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, 2020, the Company began reopening its Vera Bradley
stores in a phased approach, with 58 out of 82 full-line stores and
64 of 65 factory stores opened by the end of June. All
factory stores and all but three full-line stores were reopened as
of second quarter end, although with reduced hours, lower staffing
levels, and greatly enhanced safety protocols.
While the Company is making no assumptions of future performance
based upon a limited number of days of sales data, the 133 existing
stores that were open for the entire fiscal month of July, in the
aggregate, generated approximately 70% of the prior year’s
sales. While traffic was typically down more than the sales
level, increased conversion and units per transaction allowed us to
significantly outperform the traffic trend.
Wallstrom added, “Our e-commerce business (Vera Bradley and Pura
Vida combined) was very strong in the quarter. We know that
the pandemic will have a lasting effect on the way consumers act
and shop, and that our digital competencies will be even more
important in this new environment. Our acquisition of
digitally-native Pura Vida, which resulted in e-commerce being a
larger share of our total company revenues, along with our
continued investments in Vera Bradley’s e-commerce site and
infrastructure, has positioned us well for the future.”
VB Cares
Wallstrom noted, “Vera Bradley has always had a very strong
stakeholder and ESG focus, and we again demonstrated those
commitments during the quarter. At the onset of the COVID-19
crisis, the Company wanted to help our communities by providing
personal protective equipment to those in need. As we began
to reach scale, we wanted to give back to the frontline workers and
decided to offer support to the Coronavirus Response Fund for
Nurses.” The Company contributed a percentage of each cotton
mask sold through the end of July to support the nurses working
tirelessly and bravely on the front lines of the COVID-19 crisis
and was able to donate over $630,000 to the American Nurses
Foundation. Wallstrom added, “Our Associates are so thrilled
to be able to support the health care workers fighting every day to
treat those affected by the pandemic. Thanks to our loyal
customers for making this happen.”
Wallstrom also commented, “We are so appreciative of all of our
Associates and are especially thankful to those team members that
have been on the front lines in our distribution center keeping our
e-commerce business thriving and in our stores ensuring that our
customers are safe and having great experiences. We were
delighted to provide a $500 bonus to our distribution center,
store, and customer service Associates who worked full time in the
second quarter (pro-rated for our full- and part-time Associates
working a portion of the quarter) for their extraordinary hard work
and dedication during this time.”
Pura Vida Acquisition and Accounting
In the Company’s prior year second fiscal quarter (on July 16,
2019), Vera Bradley acquired a 75% interest in Creative Genius,
Inc., which also operates under the name Pura Vida Bracelets (“Pura
Vida”). Financial results for Pura Vida have been
consolidated beginning July 17, 2019, the first full day following
the acquisition. Prior period numbers have not been
restated. Any reference to the results of “Vera Bradley” in
this release is to results of the stand-alone Vera Bradley business
(comprised of the Vera Bradley Direct and Indirect segments) and
excludes Pura Vida. Any reference to the results of “Vera
Bradley, Inc.” is to the combined results of Vera Bradley and Pura
Vida.
Summary of Financial Performance for the Second
Quarter
Consolidated net revenues totaled $131.8 million for the current
year second quarter (which included $32.8 million of net revenues
from Pura Vida), an increase of 10.0% over the $119.8 million in
the prior year (which included $5.4 million of net revenues from
Pura Vida). Excluding Pura Vida, Vera Bradley net revenues
totaled $99.0 million, a 13.5% decrease from $114.4 million in the
prior year second quarter. In the aggregate, Vera Bradley
stores were closed approximately half of the second quarter due to
the COVID-19 pandemic.
For the current year second quarter, Vera Bradley, Inc.’s
consolidated net income totaled $7.2 million, or $0.42 per diluted
share. These results included $3.7 million of net after tax
charges, comprised of $1.5 million of intangible asset
amortization, $1.1 million of expenses related to the
re-platforming of Vera Bradley’s information technology systems
(“Project Novus”), as well as $1.1 million for a change in the
income tax estimate related to the first quarter charges.
In addition, the Company increased the Vera Bradley, Inc.
income used in the numerator of the earnings per share calculation
as a result of the change in the cumulative Accounting Standard
Codification (“ASC”) 480 measurement adjustment associated with the
redeemable noncontrolling interest. The increase in Vera
Bradley, Inc.’s income totaled $6.8 million which resulted in a
$0.20 benefit to diluted earnings per share for the current year
second quarter. On a non-GAAP basis, excluding these items,
Vera Bradley, Inc.’s consolidated second quarter net income totaled
$10.9 million, or $0.32 per diluted share. This non-GAAP
performance included $0.07 of diluted earnings per share
attributable to Pura Vida.
For the prior year second quarter, Vera Bradley, Inc.’s
consolidated net income totaled $5.9 million, or $0.17 per diluted
share. These results included $2.8 million of after-tax
charges comprised of $2.3 million of Pura Vida acquisition-related
expenses (including transaction costs, inventory step-up
amortization, and intangible asset amortization) and $0.5 million
of expenses related to Project Novus. On a non-GAAP basis,
excluding these charges, Vera Bradley, Inc.’s consolidated second
quarter net income totaled $8.7 million, or $0.25 per diluted
share. These non-GAAP results included approximately
$0.01 of diluted earnings per share contributed by Pura
Vida.
Summary of Financial Performance for the Six
Months
Consolidated net revenues totaled $201.1 million for the current
year six months ended August 1, 2020, which included $54.0 million
of net revenues from Pura Vida. Excluding Pura Vida, Vera
Bradley net revenues totaled $147.0 million compared to $205.4
million in the prior year six-month period ended August 3,
2019.
