Vera Bradley, Inc. (Nasdaq: VRA) (or the “Company”) today announced
its financial results for the fourth quarter and fiscal year ended
January 28, 2023 (“Fiscal 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 only to
the Vera Bradley brand.
Fourth Quarter and Fiscal Year Comments
Jackie Ardrey, Chief Executive Officer of the Company, noted,
“We focused on driving revenues in the fourth quarter through
targeted, strategic promotions on seasonal, giftable, and key
items. As a result, total Company fourth quarter revenues
outperformed our guidance, although gross margins remained under
pressure. Diligent expense control enabled us to deliver fourth
quarter non-GAAP diluted EPS of $0.16, which was nearly flat with
last year.
“In the fourth quarter, sales trends at both Vera Bradley and
Pura Vida improved over prior quarters, with Vera Bradley total
sales down just 1% and Pura Vida sales down less than 5% on a
year-over-year basis. For the fourth consecutive quarter, the Vera
Bradley Indirect Channel experienced year-over-year revenue growth.
Targeted customer retention efforts led to increased Vera Bradley
e-commerce revenues, while Full-Line and Factory store revenues
continued to be negatively affected by traffic levels, although
trends improved throughout the quarter.”
Ardrey continued, “At Pura Vida, e-commerce trends improved over
previous quarters due to strategic promotions; however, overall
challenges continued to persist in our social and digital media
effectiveness coupled with rising digital media costs. And, we
experienced a year-over-year sales decline in our wholesale
channel. On the plus side, Pura Vida Full-Line retail stores
continued to perform ahead of our expectations, and they drove
improved e-commerce traffic and revenues in their markets.
“We also took the opportunity in the fourth quarter to reset and
appropriately position the Pura Vida business for the future, by
recording goodwill and tradename impairments and necessary
inventory write-offs.
“We ended the fiscal year with consolidated revenues of $500
million. During the year, we began to see stabilization in our
supply chain, diligently controlled our expenses, and carefully
managed our cash. During the fourth quarter, we meaningfully
reduced our year-end inventory levels from the third quarter.”
Ardrey added, “Although Fiscal 2023 had its challenges, we took
actions and laid the groundwork to position the Company for the
future.
“On a corporate basis:
- In mid-2022, we collaboratively identified $25 million in
annualized cost-reduction initiatives and efficiency processes. The
expense savings were derived across various areas of the Company,
including payroll reductions, retail store efficiencies, marketing
expenses, information technology contracts and projects,
professional services, and logistics and operational costs. Many of
the savings were realized in Fiscal 2023.
- In January 2023, we further streamlined our corporate structure
by eliminating the positions of Vera Bradley Brand President, Chief
Creative Officer, and Chief Revenue Officer, and by adding the
position of Chief Marketing Officer, designed to drive additional
annual cost savings of approximately $2 million, add more focus on
marketing and merchandising, and position the Company to deliver
steady top- and bottom-line growth. These decisions were made in
order to right-size our leadership team and cost structure for the
size of our business, to address the continuing challenging macro
environment, and to best position us to achieve our long-term
strategic plans.
- Subsequent to the end of Fiscal 2023, in January 2023, we
acquired the remaining 25% interest in Pura Vida from founders
Griffin Thall and Paul Goodman for $10 million.
- We continued to make investments in customer data science,
business analytics, and pricing optimization, allowing us to
collect and analyze data and make fact-based decisions to more
efficiently run our business.
“At the Vera Bradley brand:
- We expanded our robust product innovation pipeline, including
launching our Featherweight Collection; continued another year of
iconic product collaborations, including with Disney, Harry Potter,
and Crocs; and expanded our cozy, sleep, and outerwear
collections.
- We continued to strengthen and rationalize our store base. We
opened five new Factory stores and closed 19 underperforming
Full-Line stores and one Factory store, ending the fiscal year with
51 Full-Line and 79 Factory locations. We also continued to expand
options for customers to shop, like enhancing our presence in
third-party marketplaces and adding boutiques in select
high-traffic airports.
“At the Pura Vida brand:
- We entered into several high-profile product collaborations,
with brands such as Hello Kitty, Disney, and Harry Potter, and
expanded our product offerings by launching our demi-fine
collection and expanding our assortment of engravable jewelry, all
designed to bring new customers to our brand.
- We focused on building a more diverse, innovative, effective,
and performance-based marketing program to drive Pura Vida
e-commerce sales. We began the process of implementing a
comprehensive customer data platform to build a single, coherent,
complete view of each Pura Vida customer so that we can better
target and personalize marketing and become less reliant on
third-party marketing. This project is scheduled for completion
this spring. We continued to engage our micro influencers,
significantly expanded our TikTok presence, launched impactful ads
on connected TV, optimized SMS, and aggressively explored other
methods to effectively reach our customers.
- We opened three new Pura Vida Full-Line stores during the year,
bringing our Full-Line store count to four, which collectively are
exceeding our expectations. These four stores are playing a role in
driving new customer acquisition as we continue to diversify our
marketing platforms, and they demonstrate the power a retail
presence can have in driving digital sales, omni-channel loyalty,
and spending.”
Summary of Financial Performance for the Fourth
Quarter
Consolidated net revenues totaled $147.1 million for the current
year fourth quarter compared to $149.6 million in the prior year
fourth quarter.
