-commerce, severance, and second quarter store
impairment charges.
- Diluted earnings per share (including second quarter impairment
charges) of $0.88 to $0.92, based on diluted weighted-average
shares outstanding of 36.9 million and an effective tax rate of
37.6%. Diluted earnings per share totaled $0.82 last
year.
- Net capital spending of approximately $20.0 million compared to
$26.3 million in the prior year.
Call Information
A conference call to discuss results for the second
quarter and six months is scheduled for today, Thursday, September
1, 2016, at 9:30 a.m. Eastern Time. A broadcast of the call
will be available via Vera Bradley’s Investor Relations section of
its website, www.verabradley.com. Alternatively, interested
parties may dial into the call at (877) 419-6600, and enter the
access code 2470129. A replay will be available shortly after the
conclusion of the call and remain available through September 15,
2016. To access the recording, listeners should dial (877)
870-5176, and enter the access code 2470129.
About Vera Bradley, Inc.
Vera Bradley is a leading designer of women’s
handbags, luggage and travel items, fashion and home accessories,
and unique gifts. Founded in 1982 by friends Barbara Bradley
Baekgaard and Patricia R. Miller, the brand’s innovative designs,
iconic patterns, and brilliant colors continue to inspire and
connect women unlike any other brand in the global
marketplace.
Vera Bradley offers a unique, multi-channel sales
model as well as a focus on service and a high level of customer
engagement. The Company sells its products through two
reportable segments: Direct and Indirect. The Direct business
consists of sales of Vera Bradley products through the Company’s
full-line and factory outlet stores in the United States,
verabradley.com, eBay, and its annual outlet sale in Fort Wayne,
Indiana. The Indirect business consists of sales of Vera
Bradley products to approximately 2,600 specialty retail locations,
substantially all of which are located in the United States, as
well as select department stores, national accounts, third party
e-commerce sites, its wholesale business in Japan, and third-party
inventory liquidators.
The Company’s commitment to bringing more beauty
into women’s lives includes its dedication to breast cancer
research through the Vera Bradley Foundation for Breast
Cancer.
Website Information
We routinely post important information for
investors on our website www.verabradley.com in the "Investor
Relations" section. We intend to use this webpage as a means of
disclosing material, non-public information and for complying with
our disclosure obligations under Regulation FD. Accordingly,
investors should monitor the Investor Relations section of our
website, in addition to following our press releases, SEC filings,
public conference calls, presentations and webcasts. The
information contained on, or that may be accessed through, our
webpage is not incorporated by reference into, and is not a part
of, this document.
Vera Bradley Safe Harbor
Statement
Certain statements in this release are
"forward-looking statements" made pursuant to the safe-harbor
provisions of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements reflect the Company's
current expectations or beliefs concerning future events and are
subject to various risks and uncertainties that may cause actual
results to differ materially from those that we expected,
including: possible adverse changes in general economic conditions
and their impact on consumer confidence and spending; possible
inability to predict and respond in a timely manner to changes in
consumer demand; possible loss of key management or design
associates or inability to attract and retain the talent required
for our business; possible inability to maintain and enhance our
brand; possible inability to successfully implement our growth
strategies or manage our growing business; possible inability to
successfully open new stores as planned; adverse changes in the
cost of raw materials and labor used to manufacture our products;
and possible adverse effects resulting from a significant
disruption in our single distribution facility. More
information on potential factors that could affect the Company’s
financial results is included from time to time in the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections of the Company’s
public reports filed with the SEC, including the Company’s Form
10-K for the fiscal year ended January 30, 2016. We undertake
no obligation to publicly update or revise any forward-looking
statement. Financial schedules are attached to this
release.