For the current year six months, Vera Bradley, Inc.’s
consolidated net loss totaled ($8.1) million, or ($0.24) per
diluted share. These results included $8.8 million of net
after tax charges, comprised of $2.7 million of impairment charges,
$2.7 million of intangible asset amortization, $2.1 million of
Project Novus expenses, $0.9 million of charges related to the
cancellation of certain purchase orders as a result of COVID-19, a
$0.2 million adjustment to the Pura Vida earn-out liability, and
$0.2 million in certain department store exist costs resulting from
COVID-19. On a non-GAAP basis, excluding these charges, Vera
Bradley, Inc.’s consolidated net income for the current year six
months totaled $0.7 million, or $0.02 per diluted share. This
non-GAAP performance included $0.09 of diluted earnings per share
attributable to Pura Vida.
For the prior year six-month period, Vera Bradley, Inc.’s
consolidated net income totaled $3.4 million, or $0.10 per diluted
share. These results included $3.5 million of after-tax
charges comprised of $3.0 million of Pura Vida acquisition-related
expenses (including transaction costs, inventory step-up
amortization, and intangible asset amortization) and $0.5 million
of Project Novus expenses. On a non-GAAP basis, excluding
these charges, Vera Bradley, Inc.’s consolidated net income for the
six months totaled $6.9 million, or $0.20 per diluted share.
These non-GAAP results included approximately $0.01 of diluted
earnings per share contributed by Pura Vida.
Non-GAAP Numbers
The current year non-GAAP second quarter income statement
numbers referenced below exclude the previously outlined intangible
asset amortization and Project Novus expenses. The current
year non-GAAP income statement numbers for the six months
referenced below exclude the previously outlined impairment
charges, intangible asset amortization, Project Novus expenses,
charges related to the cancellation of certain purchase orders
resulting from COVID-19, an adjustment to the Pura Vida earn-out
liability, and certain department store exit costs resulting from
COVID-19. The prior year non-GAAP income statement numbers
for the second quarter and six months referenced below exclude the
previously outlined Pura Vida acquisition-related charges and
Project Novus expenses.
Second Quarter Details
Current year second quarter Vera Bradley Direct segment revenues
totaled $81.2 million, a 13.9% decrease from $94.4 million in the
prior year second quarter. The decline primarily resulted
from the Company’s stores that were temporarily closed as a result
of COVID-19 for approximately half of the second quarter, partially
offset by a 99.1% increase in e-commerce revenues for the
quarter. The Company closed 12 full-line stores and opened
five factory outlet stores in the last twelve months.
Vera Bradley Indirect segment revenues totaled $17.7 million, a
11.4% decrease from $20.0 million in the prior year second quarter,
reflecting a reduction in orders primarily related to COVID-19 and
in the number of specialty and department store accounts.
Pura Vida segment revenues totaled $32.8 million compared to
$5.4 million in the prior year, which represented revenues for a
partial period (post-acquisition).
Second quarter consolidated gross profit totaled $79.6 million,
or 60.4% of net revenues, compared to $67.3 million, or 56.2% in
the prior year. On a non-GAAP basis, excluding inventory
step-up amortization, gross profit totaled $68.4 million or 57.1%
of net revenues in the prior year second quarter. The Company
significantly expanded its consolidated gross profit rate in the
quarter through sales of cotton masks, product collaborations,
careful inventory management, and tightly controlled promotional
activity.
Second quarter consolidated SG&A expense totaled $62.2
million, or 47.2% of net revenues, compared to $60.7 million, or
50.7% of net revenues, in the prior year. On a non-GAAP
basis, excluding the previously discussed intangible asset
amortization and Project Novus expenses, consolidated SG&A
expense totaled $58.6 million, or 44.5% of net revenues for the
current year second quarter. On a non-GAAP basis, excluding
Pura Vida acquisition-related charges (including transaction costs
and intangible asset amortization) and Project Novus expenses,
prior year SG&A expense totaled $57.8 million, or 48.2% of net
revenues. On a non-GAAP basis, Pura Vida contributed $13.5
million of SG&A expenses in the current year and $2.4 million
in the prior year. Excluding these additional Pura Vida
expenses, Vera Bradley’s SG&A expenses were lower than the
prior year primarily due to both temporary and permanent expense
reductions related to COVID-19.
The Company’s consolidated operating income totaled $17.5
million, or 13.3% of net revenues, compared to $7.3 million, or
6.1% of net revenues, in the prior year second quarter. On a
non-GAAP basis, excluding the previously disclosed charges
(intangible asset amortization and Project Novus expenses), current
year consolidated operating income totaled $21.1 million, or
16.0%. This compares to prior year consolidated operating
income of $11.3 million, or 9.5% of net revenues, on a non-GAAP
basis, excluding the previously disclosed charges (Pura Vida
transaction costs, inventory step-up amortization, intangible asset
amortization and Project Novus expenses).
By segment:
- Vera Bradley Direct operating income was $22.8 million, or
28.1% of Direct net revenues, for the second quarter, compared to
$22.1 million, or 23.5% of Direct net revenues, in the prior
year. On a non-GAAP basis, excluding a portion of the Vera
Bradley Project Novus expenses, current year Direct operating
income totaled $23.8 million, or 29.3% of Direct revenues, an
increase over $22.5 million, or 23.8% of Direct net revenues, in
the prior year.
- Vera Bradley Indirect operating income was $6.5 million, or
36.5% of Indirect net revenues, for the second quarter, compared to
$7.2 million, or 35.8% of Indirect net revenues, in the prior
year.
- Pura Vida’s operating income was $4.4 million, or 13.5% of Pura
Vida net revenues, in the current year, compared to an operating
loss of $(0.5) million, or (10.1%) of Pura Vida net revenues, in
the prior year. On a non-GAAP basis, excluding the Pura Vida
acquisition-related charges (intangible asset amortization in both
years and inventory step-up amortization in the prior year), Pura
Vida’s operating income was $6.7 million, or 20.5% of Pura Vida net
revenues, compared to $0.9 million, or 16.8% of Pura Vida net
revenues, in the prior year.