For the current year fourth quarter, Vera Bradley, Inc.’s
consolidated net loss totaled ($28.2) million, or ($0.91) per
diluted share. These results included $33.1 million of net after
tax charges, comprised of $22.4 million of goodwill and intangible
asset impairment charges; $6.7 million of net inventory and
purchase order-related adjustments; $2.4 million of severance,
retention, and stock-based retirement compensation charges; $0.8
million related to new CEO sign-on bonus and relocation expenses;
$0.5 million for the amortization of definite-lived intangible
assets; and $0.3 million of consulting and professional fees
primarily associated with strategic initiatives. On a non-GAAP
basis, Vera Bradley, Inc.’s consolidated fourth quarter net income
totaled $5.0 million, or $0.16 per diluted share.
For the prior year fourth quarter, Vera Bradley, Inc.
consolidated net income totaled $5.2 million, or $0.15 per diluted
share. These results included $0.5 million of net after tax charges
primarily related to intangible asset amortization. On a non-GAAP
basis, excluding these charges, Vera Bradley, Inc.’s prior year
consolidated fourth quarter net income totaled $5.7 million, or
$0.17 per diluted share.
Summary of Financial Performance for the Fiscal
Year
Consolidated net revenues totaled $500.0 million for Fiscal 2023
compared to $540.5 million for Fiscal 2022.
For the current fiscal year, Vera Bradley, Inc.’s consolidated
net loss totaled ($59.7) million, or ($1.90) per diluted share.
These results included $67.4 million of net after tax charges,
comprised of $40.6 million of goodwill and intangible asset
impairment charges; $12.2 million of net inventory and purchase
order-related adjustments; $7.4 million of severance, retention,
and stock-based retirement compensation charges; $3.3 million of
consulting and professional fees primarily associated with cost
savings initiatives, the CEO search, and strategic initiatives;
$1.8 million for the amortization of definite-lived intangible
assets; $1.0 million of store and right-of-use asset impairment
charges; $0.8 million related to the new CEO sign-on bonus and
relocation expenses; and $0.3 million of goodMRKT exit costs. On a
non-GAAP basis, Vera Bradley, Inc.’s consolidated net income
totaled $7.6 million, or $0.24 per diluted share.
For the prior fiscal year, Vera Bradley, Inc.’s consolidated net
income totaled $17.8 million, or $0.52 per diluted share. These
results included $1.8 million of net after tax charges primarily
related to intangible asset amortization. On a non-GAAP basis,
excluding these charges, Vera Bradley, Inc.’s prior year
consolidated net income totaled $19.7 million, or $0.57 per diluted
share.
Looking Ahead
Ardrey noted, “We are committed to returning Vera
Bradley and Pura Vida to profitable growth and
generating strong cash flow as a Company, which I
believe will deliver value to our shareholders over the long term.
Since joining the Company in November, I am more convinced than
ever that both brands have enormous potential, and I am very
excited about the future of Vera Bradley, Inc. We have a portfolio
of two iconic, lifestyle brands; multi-generational customers with
remarkable loyalty and devotion; impressive brand recognition; a
solid balance sheet; and an extraordinary culture. We have some
heavy lifting to do in fiscal 2024, but I am confident that we will
emerge a stronger Company.”
Ardrey continued, “At both brands, we are embarking on
Project Restoration and will focus on four
key pillars – Consumer, Brand, Product, and
Channel – to drive this long-term profitable growth.
“At Vera Bradley:
- Consumer: We will focus on restoring brand
relevancy, targeting casual and feminine 35 to 54 year old women
who value both fashion and function.
- Brand: We will strategically market our
distinctive and unique position as a feminine, fashionable brand
that connects with consumers on a deep, emotional level.
- Product: We will refocus on core categories
and items we are “best at,” by innovating and expanding within our
core products. We will elevate our colorful feminine heritage,
keeping it distinctive but more trend relevant through updated
print and design. We also will innovate into strategic adjacent
lifestyle item introductions that make sense for our
customers.
- Channel: We will accelerate our digital-first
focus and online presence, build a balanced footprint that more
clearly differentiates Full-Line from Factory stores, and target
and/or strengthen relationships with strategically-aligned
wholesale partners.
“At Pura Vida:
- Consumer: We will sharpen our focus on the
care-free 18 to 24 collegiate girl, who both those younger and
older aspire to be.
- Brand: We will recenter our brand ethos on
“living life to the fullest,” with marketing authentically sharing
real moments, places, and faces.
- Product: We will focus on delivering unique,
fun, playful designs that are affordable and accessible with a
dominant emphasis on bracelets and jewelry, as well as other
strategic, adjacent categories.
- Channel: We will have a strong focus on
restoring e-commerce growth; strategic growth of wholesale by
pursuing larger, more strategic partnerships and expanding larger
existing accounts; and refining our existing store model.”
“To support growth and development of our two brands, on a
corporate basis, we will continue to make strategic investments in
the right talent to help drive the transformation and diligently
manage our supply chain, gross margin, SG&A expenses, and cash
flow,” Ardrey concluded.
Non-GAAP Numbers
The current year non-GAAP fourth quarter income statement
numbers referenced below exclude the previously outlined charges
for goodwill and intangible asset impairment; net inventory and
purchase order-related adjustments; severance, retention, and
stock-based retirement compensation; new CEO sign-on bonus and
relocation; amortization of definite-lived intangible assets; and
consulting and professional fees primarily associated with
strategic initiatives. The current year non-GAAP fiscal year income
statement numbers also exclude the previously outlined charges for
cost savings initiatives and the CEO search, store and right-of-use
asset impairment charges, and goodMRKT exit costs. The prior year
non-GAAP fourth quarter and fiscal year income statement numbers
referenced below exclude the previously outlined intangible asset
amortization and store impairment charges.