Vera Bradley, Inc. |
Condensed Consolidated Balance
Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
July 30, 2016 |
|
January 30, 2016 |
|
August 1, 2015 |
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
55,456 |
|
|
$ |
97,681 |
|
|
$ |
76,042 |
|
Short-term investments |
|
30,051 |
|
|
|
- |
|
|
|
- |
|
Accounts receivable, net |
|
29,226 |
|
|
|
31,294 |
|
|
|
33,863 |
|
Inventories |
|
96,547 |
|
|
|
113,590 |
|
|
|
103,921 |
|
Income taxes receivable |
|
2,014 |
|
|
|
785 |
|
|
|
3,199 |
|
Prepaid expenses and other current
assets |
|
12,220 |
|
|
|
10,292 |
|
|
|
10,620 |
|
Deferred income taxes |
|
- |
|
|
|
- |
|
|
|
13,473 |
|
Total current assets |
|
225,514 |
|
|
|
253,642 |
|
|
|
241,118 |
|
|
|
|
|
|
|
Property, plant, and equipment, net |
|
114,792 |
|
|
|
113,711 |
|
|
|
115,013 |
|
Deferred
income taxes |
|
10,894 |
|
|
|
11,363 |
|
|
|
- |
|
Other
assets |
|
2,430 |
|
|
|
1,963 |
|
|
|
1,046 |
|
Total assets |
$ |
353,630 |
|
|
$ |
380,679 |
|
|
$ |
357,177 |
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
17,283 |
|
|
$ |
24,606 |
|
|
$ |
28,734 |
|
Accrued employment costs |
|
10,318 |
|
|
|
14,937 |
|
|
|
10,264 |
|
Other accrued liabilities |
|
17,803 |
|
|
|
16,924 |
|
|
|
15,107 |
|
Income taxes payable |
|
- |
|
|
|
10,085 |
|
|
|
286 |
|
Total current liabilities |
|
45,404 |
|
|
|
66,552 |
|
|
|
54,391 |
|
|
|
|
|
|
|
Deferred
income taxes |
|
- |
|
|
|
- |
|
|
|
6,163 |
|
Other
long-term liabilities |
|
29,719 |
|
|
|
28,872 |
|
|
|
29,057 |
|
Total liabilities |
|
75,123 |
|
|
|
95,424 |
|
|
|
89,611 |
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Additional paid-in-capital |
|
86,848 |
|
|
|
85,436 |
|
|
|
83,023 |
|
Retained earnings |
|
251,536 |
|
|
|
244,009 |
|
|
|
218,030 |
|
Accumulated other comprehensive
loss |
|
(46 |
) |
|
|
(43 |
) |
|
|
(14 |
) |
Treasury stock |
|
(59,831 |
) |
|
|
(44,147 |
) |
|
|
(33,473 |
) |
Total shareholders' equity |
|
278,507 |
|
|
|
285,255 |
|
|
|
267,566 |
|
Total liabilities and shareholders'
equity |
$ |
353,630 |
|
|
$ |
380,679 |
|
|
$ |
357,177 |
|
|
Vera Bradley, Inc. |
Condensed Consolidated Statements of
Income |
(in thousands, except per share
amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
Twenty-Six Weeks Ended |
|
July 30, 2016 |
|
August 1, 2015 |
|
|
July 30, 2016 |
|
August 1, 2015 |
|
|
|
|
|
|
|
|
|
Net
revenues |
$ |
119,245 |
|
|
$ |
120,724 |
|
|
|
$ |
224,426 |
|
|
$ |
221,828 |
|
Cost of
sales |
|
50,857 |
|
|
|
54,170 |
|
|
|
|
96,382 |
|
|
|
103,580 |
|
Gross profit |
|
68,388 |
|
|
|
66,554 |
|
|
|
|
128,044 |
|
|
|
118,248 |
|
Selling,
general, and administrative expenses |
|
60,305 |
|
|
|
57,351 |
|
|
|
|
116,681 |
|
|
|
114,963 |
|
Other
income |
|
220 |
|
|
|
283 |
|
|
|
|
797 |
|
|
|
1,230 |
|
Operating income |
|
8,303 |
|
|
|
9,486 |
|
|
|
|
12,160 |
|
|
|
4,515 |
|
Interest
expense, net |
|
63 |
|
|
|
72 |
|
|
|
|
111 |
|