Details for the Six Months
Vera Bradley Direct segment revenues for the current year
six-month period totaled $118.1 million, a 28.7% decrease from
$165.5 million in the prior year. The decline primarily
resulted from the Company’s stores that were temporarily closed as
a result of COVID-19 for approximately half of the first and second
quarters, partially offset by a 64.9% increase in e-commerce sales
during the six-month period.
Vera Bradley Indirect segment revenues for the six months
totaled $29.0 million, a 27.4% decrease from $39.9 million in the
prior year, reflecting a reduction in orders primarily related to
COVID-19 and in the number of specialty and department store
accounts.
Pura Vida segment revenues totaled $54.0 million compared to
$5.4 million in the prior year, which represented revenues for a
partial period (post-acquisition).
Consolidated gross profit for the six months totaled $113.8
million, or 56.6% of net revenues, compared to 117.8 million, or
55.9% of net revenues, in the prior year. On a non-GAAP basis,
excluding charges for the cancellation of certain purchase orders
resulting from COVID-19, current year gross profit totaled $115.1
million, or 57.3% of net revenues, compared to last year’s non-GAAP
gross profit of $118.8 million, or 56.4 % of net revenues, which
excluded inventory step-up amortization. The Company expanded
its consolidated gross profit rate for the period through sales of
cotton masks, product collaborations, careful inventory management,
and tightly controlled promotional activity.
For the six months, consolidated SG&A expense totaled $121.9
million, or 60.6% of net revenues, compared to $115.0 million, or
54.6% of net revenues, in the prior year. On a non-GAAP
basis, excluding the previously outlined intangible asset
amortization, impairment charges, Project Novus expenses, an
adjustment to the Pura Vida earn-out liability, and certain
department store exit costs, current year consolidated SG&A
expense totaled $110.2 million, or 54.8% of net revenues.
This compared to $111.2 million, or 52.8% of net revenues, in the
prior year on a non-GAAP basis, excluding the previously discussed
Pura Vida acquisition-related charges (including transaction costs
and intangible asset amortization) and Project Novus
expenses. On a non-GAAP basis, Pura Vida contributed $23.7
million of SG&A expenses in the current year and $2.4 million
in the prior year six months.
For the six months, the Company’s consolidated operating loss
totaled ($8.1) million, or (4.0%) of net revenues, compared to
consolidated operating income of $3.7 million, or 1.8% of net
revenues, in the prior year six-month period. On a non-GAAP
basis, excluding the previously disclosed charges (intangible asset
amortization, impairment charges, Project Novus expenses, charges
related to the cancellation of certain purchase orders, an
adjustment to the Pura Vida earn-out liability, and certain
department store exit costs), the Company’s consolidated operating
income was $4.9 million, or 2.5% of net revenues. On a
non-GAAP basis, excluding the previously disclosed charges (Pura
Vida transaction costs, inventory step-up amortization, intangible
asset amortization and Project Novus expenses), the Company’s
consolidated operating income was $8.5 million, or 4.0% of net
revenues, in the prior year.
By segment:
- Vera Bradley Direct operating income was $11.9 million, or
10.0% of net revenues, compared to $30.5 million, or 18.4% of
Direct net revenues, in the prior year. On a non-GAAP basis,
excluding impairment charges, a portion of the charges for the
cancellation of purchase orders, and a portion of Project Novus
expenses, the current year Direct operating income was $18.7
million, or 15.8% of Direct net revenues. On a non-GAAP
basis, excluding a portion of the Vera Bradley Project Novus
expenses, prior year Direct operating income was $30.8 million, or
18.6% of Direct net revenues.
- Vera Bradley Indirect operating income was $9.2 million, or
31.9% of Indirect net revenues, compared to $14.9 million, or 37.3%
of net revenues, in the prior year. On a non-GAAP basis,
excluding certain department store exit costs and a portion of the
charges for the cancellation of purchase orders, current year
Indirect operating income totaled $9.6 million, or 33.2% of
Indirect net revenues.
- Pura Vida’s operating income was $3.6 million, or 6.7% of Pura
Vida net revenues, for the current year, compared to an operating
loss of ($0.5) million, or (10.1%) of Pura Vida net revenues, in
the prior year. On a non-GAAP basis, excluding the intangible
asset amortization, Pura Vida’s operating income was $8.4 million,
or 15.5% of Pura Vida net revenues, for the current year. On
a non-GAAP basis, excluding the Pura Vida acquisition-related
charges (inventory step-up amortization and intangible asset
amortization), Pura Vida’s operating income was $0.9 million, or
16.8% of Pura Vida net revenues, for the prior year.
Balance Sheet
Net capital spending for the second quarter and six months
totaled $2.0 million and $4.3 million, respectively. Capital
expenditures are expected to total approximately $8 to $10 million
for the year.
Cash, cash equivalents, and investments as of August 1, 2020
totaled $77.1 million compared to $70.5 million at the end of last
year’s second quarter. The Company repaid $30.0 million of
borrowings on its ABL credit facility during the second quarter and
had $30.0 million of borrowings outstanding on the $75 million
facility at quarter end.
Quarter-end inventory was $136.2 million, compared to $130.7
million at the end of the second quarter last year. The
Company has cancelled certain orders of fall product due to
COVID-19 and expects year-over-year future inventory to be
relatively flat for the balance of the year.
During the first quarter of this fiscal year, the Company’s
board of directors temporarily suspended share repurchases, so no
purchases were made during the second quarter. At the end of
the quarter, the Company had approximately $32.9 million remaining
under its $50 million share repurchase authorization.
Forward-Looking Guidance
The continued uncertainties surrounding COVID-19 make Fiscal
2021 financial performance extremely difficult to predict. As
a result, the Company is not providing forward-looking
guidance.
Disclosure Regarding Non-GAAP Measures
The Company's management does not, nor does it suggest that
investors should, consider the supplemental non-GAAP financial
measures in isolation from, or as a substitute for, financial
information prepared in accordance with accounting principles
generally accepted in the United States (“GAAP”). Further, the
non-GAAP measures utilized by the Company may be unique to the
Company, as they may be different from non-GAAP measures used by
other companies.