Fourth Quarter Details
Current year fourth quarter Vera Bradley Direct segment revenues
totaled $99.5 million, a 4.6% decrease from $104.4 million in the
prior year fourth quarter. Comparable sales decreased 4.5% from the
prior year. The Company permanently closed 19 Full-Line stores and
one Factory store and opened five Factory stores in the last twelve
months. Vera Bradley Indirect segment revenues totaled $16.7
million, a 28.5% increase over $13.0 million in the prior year
fourth quarter. The increase was broad-based with both specialty
and key accounts posting year-over-year sales gains.
Pura Vida segment revenues totaled $30.9 million, a 4.2%
decrease from $32.2 million in the prior year fourth quarter. The
decline was primarily related to lower wholesale sales, partially
offset by new store openings.
Fourth quarter consolidated gross profit totaled $60.0 million,
or 40.8% of net revenues, compared to $76.1 million, or 50.9% of
net revenues, in the prior year fourth quarter. On a non-GAAP
basis, current year consolidated gross profit totaled $71.3
million, or 48.5% of net revenues. The current year gross profit
rate primarily was negatively affected by higher inbound and
outbound freight expense and increased promotional activity,
partially offset by price increases.
Consolidated SG&A expense totaled $70.0 million, or 47.6% of
net revenues, compared to $67.9 million, or 45.4% of net revenues,
in the prior year fourth quarter. On a non-GAAP basis, consolidated
SG&A expense totaled $64.4 million, or 43.8% of net revenues,
compared to $67.1 million, or 44.8% of net revenues, in the prior
year fourth quarter. Vera Bradley’s SG&A current year expenses
were lower than the prior year primarily due to cost reduction
initiatives and a reduction in variable-related expenses due to the
lower sales volume.
The Company’s fourth quarter consolidated operating loss totaled
($49.8) million, or (33.8%) of net revenues, compared to operating
income of $8.3 million, or 5.5% of net revenues, in the prior year
fourth quarter. On a non-GAAP basis, fourth quarter consolidated
operating income totaled $7.0 million, or 4.8% of net revenues,
compared to $9.1 million, or 6.1% of net revenues, in the prior
year.
By segment:
- Vera Bradley Direct fourth quarter operating income was $18.5
million, or 18.6% of Direct net revenues, compared to $21.7
million, or 20.7% of Direct net revenues, in the prior year. On a
non-GAAP basis, current year Direct fourth quarter operating income
was $19.8 million, or 19.9% of Direct net revenues, compared to
$21.7 million, or 20.8% of Direct net revenues, in the prior
year.
- Vera Bradley Indirect fourth quarter operating income was $4.6
million, or 27.3% of Indirect net revenues, compared to $2.9
million, or 22.5% of Indirect net revenues, in the prior year. On a
non-GAAP basis, current year Indirect fourth quarter operating
income was $5.3 million, or 32.0% of Indirect net revenues.
- Pura Vida’s current year fourth quarter operating loss was
($49.8) million, or (161.2%) of Pura Vida net revenues, compared to
operating income of $2.0 million, or 6.2% of Pura Vida net
revenues, in the prior year. On a non-GAAP basis, Pura Vida’s
current year fourth quarter operating income was $0.4 million, or
1.3% of Pura Vida net revenues, compared to $2.8 million, or 8.6%
of Pura Vida net revenues, in the prior year.
Details for the Fiscal Year
Vera Bradley Direct segment revenues for the current fiscal year
totaled $328.2 million, 7.5% decrease from $354.9 million in the
prior year. Comparable sales declined 9.5% for the fiscal year.
Vera Bradley Indirect segment revenues for the fiscal year
totaled $73.3 million, an 11.1% increase over $66.0 million in the
prior year, primarily reflecting an increase in certain key account
orders.
Current year Pura Vida segment revenues totaled $98.4 million, a
17.7% decrease from $119.6 million in the prior year. Pura Vida’s
e-commerce revenues continue to be negatively impacted by the shift
in social and digital media effectiveness and rising digital media
costs, and a decline in sales to wholesale accounts.
Consolidated gross profit for the current fiscal year totaled
$238.9 million, or 47.8% of net revenues, compared to $287.9
million, or 53.3% of net revenues, last year. On a non-GAAP basis,
gross profit for the current fiscal year totaled $257.2 million, or
51.4% of net revenues. The current year gross profit rate primarily
was negatively affected by higher inbound and outbound freight
expense and increased promotional activity, partially offset by
price increases.
For the fiscal year, consolidated SG&A expense totaled
$265.0 million, or 53.0% of net revenues, compared to $262.0
million, or 48.5% of net revenues, in the prior year. On a non-GAAP
basis, SG&A expense totaled $245.3 million, or 49.1% of net
revenues, in the current year, compared to $258.8 million, or 47.9%
of net revenues, in the prior year. Vera Bradley’s SG&A current
year expenses were lower than the prior year primarily due to cost
reduction initiatives and a reduction in variable-related expenses
due to the lower sales volume.
For the fiscal year, the Company’s consolidated operating loss
totaled ($94.9) million, or (19.0%) of net revenues, compared to
operating income of $26.9 million, or 5.0% of net revenues, in the
prior year. On a non-GAAP basis, the Company’s consolidated
operating income was $12.3 million, or 2.5% of net revenues,
compared to $30.1 million, or 5.6% of net revenues, in the prior
year.
By segment:
- Vera Bradley Direct operating income was $51.1 million, or
15.6% of Direct net revenues, compared to $73.5 million, or 20.7%
of Direct net revenues, in the prior year. On a non-GAAP basis,
Direct operating income was $58.3 million, or 17.8% of Direct net
revenues, for the current year, compared to $73.6 million, or 20.7%
of Direct net revenues, in the prior year.