|
|
149 |
|
Income before income taxes |
|
8,240 |
|
|
|
9,414 |
|
|
|
|
12,049 |
|
|
|
4,366 |
|
Income
tax expense |
|
3,131 |
|
|
|
3,699 |
|
|
|
|
4,522 |
|
|
|
2,787 |
|
Net income |
$ |
5,109 |
|
|
$ |
5,715 |
|
|
|
$ |
7,527 |
|
|
$ |
1,579 |
|
|
|
|
|
|
|
|
|
|
Basic weighted-average
shares outstanding |
|
37,030 |
|
|
|
39,315 |
|
|
|
|
37,288 |
|
|
|
39,600 |
|
Diluted
weighted-average shares outstanding |
|
37,113 |
|
|
|
39,328 |
|
|
|
|
37,419 |
|
|
|
39,606 |
|
|
|
|
|
|
|
|
|
|
Basic net income per
share |
$ |
0.14 |
|
|
$ |
0.15 |
|
|
|
$ |
0.20 |
|
|
$ |
0.04 |
|
Diluted net income per
share |
$ |
0.14 |
|
|
$ |
0.15 |
|
|
|
$ |
0.20 |
|
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vera Bradley, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Twenty-Six Weeks Ended |
|
|
July 30, 2016 |
|
August 1, 2015 |
Cash flows from operating activities |
|
|
|
|
Net
income |
|
$ |
7,527 |
|
|
$ |
1,579 |
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: |
|
|
|
|
Depreciation of property, plant,
and equipment |
|
|
9,555 |
|
|
|
9,904 |
|
Impairment charges |
|
|
1,578 |
|
|
|
- |
|
Provision for doubtful
accounts |
|
|
273 |
|
|
|
436 |
|
Loss on disposal of property,
plant, and equipment |
|
|
10 |
|
|
|
52 |
|
Stock-based compensation |
|
|
2,043 |
|
|
|
2,515 |
|
Deferred income taxes |
|
|
469 |
|
|
|
713 |
|
Gain on short-term investment |
|
|
(51 |
) |
|
|
- |
|
Changes in assets and
liabilities: |
|
|
|
|
Accounts receivable |
|
|
1,795 |
|
|
|
(2,925 |
) |
Inventories |
|
|
17,043 |
|
|
|
(5,518 |
) |
Prepaid expenses and other
assets |
|
|
(2,395 |
) |
|
|
(1,982 |
) |
Accounts payable |
|
|
(7,632 |
) |
|
|
(5,931 |
) |
Income taxes |
|
|
(11,314 |
) |
|
|
295 |
|
Accrued and other liabilities |
|
|
(3,127 |
) |
|
|
(136 |
) |
Net cash
provided by (used in) operating activities |
|
|
15,774 |
|
|
|
(998 |
) |
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchases of property, plant, and
equipment |
|
|
(11,651 |
) |
|
|
(15,359 |
) |
Purchase of short-term
investments |
|
|
(30,000 |
) |
|
|
- |
|
Proceeds from disposal of property,
plant, and equipment |
|
|
8 |
|
|
|
- |
|
Net cash
used in investing activities |
|
|
(41,643 |
) |
|
|
(15,359 |
) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Tax withholdings for equity
compensation |
|
|
(631 |
) |
|
|
(484 |
) |
Repurchase of common stock |
|
|
(15,695 |
) |
|
|
(19,364 |
) |
Other financing activities,
net |
|
|
(27 |
) |
|
|
(46 |
) |
Net cash
used in financing activities |
|
|
(16,353 |
) |
|
|
(19,894 |
) |
Effect
of exchange rate changes on cash and cash equivalents |
|
|
(3 |
) |
|
|
1 |
|
|
|
|
|
|
Net
decrease in cash and cash equivalents |
|
$ |
(42,225 |
) |
|
$ |
(36,250 |
) |
Cash and
cash equivalents, beginning of period |
|
|
97,681 |
|
|
|
112,292 |
|
Cash and
cash equivalents, end of period |
|
$ |
55,456 |
|
|
$ |
76,042 |
|
|
|
|
|
|