The Company believes that the non-GAAP measures presented in
this earnings release, including gross profit; selling, general,
and administrative expenses; operating income; net income; net
income attributable and available to Vera Bradley, Inc.; and
diluted net income per share available to Vera Bradley, Inc. common
shareholders, along with the associated percentages of net
revenues, are helpful to investors because they allow for a more
direct comparison of the Company’s year-over-year performance and
are consistent with management’s evaluation of business
performance. A reconciliation of the non-GAAP measures to the
most directly comparable GAAP measures can be found in the
Company’s supplemental schedules included in this earnings
release.
Call Information
A conference call to discuss results for the second quarter is
scheduled for today, Wednesday, September 2, 2020, 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 (800) 458-4121, and enter the access code
7723347. A replay will be available shortly after the
conclusion of the call and remain available through September 16,
2020. To access the recording, listeners should dial (844)
512-2921, and enter the access code 7723347.
About Vera Bradley, Inc.
Vera Bradley, Inc. operates two unique lifestyle brands – Vera
Bradley and Pura Vida. Vera Bradley and Pura Vida are
complementary businesses, both with devoted, emotionally-connected,
and multi-generational female customer bases; alignment as causal,
comfortable, affordable, and fun brands; positioning as “gifting”
and socially-connected brands; strong, entrepreneurial cultures; a
keen focus on community, charity, and social consciousness;
multi-channel distribution strategies; and talented leadership
teams aligned and committed to the long-term success of their
brands.
Vera Bradley, based in Fort Wayne, Indiana, is a leading
designer of women’s handbags, luggage and other travel items,
fashion and home accessories, and unique gifts. Founded in
1982 by friends Barbara Bradley Baekgaard and Patricia R. Miller,
the brand is known for its innovative designs, iconic patterns, and
brilliant colors that inspire and connect women unlike any other
brand in the global marketplace.
In July 2019, Vera Bradley, Inc. acquired a 75% interest in
Creative Genius, Inc., which also operates under the name Pura Vida
Bracelets (“Pura Vida”). Pura Vida, based in La Jolla,
California, is a rapidly growing, digitally native, and highly
engaging lifestyle brand founded in 2010 by friends Paul Goodman
and Griffin Thall. Pura Vida has a differentiated and
expanding offering of bracelets, jewelry, and other lifestyle
accessories.
The Company has three reportable segments: Vera Bradley Direct
(“VB Direct”), Vera Bradley Indirect (“VB Indirect”), and Pura
Vida. The VB Direct business consists of sales of Vera Bradley
products through Vera Bradley full-line and factory outlet stores
in the United States, verabradley.com, the Vera Bradley online
outlet site, and the Vera Bradley annual outlet sale in Fort Wayne,
Indiana. The VB Indirect business consists of sales of Vera
Bradley products to approximately 2,100 specialty retail locations
throughout the United States, as well as select department stores,
national accounts, third party e-commerce sites, and third-party
inventory liquidators, and royalties recognized through licensing
agreements related to the Vera Bradley brand. The Pura Vida segment
consists of sales of Pura Vida products through the Pura Vida
websites, www.puravidabracelets.com, www.puravidabracelets.eu, and
www.puravidabracelets.ca, and through the distribution of its
products to wholesale retailers.
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.
Investors and other interested parties may also access the
Company’s most recent Corporate Responsibility and Sustainability
Report outlining its ESG (Environmental, Social, and Governance)
initiatives at
https://www.verabradley.com/us/static/customerservice/corporateresponsibility.
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 Vision 20/20 long-term strategic plan;
possible inability to successfully open new stores, close targeted
stores, and/or operate current stores as planned; incremental
tariffs or adverse changes in the cost of raw materials and labor
used to manufacture our products; possible adverse effects
resulting from a significant disruption in our single distribution
facility; or business disruption caused by COVID-19. Risks,
uncertainties, and assumptions also include the possibility that
Pura Vida acquisition benefits may not materialize as expected;
that Pura Vida’s business may not perform as expected; and that the
Company is unable to successfully implement integration strategies
related to the acquisition. 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
February 1, 2020. We undertake no obligation to publicly
update or revise any forward-looking statement. Financial
schedules are attached to this release.