- Vera Bradley Indirect operating income was $23.0 million, or
31.3% of Indirect net revenues, compared to $20.3 million, or 30.8%
of Indirect net revenues, in the prior year. On a non-GAAP basis,
current year Indirect operating income totaled $24.7 million, or
33.7% of Indirect net revenues.
- Pura Vida’s operating loss was ($78.6) million, or (79.9%) of
Pura Vida net revenues, compared to operating income of $9.5
million, or 8.0% of Pura Vida net revenues, in the prior year. On a
non-GAAP basis, Pura Vida’s operating income was $4.7 million, or
4.8% of Pura Vida net revenues, compared to $12.6 million, or 10.5%
of Pura Vida net revenues, in the prior year.
Balance Sheet
Net capital spending for the fiscal year totaled $8.2 million
compared to $5.5 million in the prior year.
Cash and cash equivalents as of January 28, 2023 totaled $46.6
million compared to $88.4 million at the prior fiscal year end. The
Company had no borrowings on its $75 million ABL credit facility at
fiscal year end.
Total fiscal year-end inventory was $142.3 million, compared to
$144.9 million at last fiscal year end. Total current year
inventory was lower than the prior year primarily due to inventory
adjustments associated with excess and discounted inventory,
partially offset by incremental logistics costs burdening overall
inventory.
During the fourth quarter, the Company repurchased approximately
$0.8 million of its common stock (approximately 187,000 shares at
an average price of $4.20), bringing the Company’s Fiscal 2023
purchases to $18.1 million (approximately 2.8 million shares at an
average price of $6.40). The Company’s $50.0 million share
repurchase authorization expires in December 2024. Since Fiscal
2015, the Company has repurchased $132.9 million, or approximately
12.1 million shares, of its common stock.
Forward Outlook
Management is providing estimates for the fiscal year ending
February 3, 2024 (“Fiscal 2024”) based on current macroeconomic
trends and expectations. Ardrey noted, "We anticipate the Fiscal
2024 macroeconomic environment to continue to be unpredictable and
that this year will be a rebuilding year for both of our brands. We
expect to take advantage of gross margin improvement opportunities
and manage our expense structure diligently.”
The Company is not providing detailed guidance for the first
fiscal quarter of 2024 but expects revenues and diluted loss per
share to be approximately in line with the prior year. Ardrey
stated, “In the first quarter, we will work to stabilize the
business. We hope to see momentum build as the year
progresses.”
Excluding net revenues, all forward-looking guidance numbers
referenced below are non-GAAP. The prior year income statement
numbers exclude the previously disclosed charges for goodwill and
intangible asset impairment; net inventory and purchase
order-related adjustments; severance, retention, and stock-based
retirement compensation; consulting and professional fees primarily
associated with cost savings initiatives, the CEO search, and
strategic initiatives; amortization of definite-lived intangible
assets; store and right-of-use asset impairment charges; new CEO
sign-on bonus and relocation; and goodMRKT exit costs. Current year
guidance excludes any similar charges.
For Fiscal 2024, the Company’s expectations are as follows:
- Consolidated net revenues of $490 to $510 million. Net revenues
totaled $500.0 million in Fiscal 2023. Both Vera Bradley and Pura
Vida revenues are expected to be approximately flat on a
year-over-year basis.
- A consolidated gross profit percentage of 52.6% to 53.6%
compared to 51.4% in Fiscal 2023. The expected year-over-year
increase is primarily related to reduced inbound freight expense,
partially offset by deleveraged overhead costs related to reduced
inventory purchases.
- Consolidated SG&A expense of $241 to $251 million compared
to $245.3 million in Fiscal 2023. Year-over-year changes in
SG&A expense primarily are being driven by restoring short-term
and long-term incentive compensation to normal levels, offset by
Company-wide cost reduction initiatives.
- Consolidated operating income of $17.3 to $21.7 million
compared to $12.3 million in Fiscal 2023.
- Free cash flow of between $25 and $30 million compared to a
cash usage of $21.7 million in Fiscal 2023.
- Consolidated diluted EPS of $0.40 to $0.50 based on diluted
weighted-average shares outstanding of 31.0 million and an
effective tax rate of approximately 28%. Diluted EPS totaled $0.24
last year.
- Net capital spending of approximately $5 million compared to
$8.2 million in the prior year, reflecting investments associated
with new Vera Bradley Factory stores and technology and logistics
enhancements.
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 (cash usage) free cash flow; cost
of sales; gross profit; selling, general, and administrative
expenses; impairment of goodwill and intangible assets; operating
(loss) income; net (loss) income; net (loss) income attributable
and available to Vera Bradley, Inc.; and diluted net (loss) 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 fourth quarter and
fiscal year is scheduled for today, Wednesday, March 8, 2023, 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 (888) 204-4368, and enter the access code 3761893.
A replay will be available shortly after the conclusion of the call
and remain available through March 22, 2023. To access the
recording, listeners should dial (844) 512-2921, and enter the
access code 3761893.
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 casual,
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 digitally native, 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 acquired the remaining 25%
of Pura Vida in January 2023, subsequent to the end of Fiscal
2023.
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 stores in the
United States, www.verabradley.com, www.verabradley.ca, Vera
Bradley’s 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 1,700 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; through the
distribution of its products to wholesale retailers and department
stores; and through its Pura Vida retail stores.
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://verabradley.com/pages/corporate-responsibility.