Supplemental disclosure of cash flow
information |
|
|
|
|
Cash paid for income taxes,
net |
|
$ |
15,396 |
|
|
$ |
960 |
|
Supplemental disclosure of non-cash activity |
|
|
|
|
Non-cash operating,
investing, and financing activities |
|
|
|
|
Repurchase of common stock |
|
|
|
|
Expenditures incurred but not yet
paid as of July 30, 2016 and August 1, 2015 |
|
$ |
425 |
|
|
$ |
1,268 |
|
Expenditures incurred but not yet
paid as of January 30, 2016 and January 31, 2015 |
|
$ |
436 |
|
|
$ |
116 |
|
Purchases of property, plant, and
equipment |
|
|
|
|
Expenditures incurred but not yet
paid as of July 30, 2016 and August 1, 2015 |
|
$ |
3,453 |
|
|
$ |
2,779 |
|
Expenditures incurred but not yet
paid as of January 30, 2016 and January 31, 2015 |
|
$ |
2,872 |
|
|
$ |
2,172 |
|
|
|
|
|
|
Vera Bradley, Inc. |
|
GAAP to Non-GAAP Reconciliation Twenty-Six
Weeks Ended August 1, 2015 |
|
(in thousands, except per share
amounts) |
|
(unaudited) |
|
|
Twenty-Six Weeks Ended |
|
|
As Reported |
|
Restructuring Items &
Other Items |
|
Non-GAAP (Excluding
Items) |
|
Gross profit
(loss) |
$ |
118,248 |
|
|
$ |
(3,434 |
) |
1 |
$ |
121,682 |
|
|
Selling, general, and
administrative expenses |
|
114,963 |
|
|
|
2,483 |
|
2 |
|
112,480 |
|
|
Operating income
(loss) |
|
4,515 |
|
|
|
(5,917 |
) |
|
|
10,432 |
|
|
Income (loss) before
income taxes |
|
4,366 |
|
|
|
(5,917 |
) |
|
|
10,283 |
|
|
Income tax expense
(benefit) |
|
2,787 |
|
|
|
(1,698 |
) |
3 |
|
4,485 |
|
|
Net income (loss) |
|
1,579 |
|
|
|
(4,219 |
) |
|
|
5,798 |
|
|
Diluted net income
(loss) per share |
$ |
0.04 |
|
|
$ |
(0.11 |
) |
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
Direct segment
operating income (loss) |
$ |
24,584 |
|
|
$ |
(3,470 |
) |
4 |
$ |
28,054 |
|
|
Indirect segment
operating income (loss) |
$ |
24,692 |
|
|
$ |
(1,146 |
) |
5 |
$ |
25,838 |
|
|
Unallocated corporate
expenses |
$ |
(44,761 |
) |
|
$ |
(1,301 |
) |
6 |
$ |
(43,460 |
) |
|
|
|
|
|
|
|
|
1Items
include one-time exit costs related to the Company's manufacturing
facility closure, including employee severance, a lease termination
payment and fixed asset acceleration charges |
|
2Includes
$1,301 for a severance charge and $1,182 related to a lease
termination |
|
3Includes
$575 related to an additional income tax reserve and a benefit of
$2,273 related to the tax impact of the charges mentioned
above |
|
4Includes
an allocation of $2,288 related to the one-time exit costs for the
Company's manufacturing facility closure and $1,182 related to a
lease termination |
|
5Related
to an allocation of $1,146 for the one-time exit costs for the
Company's manufacturing facility closure |
|
6Related
to a severance charge |
|
|
|
|
|
|
|
|
CONTACTS:
Investors:
Julia Bentley, VP of Investor Relations and Communications
jbentley@verabradley.com
(260) 207-5116
Media:
877-708-VERA (8372)
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