CONTACTS:Investors:Julia Bentley, VP of Investor Relations and
Communicationsjbentley@verabradley.com (260) 207-5116
Media:mediacontact@verabradley.com877-708-VERA (8372)
Vera Bradley, Inc. |
Condensed Consolidated Balance Sheets |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
August 1, 2020 |
|
February 1, 2020 |
|
August 3, 2019 |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
75,568 |
|
|
$ |
49,917 |
|
|
$ |
46,842 |
|
Short-term investments |
|
818 |
|
|
|
8,977 |
|
|
|
8,987 |
|
Accounts receivable, net |
|
28,306 |
|
|
|
24,290 |
|
|
|
28,183 |
|
Inventories |
|
136,219 |
|
|
|
123,606 |
|
|
|
130,718 |
|
Income taxes receivable |
|
5,326 |
|
|
|
1,043 |
|
|
|
994 |
|
Prepaid expenses and other current assets |
|
14,742 |
|
|
|
10,956 |
|
|
|
10,483 |
|
Total current assets |
|
260,979 |
|
|
|
218,789 |
|
|
|
226,207 |
|
|
|
|
|
|
|
Operating right-of-use
assets |
|
104,412 |
|
|
|
114,790 |
|
|
|
122,240 |
|
Property, plant, and
equipment, net |
|
67,978 |
|
|
|
73,027 |
|
|
|
77,477 |
|
Intangible assets, net |
|
51,591 |
|
|
|
56,305 |
|
|
|
61,536 |
|
Goodwill |
|
44,254 |
|
|
|
44,254 |
|
|
|
41,310 |
|
Long-term investments |
|
729 |
|
|
|
14,912 |
|
|
|
14,652 |
|
Deferred income taxes |
|
5,896 |
|
|
|
7,656 |
|
|
|
7,304 |
|
Other assets |
|
6,245 |
|
|
|
5,328 |
|
|
|
2,593 |
|
Total assets |
$ |
542,084 |
|
|
$ |
535,061 |
|
|
$ |
553,319 |
|
|
|
|
|
|
|
Liabilities,
Redeemable Noncontrolling Interest, and Shareholders'
Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
26,994 |
|
|
$ |
20,235 |
|
|
$ |
30,094 |
|
Accrued employment costs |
|
11,028 |
|
|
|
11,412 |
|
|
|
11,247 |
|
Short-term operating lease liabilities |
|
25,504 |
|
|
|
21,347 |
|
|
|
21,610 |
|
Earn-out liability |
|
- |
|
|
|
18,448 |
|
|
|
20,854 |
|
Other accrued liabilities |
|
18,511 |
|
|
|
13,850 |
|
|
|
20,512 |
|
Income taxes payable |
|
203 |
|
|
|
2,113 |
|
|
|
696 |
|
Total current liabilities |
|
82,240 |
|
|
|
87,405 |
|
|
|
105,013 |
|
|
|
|
|
|
|
Long-term operating lease
liabilities |
|
105,163 |
|
|
|
113,775 |
|
|
|
122,213 |
|
Long-term debt |
|
30,000 |
|
|
|
- |
|
|
|
- |
|
Other long-term
liabilities |
|
1,253 |
|
|
|
62 |
|
|
|
92 |
|
Total liabilities |
|
218,656 |
|
|
|
201,242 |
|
|
|
227,318 |
|
|
|
|
|
|
|
Redeemable noncontrolling
interest |
|
29,654 |
|
|
|
30,049 |
|
|
|
31,650 |
|
Shareholders' equity: |
|
|
|
|
|
Additional paid-in-capital |
|
101,112 |
|
|
|
100,357 |
|
|
|
96,958 |
|
Retained earnings |
|
299,724 |
|
|
|
307,414 |
|
|
|
295,247 |
|
Accumulated other comprehensive (loss) income |
|
(2 |
) |
|
|
158 |
|
|
|
121 |
|
Treasury stock |
|
(107,060 |
) |
|
|
(104,159 |
) |
|
|
(97,975 |
) |
Total shareholders' equity of Vera Bradley, Inc. |
|
293,774 |
|
|
|
303,770 |
|
|
|
294,351 |
|
Total liabilities, redeemable noncontrolling interest, and
shareholders' equity |
$ |
542,084 |
|
|
$ |
535,061 |
|
|
$ |
553,319 |
|
|
|
|
|
|
|
Vera Bradley, Inc. |
Condensed Consolidated Statements of
Operations |
(in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
Twenty-Six Weeks Ended |
|
August 1, 2020 |
|
August 3, 2019 |
|
August 1, 2020 |
|
August 3, 2019 |
|
|
|
|
|
|
|
|
Net revenues |
$ |
131,770 |
|
$ |
119,785 |
|
|
$ |
201,054 |
|
|
$ |
210,788 |
|
Cost of sales |
|
52,149 |
|
|
52,452 |
|
|
|
87,245 |
|
|
|
92,987 |
|
Gross profit |
|
79,621 |
|
|
67,333 |
|
|
|
113,809 |
|
|
|
117,801 |
|
Selling, general, and
administrative expenses |
|
62,155 |
|
|
60,745 |
|
|
|
121,937 |
|
|
|
115,042 |
|
Other income |
|
33 |
|
|
760 |
|
|
|
53 |
|
|
|
944 |
|
Operating income (loss) |
|
17,499 |
|
|
7,348 |
|
|
|
(8,075 |
) |
|
|
3,703 |
|
Interest expense (income),
net |
|
485 |
|
|
(375 |
) |
|
|
557 |
|
|
|
(822 |
) |
Income (loss) before income taxes |
|
17,014 |
|
|
7,723 |
|
|
|
(8,632 |
) |
|
|
4,525 |
|
Income tax expense
(benefit) |
|
8,687 |
|
|
2,005 |
|
|
|
(1,422 |
) |
|
|
1,212 |
|
Net income (loss) |
|
8,327 |
|
|
5,718 |
|
|
|
(7,210 |
) |
|
|
3,313 |
|
Less: Net income (loss)
attributable to redeemable noncontrolling interest |
|
1,111 |
|
|
(136 |
) |
|
|
911 |
|
|
|
(136 |
) |
Net income (loss) attributable to Vera Bradley, Inc. |
$ |
7,216 |
|
$ |
5,854 |
|
|
$ |
(8,121 |
) |
|
$ |
3,449 |
|
|
|
|
|
|
|
|
|
Basic weighted-average shares
outstanding |
|
33,403 |
|
|
34,178 |
|
|
|
33,367 |
|
|
|
34,203 |
|
Diluted weighted-average
shares outstanding |
|
33,693 |
|
|
34,380 |
|
|
|
33,367 |
|
|
|
34,476 |
|
|
|
|
|
|
|
|
|
Basic net income (loss) per
share available to Vera Bradley, Inc. common shareholders |
$ |
0.42 |
|
$ |
0.17 |
|
|
$ |
(0.24 |
) |
|
$ |
0.10 |
|
Diluted net income (loss) per
share available to Vera Bradley, Inc. common shareholders |
$ |
0.42 |
|
$ |
0.17 |