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 brands; possible inability to
successfully implement the Company’s long-term strategic plans;
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 distribution
facilities; or business disruption caused by pandemics. Risks,
uncertainties, and assumptions also include the possibility that
Pura Vida acquisition benefits may not materialize as expected and
that Pura Vida’s business may not perform as expected. 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 29, 2022. 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)
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Vera Bradley, Inc. |
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January 28, 2023 |
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January 29, 2022 |
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Current assets: |
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|
Cash and cash equivalents |
$ |
46,595 |
|
|
$ |
88,436 |
|
|
Accounts receivable, net |
|
22,105 |
|
|
|
20,681 |
|
|
Inventories |
|
142,275 |
|
|
|
144,881 |
|
|
Income taxes receivable |
|
1,311 |
|
|
|
9,391 |
|
|
Prepaid expenses and other current assets |
|
14,276 |
|
|
|
15,928 |
|
|
Total current assets |
|
226,562 |
|
|
|
279,317 |
|
|
|
|
|
|
|
Operating right-of-use assets |
|
77,954 |
|
|
|
79,873 |
|
|
Property, plant, and equipment, net |
|
58,674 |
|
|
|
59,941 |
|
|
Intangible assets, net |
|
15,918 |
|
|
|
44,223 |
|
|
Goodwill |
|
- |
|
|
|
44,254 |
|
|
Deferred income taxes |
|
21,542 |
|
|
|
3,857 |
|
|
Other assets |
|
3,851 |
|
|
|
6,081 |
|
|
Total assets |
$ |
404,501 |
|
|
$ |
517,546 |
|
|
|
|
|
|
|
Liabilities, Redeemable Noncontrolling Interest, and
Shareholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
20,350 |
|
|
$ |
30,492 |
|
|
Accrued employment costs |
|
14,312 |
|
|
|
12,463 |
|
|
Short-term operating lease liabilities |
|
19,714 |
|
|
|
18,699 |
|
|
Other accrued liabilities |
|
12,723 |
|
|
|
16,422 |
|
|
Income taxes payable |
|
558 |
|
|
|
- |
|
|
Total current liabilities |
|
67,657 |
|
|
|
78,076 |
|
|
|
|
|
|
|
Long-term operating lease liabilities |
|
74,664 |
|
|
|
80,861 |
|
|
Other long-term liabilities |
|
90 |
|
|
|
195 |
|
|
Total liabilities |
|
142,411 |
|
|
|
159,132 |
|
|
|
|
|
|
|
Redeemable noncontrolling interest |
|
10,712 |
|
|
|
30,974 |
|
|
Shareholders' equity: |
|
|
|
|
Additional paid-in-capital |
|
109,718 |
|
|
|
107,907 |
|
|
Retained earnings |
|
274,629 |
|
|
|
334,364 |
|
|
Accumulated other comprehensive loss |
|
(105 |
) |
|
|
(29 |
) |
|
Treasury stock |
|
(132,864 |
) |
|
|
(114,802 |
) |
|
Total shareholders' equity of Vera Bradley, Inc. |
|
251,378 |
|
|
|
327,440 |
|
|
Total liabilities, redeemable noncontrolling interest, and
shareholders' equity |
$ |
404,501 |
|
|
$ |
517,546 |
|
|
|
|
|
|
|
Vera Bradley, Inc. |
|
Condensed Consolidated Statements of
Operations |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
Fifty-Two Weeks Ended |
|
|
January 28, 2023 |
|
January 29, 2022 |
|
January 28, 2023 |
|
January 29, 2022 |
|
|
|
|
|
|
|
|
|
|
Net revenues |
$ |
147,091 |
|
|
$ |
149,576 |
|
$ |
499,961 |
|
|
$ |
540,453 |
|
Cost of sales |
|
87,054 |
|
|
|
73,436 |
|
|
261,017 |
|
|
|
252,510 |
|
Gross profit |
|
60,037 |
|
|
|
76,140 |
|
|
238,944 |
|
|
|
287,943 |
|
Selling, general, and administrative expenses |
|
70,001 |
|
|
|
67,910 |
|
|
265,016 |
|
|
|
261,993 |
|
Impairment of goodwill and intangible assets |
|
39,918 |
|
|
|
- |
|
|
69,256 |
|
|
|
- |
|
Other income, net |
|
107 |
|
|
|
40 |
|
|
457 |
|
|
|
961 |
|
Operating (loss) income |
|
(49,775 |
) |
|
|
8,270 |
|
|
(94,871 |
) |
|
|
26,911 |
|
Interest expense, net |
|
38 |
|
|
|
41 |
|
|
153 |
|
|
|
263 |
|
(Loss) income before income taxes |
|
(49,813 |
) |
|
|
8,229 |
|
|
(95,024 |
) |
|
|
26,648 |
|
Income tax (benefit) expense |
|
(9,211 |
) |
|
|
2,576 |
|
|
(15,640 |
) |
|
|
6,430 |
|
Net (loss) income |
|
(40,602 |
) |
|
|
5,653 |
|
|
(79,384 |
) |
|
|
20,218 |
|
Less: Net (loss) income attributable to redeemable noncontrolling
interest |
|
(12,441 |
) |
|
|
498 |
|
|
(19,649 |
) |
|
|
2,380 |
|
Net (loss) income attributable to Vera Bradley, Inc. |
$ |
(28,161 |
) |
|
$ |
5,155 |
|
$ |
(59,735 |
) |
|
$ |
17,838 |
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding |
|
30,850 |
|
|
|
33,583 |
|
|
31,503 |
|
|
|
33,785 |
|
Diluted weighted-average shares outstanding |
|
30,850 |
|
|
|
34,272 |
|
|
31,503 |
|
|
|
34,437 |
|
|
|
|
|
|
|
|
|
|
Basic net (loss) income per share available to Vera Bradley, Inc.
common shareholders |
$ |
(0.91 |
) |
|
$ |
0.15 |
|
$ |
(1.90 |
) |
|
$ |
0.53 |
|
Diluted net (loss) income per share available to Vera Bradley, Inc.