|
|
$ |
(0.24 |
) |
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
Reconciliation of net
income (loss) available to Vera Bradley, Inc. common
shareholders |
|
|
|
|
|
|
|
Net income (loss) attributable
to Vera Bradley, Inc. |
$ |
7,216 |
|
$ |
5,854 |
|
|
$ |
(8,121 |
) |
|
$ |
3,449 |
|
Excess portion of redeemable
noncontrolling interest redemption value adjustment |
|
6,800 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income (loss) available to
Vera Bradley, Inc. common shareholders |
$ |
14,016 |
|
$ |
5,854 |
|
|
$ |
(8,121 |
) |
|
$ |
3,449 |
|
|
|
|
|
|
|
|
|
Vera Bradley, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Twenty-Six Weeks Ended |
|
August 1, 2020 |
|
August 3, 2019 |
Cash flows from
operating activities |
|
|
|
Net (loss) income |
$ |
(7,210 |
) |
|
$ |
3,313 |
|
Adjustments to reconcile net
(loss) income to net cash (used in) provided by operating
activities: |
|
|
|
Depreciation of property, plant, and equipment |
|
8,380 |
|
|
|
8,663 |
|
Impairment charges |
|
3,806 |
|
|
|
- |
|
Amortization of operating right-of-use assets |
|
10,843 |
|
|
|
10,813 |
|
Amortization of intangible assets |
|
4,714 |
|
|
|
415 |
|
Provision for doubtful accounts |
|
1,622 |
|
|
|
61 |
|
Stock-based compensation |
|
1,310 |
|
|
|
2,493 |
|
Deferred income taxes |
|
1,760 |
|
|
|
(512 |
) |
Loss (gain) on investments |
|
13 |
|
|
|
(178 |
) |
Adjustment of earn-out liability |
|
229 |
|
|
|
- |
|
Other non-cash (gain) charges, net |
|
(22 |
) |
|
|
131 |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
(6,631 |
) |
|
|
(4,807 |
) |
Inventories |
|
(12,613 |
) |
|
|
(11,494 |
) |
Prepaid expenses and other assets |
|
(4,703 |
) |
|
|
(1,269 |
) |
Accounts payable |
|
7,070 |
|
|
|
9,393 |
|
Income taxes |
|
(6,193 |
) |
|
|
(1,652 |
) |
Operating lease liabilities, net |
|
(7,726 |
) |
|
|
(12,917 |
) |
Accrued and other liabilities |
|
5,274 |
|
|
|
(1,362 |
) |
Net cash (used in) provided by
operating activities |
|
(77 |
) |
|
|
1,091 |
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
Purchases of property, plant, and equipment |
|
(4,272 |
) |
|
|
(8,089 |
) |
Purchases of investments |
|
(851 |
) |
|
|
(10,111 |
) |
Proceeds from maturities and sales of investments |
|
23,031 |
|
|
|
29,798 |
|
Cash received (paid) for business acquisition, net of cash
acquired |
|
993 |
|
|
|
(73,010 |
) |
Net cash provided by (used in)
investing activities |
|
18,901 |
|
|
|
(61,412 |
) |
|
|
|
|
Cash flows from
financing activities |
|
|
|
Tax withholdings for equity compensation |
|
(555 |
) |
|
|
(1,107 |
) |
Repurchase of common stock |
|
(3,077 |
) |
|
|
(5,244 |
) |
Distributions to redeemable noncontrolling interest |
|
(875 |
) |
|
|
- |
|
Borrowings under asset-based revolving credit agreement |
|
60,000 |
|
|
|
- |
|
Repayment of borrowings under asset-based revolving credit
agreement |
|
(30,000 |
) |
|
|
- |
|
Payment of contingent consideration for business acquisition |
|
(18,677 |
) |
|
|
- |
|
Net cash provided by (used in)
financing activities |
|
6,816 |
|
|
|
(6,351 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
11 |
|
|
|
21 |
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents |
$ |
25,651 |
|
|
$ |
(66,651 |
) |
Cash and cash equivalents,
beginning of period |
|
49,917 |
|
|
|
113,493 |
|
Cash and cash equivalents, end
of period |
$ |
75,568 |
|
|
$ |
46,842 |
|
|
|
|
|
Supplemental
disclosure of cash flow information |
|
|
|
Cash paid for income taxes, net |
$ |
3,009 |
|
|
$ |
3,328 |
|
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 August 1, 2020 and
August 3, 2019 |
$ |
- |
|
|
$ |
89 |
|
Expenditures incurred but not yet paid as of February 1, 2020 and
February 2, 2019 |
$ |
176 |
|
|
$ |
197 |
|
Purchases of property, plant, and equipment |
|
|
|
Expenditures incurred but not yet paid as of August 1, 2020 and
August 3, 2019 |
$ |
618 |
|
|
$ |
453 |
|
Expenditures incurred but not yet paid as of February 1, 2020 and
February 2, 2019 |
$ |
559 |
|
|
$ |
1,065 |
|
Contingent consideration related to business acquisition |
$ |
- |
|
|
$ |
20,854 |
|
|
|
|
|
Vera Bradley, Inc. |
Second Quarter Fiscal 2021 |
GAAP to Non-GAAP Reconciliation Thirteen Weeks Ended August
1, 2020 |
(in thousands, except per share amounts) |
(unaudited) |
|
Thirteen Weeks Ended |
|
|
As Reported |
|
Redemption Value Adjustment6 |
|
Other Items |
|
Non-GAAP (Excluding Items) |
|
Gross profit |
$ |
79,621 |
|
|
$ |
- |
|
$ |
- |
|
|
$ |
79,621 |
|
|
Selling, general, and
administrative expenses |
|
62,155 |
|
|
|
- |
|
|
3,552 |
|
1 |
|
58,603 |
|
|
Operating income (loss) |
|
17,499 |
|
|
|
- |
|
|
(3,552 |
) |
|
|
21,051 |
|
|
Income (loss) before income
taxes |
|
17,014 |
|
|
|
- |
|
|