common shareholders |
$ |
(0.91 |
) |
|
$ |
0.15 |
|
$ |
(1.90 |
) |
|
$ |
0.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vera Bradley, Inc. |
|
Condensed Consolidated Statements of Cash
Flows |
|
(in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Fifty-Two Weeks Ended |
|
|
January 28, 2023 |
|
January 29, 2022 |
|
Cash flows from operating activities |
|
|
|
|
Net (loss) income |
$ |
(79,384) |
|
$ |
20,218 |
|
Adjustments to reconcile net (loss) income to net cash (used in)
provided by operating activities: |
|
|
|
|
Depreciation of property, plant, and equipment |
8,854 |
|
9,315 |
|
Amortization of operating right-of-use assets |
21,543 |
|
20,521 |
|
Goodwill and intangible asset impairment |
69,256 |
|
- |
|
Other impairment charges |
1,351 |
|
85 |
|
Amortization of intangible assets |
3,303 |
|
3,073 |
|
Provision for doubtful accounts |
(77) |
|
101 |
|
Stock-based compensation |
3,241 |
|
4,930 |
|
Deferred income taxes |
(17,685) |
|
(327) |
|
Other non-cash charges (gain), net |
6 |
|
(37) |
|
Changes in assets and liabilities: |
|
|
|
|
Accounts receivable |
(1,347) |
|
6,761 |
|
Inventories |
2,606 |
|
(3,465) |
|
Prepaid expenses and other assets |
3,882 |
|
2,215 |
|
Accounts payable |
(10,223) |
|
3,210 |
|
Income taxes |
8,638 |
|
(2,340) |
|
Operating lease liabilities, net |
(25,398) |
|
(25,961) |
|
Accrued and other liabilities |
(1,987) |
|
1,562 |
|
Net cash (used in) provided by operating activities |
(13,421) |
|
39,861 |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchases of property, plant, and equipment |
(8,239) |
|
(5,489) |
|
Proceeds from maturities and sales of investments |
- |
|
1,290 |
|
Proceeds from disposal of property, plant, and equipment |
- |
|
45 |
|
Net cash used in investing activities |
(8,239) |
|
(4,154) |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Tax withholdings for equity compensation |
(1,430) |
|
(2,456) |
|
Repurchase of common stock |
(18,062) |
|
(7,742) |
|
Distributions to redeemable noncontrolling interest |
(613) |
|
(1,215) |
|
Net cash used in financing activities |
(20,105) |
|
(11,413) |
|
Effect of exchange rate changes on cash and cash equivalents |
(76) |
|
(33) |
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
$ |
(41,841) |
|
$ |
24,261 |
|
Cash and cash equivalents, beginning of period |
88,436 |
|
64,175 |
|
Cash and cash equivalents, end of period |
$ |
46,595 |
|
$ |
88,436 |
|
|
|
|
|
|
|
|
Vera Bradley, Inc. |
|
Fourth Quarter Fiscal 2023 |
|
GAAP to Non-GAAP Reconciliation Thirteen Weeks Ended
January 28, 2023 |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
Thirteen Weeks Ended |
|
|
|
As Reported |
|
Other Items |
|
Non-GAAP(Excluding Items) |
|
|
Gross profit (loss) |
$ |
60,037 |
|
|
$ |
(11,261 |
) |
1 |
$ |
71,298 |
|
|
|
Selling, general, and administrative expenses |
|
70,001 |
|
|
|
5,620 |
|
2 |
|
64,381 |
|
|
|
Impairment of goodwill and intangible assets |
|
39,918 |
|
|
|
39,918 |
|
|
|
- |
|
|
|
Operating (loss) income |
|
(49,775 |
) |
|
|
(56,799 |
) |
|
|
7,024 |
|
|
|
(Loss) income |
|
(49,813 |
) |
|
|
(56,799 |
) |
|
|
6,986 |
|
|
|
Income tax (benefit) expense |
|
(9,211 |
) |
|
|
(11,114 |
) |
3 |
|
1,903 |
|
|
|
Net (loss) income |
|
(40,602 |
) |
|
|
(45,685 |
) |
|
|
5,083 |
|
|
|
Less: Net (loss) income attributable to redeemable noncontrolling
interest |
|
(12,441 |
) |
|
|
(12,541 |
) |
|
|
100 |
|
|
|
Net (loss) income attributable to Vera Bradley, Inc. |
|
(28,161 |
) |
|
|
(33,144 |
) |
|
|
4,983 |
|
|
|
Diluted net (loss) income per share available to Vera Bradley, Inc.