(3,552 |
) |
|
|
20,566 |
|
|
Income tax expense |
|
8,687 |
|
|
|
- |
|
|
677 |
|
2 |
|
8,010 |
|
|
Net income (loss) |
|
8,327 |
|
|
|
- |
|
|
(4,229 |
) |
|
|
12,556 |
|
|
Less: Net income (loss)
attributable to redeemable noncontrolling interest |
|
1,111 |
|
|
|
- |
|
|
(568 |
) |
|
|
1,679 |
|
|
Net income (loss) attributable
to Vera Bradley, Inc. |
|
7,216 |
|
|
|
- |
|
|
(3,661 |
) |
|
|
10,877 |
|
|
Diluted net income (loss) per
share available to Vera Bradley, Inc. common shareholders |
$ |
0.42 |
|
|
$ |
0.20 |
|
$ |
(0.11 |
) |
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
Vera Bradley Direct segment
operating income (loss) |
$ |
22,822 |
|
|
$ |
- |
|
$ |
(970 |
) |
3 |
$ |
23,792 |
|
|
Vera Bradley Indirect segment
operating income |
$ |
6,477 |
|
|
$ |
- |
|
$ |
- |
|
|
$ |
6,477 |
|
|
Pura Vida segment operating
income (loss) |
$ |
4,445 |
|
|
$ |
- |
|
$ |
(2,274 |
) |
4 |
$ |
6,719 |
|
|
Unallocated corporate
expenses |
$ |
(16,245 |
) |
|
$ |
- |
|
$ |
(308 |
) |
5 |
$ |
(15,937 |
) |
|
|
|
|
|
|
|
|
|
|
1Items include
$2,274 for the amortization of definite-lived intangible assets and
$1,278 for technology-related re-platforming charges including
certain professional fees and accelerated depreciation |
|
2Related to the
tax impact of the charges mentioned above, along with a change in
estimate related to the first quarter other items |
|
3Related to $970
for technology re-platforming charges |
|
4Related to the
amortization of definite-lived intangible assets |
|
5Related to $308
for technology re-platforming charges |
|
6Related to a
$6.8 million increase in the income available to Vera Bradley, Inc.
common shareholders associated with the excess portion of the ASC
480 adjustment for the redeemable noncontrolling interest of Pura
Vida; this adjustment impacts the Company’s net income per share
calculations only |
|
Vera Bradley, Inc. |
Second Quarter Fiscal 2020 |
GAAP to Non-GAAP Reconciliation Thirteen Weeks Ended August
3, 2019 |
(in thousands, except per share amounts) |
(unaudited) |
|
Thirteen Weeks Ended |
|
|
As Reported |
|
Other Items |
|
Non-GAAP (Excluding Items) |
|
Gross profit (loss) |
$ |
67,333 |
|
|
$ |
(1,033 |
) |
1 |
$ |
68,366 |
|
|
Selling, general, and
administrative expenses |
|
60,745 |
|
|
|
2,963 |
|
2 |
|
57,782 |
|
|
Operating income (loss) |
|
7,348 |
|
|
|
(3,996 |
) |
|
|
11,344 |
|
|
Income (loss) before income
taxes |
|
7,723 |
|
|
|
(3,996 |
) |
|
|
11,719 |
|
|
Income tax expense
(benefit) |
|
2,005 |
|
|
|
(781 |
) |
3 |
|
2,786 |
|
|
Net income (loss) |
|
5,718 |
|
|
|
(3,215 |
) |
|
|
8,933 |
|
|
Less: Net (loss) income
attributable to redeemable noncontrolling interest |
|
(136 |
) |
|
|
(362 |
) |
|
|
226 |
|
|
Net income (loss) attributable
to Vera Bradley, Inc. |
|
5,854 |
|
|
|
(2,853 |
) |
|
|
8,707 |
|
|
Diluted net income (loss) per
share attributable to Vera Bradley, Inc. |
$ |
0.17 |
|
|
$ |
(0.08 |
) |
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
Vera Bradley Direct segment
operating income (loss) |
$ |
22,137 |
|
|
$ |
(333 |
) |
4 |
$ |
22,470 |
|
|
Vera Bradley Indirect segment
operating income |
$ |
7,162 |
|
|
$ |
- |
|
|
$ |
7,162 |
|
|
Pura Vida segment operating
(loss) income |
$ |
(542 |
) |
|
$ |
(1,448 |
) |
5 |
$ |
906 |
|
|
Unallocated corporate
expenses |
$ |
(21,409 |
) |
|
$ |
(2,215 |
) |
6 |
$ |
(19,194 |
) |
|
|
|
|
|
|
|
|
1Related to a
purchase accounting adjustment for the amortization of the step-up
in inventory basis associated with the acquisition of Pura
Vida |
|
|
|
2Items include
$1,884 for Pura Vida transaction costs; $664 for technology-related
re-platforming charges including certain professional fees and
accelerated depreciation; |
|
and $415 for the
amortization of definite-lived intangible assets associated with
the acquisition of Pura Vida |
|
|
|
|
|
3Related to the tax impact of
the charges mentioned above |
|
|
|
|
|
|
4Related to technology
re-platforming charges |
|
|
|
|
|
|
5Related to the
purchase accounting adjustments for the Pura Vida acquisition,
including the amortization of the step-up in inventory basis |
|
|
|
and the amortization of
definite-lived intangible assets |
|
|
|
|
|
|
6Related to $1,884
for Pura Vida transaction costs and $331 for technology
re-platforming charges |
|
|
|
|
|
Vera Bradley, Inc. |
GAAP to Non-GAAP Reconciliation Twenty-Six Weeks Ended
August 1, 2020 |
(in thousands, except per share amounts) |
(unaudited) |
|
Twenty-Six Weeks Ended |
|
|
As Reported |
|
Other Items |
|
Non-GAAP (Excluding Items) |
|
Gross profit (loss) |
$ |
113,809 |
|
|
$ |
(1,320 |
) |
1 |
$ |
115,129 |
|
|
Selling, general, and
administrative expenses |
|
121,937 |
|
|
|
11,700 |
|
2 |
|
110,237 |
|
|