common shareholders |
$ |
(0.91 |
) |
|
$ |
(1.07 |
) |
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
Vera Bradley Direct segment operating income (loss) |
$ |
18,490 |
|
|
$ |
(1,293 |
) |
4 |
$ |
19,783 |
|
|
|
Vera Bradley Indirect segment operating income (loss) |
$ |
4,556 |
|
|
$ |
(785 |
) |
5 |
$ |
5,341 |
|
|
|
Pura Vida segment operating (loss) income |
$ |
(49,760 |
) |
|
$ |
(50,163 |
) |
6 |
$ |
403 |
|
|
|
Unallocated corporate expenses |
$ |
(23,061 |
) |
|
$ |
(4,558 |
) |
7 |
$ |
(18,503 |
) |
|
|
|
|
|
|
|
|
|
|
1Items include $10,554 for inventory adjustments related to excess
inventory, the exit of certain technology products, and discounted
inventory, as well as $707 for certain PO cancellation fees |
|
|
2Items include $3,062 for severance charges, including the
acceleration of certain cash retention payments; $1,036 for CEO
sign-on bonus and relocation expenses; $998 for the amortization of
definite-lived intangible assets; $316 for consulting fees
associated with strategic initiatives, as well as certain
professional fees and certain fixture obsolescence; and $208 for
former CEO November and December salary retention payments and
stock-based compensation associated with retirement |
|
|
3Related to the tax impact of the charges mentioned above, as well
as goodwill and intangible asset impairment charges |
|
|
4Related to $754 for an allocation of certain inventory adjustments
and $539 for certain PO cancellation fees |
|
|
5Related to $617 for an allocation of certain inventory adjustments
and $168 for certain PO cancellation fees |
|
|
|
|
|
|
6Items include $39,918 for goodwill and intangible asset impairment
charges; $9,183 for inventory adjustments related to excess and
discounted inventory; $998 for the amortization of definite-lived
intangible assets; and $64 related to certain professional
fees |
|
|
7Items include $3,062 for severance charges, including the
acceleration of certain cash retention payments; $1,036 for CEO
sign-on bonus and relocation expenses; $252 for consulting fees
associated with strategic initiatives, as well as certain
professional fees and certain fixture obsolescence; and $208 for
former CEO November and December salary retention payments and
stock-based compensation associated with retirement |
|
|
|
|
Vera Bradley, Inc. |
|
Fourth Quarter Fiscal 2022 |
|
GAAP to Non-GAAP Reconciliation Thirteen Weeks Ended
January 29, 2022 |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
Thirteen Weeks Ended |
|
|
|
As Reported |
|
Other Items |
|
Non-GAAP(Excluding Items) |
|
|
Gross profit |
$ |
76,140 |
|
|
$ |
- |
|
|
$ |
76,140 |
|
|
|
Selling, general, and administrative expenses |
|
67,910 |
|
|
|
853 |
|
1 |
|
67,057 |
|
|
|
Operating income (loss) |
|
8,270 |
|
|
|
(853 |
) |
|
|
9,123 |
|
|
|
Income (loss) before income taxes |
|
8,229 |
|
|
|
(853 |
) |
|
|
9,082 |
|
|
|
Income tax expense (benefit) |
|
2,576 |
|
|
|
(127 |
) |
2 |
|
2,703 |
|
|
|
Net income (loss) |
|
5,653 |
|
|
|
(726 |
) |
|
|
6,379 |
|
|
|
Less: Net income (loss) attributable to redeemable noncontrolling
interest |
|
498 |
|
|
|
(192 |
) |
|
|
690 |
|
|
|
Net income (loss) attributable to Vera Bradley, Inc. |
|
5,155 |
|
|
|
(534 |
) |
|
|
5,689 |
|
|
|
Diluted net income (loss) per share available to Vera Bradley, Inc.
common shareholders |
$ |
0.15 |
|
|
$ |
(0.02 |
) |
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
Vera Bradley Direct segment operating income (loss) |
$ |
21,653 |
|
|
$ |
(85 |
) |
3 |
$ |
21,738 |
|
|
|
Vera Bradley Indirect segment operating income |
$ |
2,920 |
|
|
$ |
- |
|
|
$ |
2,920 |
|
|
|
Pura Vida segment operating income (loss) |
$ |
1,991 |
|
|
$ |
(768 |
) |
4 |
$ |
2,759 |
|
|
|
Unallocated corporate expenses |
$ |
(18,294 |
) |
|
$ |
- |
|
|
$ |
(18,294 |
) |
|
|
|
|
|
|
|
|
|
|
1Items include $768 for the amortization of definite-lived
intangible assets and $85 for store impairment charges |
|
|
2Related to the tax impact of the charges mentioned above |
|
|
3Related to store impairment charges |
|
|
4Related to the amortization of definite-lived intangible
assets |
|
|
|
|
Vera Bradley, Inc. |
|
GAAP to Non-GAAP Reconciliation Fifty-Two Weeks Ended
January 28, 2023 |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
Fifty-Two Weeks Ended |
|
|
|
As Reported |
|
Other Items |
|
Non-GAAP(Excluding Items) |
|
|
Gross profit (loss) |
$ |
238,944 |
|
|
$ |
(18,261 |
) |
1 |
$ |
257,205 |
|
|
|
Selling, general, and administrative expenses |
|
265,016 |
|
|
|
19,677 |
|
2 |
|
245,339 |
|
|
|
Impairment of goodwill and intangible assets |
|
69,256 |
|
|
|
69,256 |
|
|
|
- |
|
|
|
Operating (loss) income |
|
(94,871 |
) |
|
|
(107,194 |
) |
|
|
12,323 |
|
|
|
(Loss) income before income taxes |
|
(95,024 |
) |
|
|
(107,194 |
) |
|
|
12,170 |
|
|
|
Income tax (benefit) expense |
|
(15,640 |
) |
|
|
(19,012 |
) |
3 |
|
3,372 |
|
|
|
Net (loss) income |
|
(79,384 |
) |
|
|
(88,182 |
) |
|
|
8,798 |
|
|
|
Less: Net (loss) income attributable to redeemable noncontrolling
interest |
|
(19,649 |
) |
|
|
(20,826 |
) |
|
|
1,177 |
|
|
|
Net (loss) income attributable to Vera Bradley, Inc. |
|
(59,735 |
) |
|
|
(67,356 |
) |
|
|
7,621 |
|
|
|
Diluted net (loss) income per share available to Vera Bradley, Inc.
common shareholders |
$ |
(1.90 |
) |
|
$ |
(2.14 |
) |
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
|
|
Vera Bradley Direct segment operating income (loss) |
$ |
51,097 |
|
|
$ |
(7,241 |
) |
4 |
$ |
58,338 |
|
|
|
Vera Bradley Indirect segment operating income (loss) |
$ |
22,965 |
|
|
$ |
(1,728 |
) |
5 |
$ |
24,693 |
|
|
|
Pura Vida segment operating (loss) income |
$ |
(78,591 |
) |
|
$ |
(83,306 |
) |
6 |
$ |
4,715 |
|
|
|
Unallocated corporate expenses |
$ |
(90,342 |
) |
|
$ |
(14,919 |
) |
7 |
$ |
(75,423 |
) |
|
|
|
|
|
|
|
|
|
|
1Items include $16,696 for inventory adjustments associated with
excess inventory, the exit of certain technology products and the
goodMRKT brand, and discounted inventory; and $1,565 for PO
cancellation fees |
|
|
2Items include $9,182 for severance charges, including the
acceleration of certain cash retention payments; $4,354 for
consulting fees associated with cost savings and strategic
initiatives, CEO search, certain professional fees and certain
fixture obsolescence; $3,303 for the amortization of definite-lived
intangible assets; $1,351 for store and right-of-use asset
impairment charges; $1,036 for CEO sign-on bonus and relocation
expenses; $371 for former CEO November and December salary
retention payments and stock-based compensation associated with
retirement; and $80 for goodMRKT brand exit costs |
|
|
3Related to the tax impact of the charges mentioned above, as well
as goodwill and intangible asset impairment charges |
|
|
4Items include $6,165 for an allocation of certain inventory
adjustments and PO cancellation fees; $759 for store impairment
charges; $302 for goodMRKT brand exit costs; and $15 for severance
charges |
|
|
5Items include $1,728 for an allocation of certain inventory
adjustments and PO cancellation fees |
|
|
6Related to $69,256 of goodwill and intangible asset impairment
charges; $10,146 for certain inventory adjustments; $3,303 for the
amortization of definite-lived intangible assets; $422 for
severance charges; and $179 for certain professional fees |
|
|
7Related to $8,745 for severance charges, including the
acceleration of certain cash retention payments; $4,175 for
consulting fees associated with cost savings and strategic
initiatives, CEO search, as well as certain professional fees and
certain fixture obsolescence; $1,036 for CEO sign-on bonus and
relocation expenses; $592 for a right-of-use asset impairment
charge; and $371 for former CEO November and December salary
retention payments and stock-based compensation associated with
retirement |
|
|
|
|
Vera Bradley, Inc. |
|
GAAP to Non-GAAP Reconciliation Fifty-Two Weeks Ended
January 29, 2022 |
|
(in thousands, except per share amounts) |
|
(unaudited) |
|
|
Fifty-Two Weeks Ended |
|
|
|
As Reported |
|
Other Items |
|
Non-GAAP(Excluding Items) |
|
|
Gross profit |
$ |
287,943 |
|
|
$ |
- |
|
|
$ |
287,943 |
|
|
|
Selling, general, and administrative expenses |
|
261,993 |
|
|
|
3,158 |
|
1 |
|
258,835 |
|
|
|
Operating income (loss) |
|
26,911 |
|
|
|
(3,158 |
) |
|
|
30,069 |
|
|
|
Income (loss) before income taxes |
|
26,648 |
|
|
|
(3,158 |
) |
|
|
29,806 |
|
|
|
Income tax expense (benefit) |
|
6,430 |
|
|
|
(554 |
) |
2 |
|
6,984 |
|
|
|
Net income (loss) |
|
20,218 |
|
|
|
(2,604 |
) |
|
|
22,822 |
|
|
|
Less: Net income (loss) attributable to redeemable noncontrolling
interest |
|
2,380 |
|
|
|
(768 |
) |
|
|
3,148 |
|
|
|
Net income (loss) attributable to Vera Bradley, Inc. |
|
17,838 |
|
|
|
(1,836 |
) |
|
|
19,674 |
|
|
|
Diluted net income (loss) per share available to Vera Bradley, Inc.
common shareholders |
$ |
0.52 |
|
|
$ |
(0.05 |
) |
|
$ |
0.57 |
|
|
|
|
|
|
|
|
|
|
|
Vera Bradley Direct segment operating income (loss) |
$ |
73,506 |
|
|
$ |
(85 |
) |
3 |
$ |
73,591 |
|
|
|
Vera Bradley Indirect segment operating income |
$ |
20,323 |
|
|
$ |
- |
|
|
$ |
20,323 |
|
|
|
Pura Vida segment operating income (loss) |
$ |
9,519 |
|
|
$ |
(3,073 |
) |
4 |
$ |
12,592 |
|
|
|
Unallocated corporate expenses |
$ |
(76,437 |
) |
|
$ |
- |
|
|
$ |
(76,437 |
) |
|
|
|
|
|
|
|
|
|
|
1Items include $3,073 for the amortization of definite-lived
intangible assets and $85 for store impairment charges |
|
|
2Related to the tax impact of the charges mentioned above |
|
|
3Related to store impairment charges |
|
|
4Related to the amortization of definite-lived intangible
assets |
|
|
Vera Bradley, Inc. |
Free Cash Flow Reconciliation |
(in thousands) |
(unaudited) |
|
Fifty-Two Weeks Ended |
|
January 28, 2023 |
|
January 29, 2022 |
Net cash (used in) provided by operating activities |
$ |
(13,421 |
) |
|
$ |
39,861 |
|
Purchases of property, plant, and equipment |
|
(8,239 |
) |
|
|
(5,489 |
) |
|
|
|
|
(Cash usage) Free cash flow |
$ |
(21,660 |
) |
|
$ |
34,372 |
|
|
|
|
|
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