Operating (loss) income |
|
(8,075 |
) |
|
|
(13,020 |
) |
|
|
4,945 |
|
|
(Loss) income before income
taxes |
|
(8,632 |
) |
|
|
(13,020 |
) |
|
|
4,388 |
|
|
Income tax (benefit)
expense |
|
(1,422 |
) |
|
|
(3,053 |
) |
3 |
|
1,631 |
|
|
Net (loss) income |
|
(7,210 |
) |
|
|
(9,967 |
) |
|
|
2,757 |
|
|
Less: Net income (loss)
attributable to redeemable noncontrolling interest |
|
911 |
|
|
|
(1,178 |
) |
|
|
2,089 |
|
|
Net (loss) income attributable
to Vera Bradley, Inc. |
|
(8,121 |
) |
|
|
(8,789 |
) |
|
|
668 |
|
|
Diluted net (loss) income per
share available to Vera Bradley, Inc. common shareholders |
$ |
(0.24 |
) |
|
$ |
(0.26 |
) |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
Vera Bradley Direct segment
operating income (loss) |
$ |
11,857 |
|
|
$ |
(6,842 |
) |
4 |
$ |
18,699 |
|
|
Vera Bradley Indirect segment
operating income (loss) |
$ |
9,233 |
|
|
$ |
(387 |
) |
5 |
$ |
9,620 |
|
|
Pura Vida segment operating
income (loss) |
$ |
3,644 |
|
|
$ |
(4,714 |
) |
6 |
$ |
8,358 |
|
|
Unallocated corporate
expenses |
$ |
(32,809 |
) |
|
$ |
(1,077 |
) |
7 |
$ |
(31,732 |
) |
|
|
|
|
|
|
|
|
1Related to
charges for the cancellation of certain purchase orders as a result
of COVID-19 |
|
2Items include
$4,714 for the amortization of definite-lived intangible assets;
$3,806 for store impairment charges; $2,738 for technology-related
re-platforming charges including certain professional fees and
accelerated depreciation; $229 for an adjustment upon payment of
the earn-out liability; and $213 in certain department store exit
costs as a result of COVID-19 |
|
3Related to the
tax impact of the charges mentioned above |
|
4Related to
$3,806 for impairment charges; $1,146 for an allocation of charges
for the cancellation of purchase orders; and $1,890 for technology
re-platforming charges |
|
5Related to $213
in certain department store exit costs and $174 for an allocation
of charges for the cancellation of purchase orders |
|
6Related to the
amortization of definite-lived intangible assets |
|
7Related to $848
for technology re-platforming charges and $229 for an adjustment
upon payment of the earn-out liability |
|
Vera Bradley, Inc. |
GAAP to Non-GAAP Reconciliation Twenty-Six Weeks Ended
August 3, 2019 |
(in thousands, except per share amounts) |
(unaudited) |
|
Twenty-Six Weeks Ended |
|
|
As Reported |
|
Other Items |
|
Non-GAAP (Excluding Items) |
|
Gross profit (loss) |
$ |
117,801 |
|
|
$ |
(1,033 |
) |
1 |
$ |
118,834 |
|
|
Selling, general, and
administrative expenses |
|
115,042 |
|
|
|
3,800 |
|
2 |
|
111,242 |
|
|
Operating income (loss) |
|
3,703 |
|
|
|
(4,833 |
) |
|
|
8,536 |
|
|
Income (loss) before income
taxes |
|
4,525 |
|
|
|
(4,833 |
) |
|
|
9,358 |
|
|
Income tax expense
(benefit) |
|
1,212 |
|
|
|
(985 |
) |
3 |
|
2,197 |
|
|
Net income (loss) |
|
3,313 |
|
|
|
(3,848 |
) |
|
|
7,161 |
|
|
Less: Net (loss) income
attributable to redeemable noncontrolling interest |
|
(136 |
) |
|
|
(362 |
) |
|
|
226 |
|
|
Net income (loss) attributable
to Vera Bradley, Inc. |
|
3,449 |
|
|
|
(3,486 |
) |
|
|
6,935 |
|
|
Diluted net income (loss) per
share attributable to Vera Bradley, Inc. |
$ |
0.10 |
|
|
$ |
(0.10 |
) |
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
Vera Bradley Direct segment
operating income (loss) |
$ |
30,497 |
|
|
$ |
(333 |
) |
4 |
$ |
30,830 |
|
|
Vera Bradley Indirect segment
operating income |
$ |
14,869 |
|
|
$ |
- |
|
|
$ |
14,869 |
|
|
Pura Vida segment operating
(loss) income |
$ |
(542 |
) |
|
$ |
(1,448 |
) |
5 |
$ |
906 |
|
|
Unallocated corporate
expenses |
$ |
(41,121 |
) |
|
$ |
(3,052 |
) |
6 |
$ |
(38,069 |
) |
|
|
|
|
|
|
|
|
1Related to a
purchase accounting adjustment for the amortization of the step-up
in inventory basis associated with the acquisition of Pura
Vida |
|
|
|
2Items include
$2,721 for Pura Vida transaction costs; $664 for technology-related
re-platforming charges including certain professional fees and
accelerated depreciation; |
|
and $415 for the
amortization of definite-lived intangible assets associated with
the acquisition of Pura Vida |
|
|
|
|
|
3Related to the tax impact of
the charges mentioned above |
|
|
|
|
|
|
4Related to technology
re-platforming charges |
|
|
|
|
|
|
5Related to the
purchase accounting adjustments for the Pura Vida acquisition,
including the amortization of the step-up in inventory basis |
|
|
|
and the amortization of
definite-lived intangible assets |
|
|
|
|
|
|
6Related to $2,721
for Pura Vida transaction costs and $331 for technology
re-platforming charges |
|
|
|
|
|
Vera Bradley (NASDAQ:VRA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vera Bradley (NASDAQ:VRA)
Historical Stock Chart
From Apr 2023 to Apr 2024